National Day Rally 2023 in 3 min
HERE’S a summary of the key points and announcements Prime Minister Lee Hsien Loong made in his National Day Rally on Sunday (Aug 20) evening, if you missed the broadcast and don’t have time to revisit it in full:
1. Addressing global challenges and threats
PM Lee observed that globally, geopolitical tensions are rising and the international economic situation is uncertain.
In Singapore, the government hopes to avoid a recession and anticipates positive economic growth this year, he said. Inflation is coming down but will probably stay higher than what the country is used to, while cost of living issues remain on everyone’s minds.
He said the Forward Singapore exercise, led by the fourth generation (4G) leaders, includes a new scheme that offers financial support for workers who lose their jobs, providing a safety net while they upgrade their skills.
He added that Deputy Prime Minister and Finance Minister Lawrence Wong is “carefully” studying whether the existing GST Assurance Package can be enhanced further, in view of the upcoming goods and services tax hike to 9 per cent in 2024.
2. S$7 billion Majulah Package for young seniors, Pioneer and Merdeka generations
PM Lee noted that “young seniors”, now in their late 50s and early 60s, face the responsibility of caring for both their aged parents and young adult children, while needing to look out for their own health.
The new Majulah Package thus provides tiered support to Singaporeans born in 1973 or earlier who have lower incomes and less wealth, with support amounts varying by income and CPF savings levels. It comprises:
- Annual Earn and Save bonus: Lower- and middle-income seniors working full or part-time will get a CPF bonus of up to S$1,000 a year, credited into their CPF account.
- One-off Retirement Savings bonus of up to S$1,500 for those whose balances have not reached the Basic Retirement Sum.
- One-off MediSave bonus of up to S$1,000.
To cover the cost, the Ministry of Finance will create a new fund using resources from the current term of government. The package is set to benefit 1.4 million people.
Existing schemes such as Silver Support, Workfare and the Matched Retirement Savings scheme will also be enhanced to improve retirement adequacy, PM Lee added.
3. A new programme to address ageing: Age Well SG
This will complement the recently-rolled-out Healthier SG in improving the overall health and well-being of Singapore’s seniors, and includes steps to make streets, roads, linkways and even block signs friendlier to seniors who might face physical disability and dementia.
Separately, the Ministry of Health will increase spending on preventive care, PM Lee said.
4. Changes to HDB flat categorisation
From the second half of 2024, new Build-to-Order (BTO) flats will not be classified by mature and non-mature estates, but instead by Standard, Plus, and Prime categories. These will apply to each BTO project based on specific location attributes – such as proximity to amenities – instead of by region:
- Standard BTO flats will see existing BTO rules apply: Five-year MOP, no income ceiling for resale buyers.
- Plus BTO flats are in choicer locations, and will have more subsidies than Standard flats, so prices are within reach of more households. But they will come with a 10-year MOP, and resale rules will be tighter, with a subsidy clawback and an income ceiling on resale buyers.
- Prime BTO flats are in the most attractive locations. These will have the most subsidies and the tightest resale restrictions.
5. Allowing singles to buy more HDB flats
Singles will be allowed to buy two-room flexi flats across all types of BTO projects under the new framework.
6. Leadership succession on track
PM Lee gave his assurance that although his original plan of stepping down as Prime Minister before his 70th birthday in 2022 was disrupted by the pandemic, his succession plans are now “back on track”.
He said the recent controversies that hit the ruling party “will not delay (his) timetable for renewal”, and that more and more, his task is to support the 4G team and their plans.
This article was originally published on The Business Times. Its inclusion on this website is solely for education purposes.
How do you think the new schemes introduced at NDR 2023 will benefit Singaporeans?
ReplyDelete[Tip: Choose one scheme/programme to elaborate on - e.g. What is the name of the programme? What is its purpose? Which group of Singaporeans does it benefit?]
*Remember to include your NAME & CLASS/TG in the comment! 😊*
feel that the new schemes and programmes implemented would bring several benefits to improve and aid Singaporeans in their lives. For example, the S$7 billion Majulah Package for young seniors, Pioneer and Merdeka generation citizens would be able to ease their living expenses as well as healthcare costs. In my opinion, such implementation would greatly impact the elderly by being able to ease the costs of their living and support from healthcare leading to a reduction of their stress.
ReplyDelete3/2 xavier cheng
ReplyDeletei feel that the new programmes will help improve the quality of life in Singapore when they are implemented. My chosen example, the Majulah Package, which is going to cost 7 billion Singapore dollars, will greatly support young seniors, as well as citizens from the pioneer and Merdeka generations as it will help to lessen the total expenses including healthcare and housing.
It supports the concept of independent living for singles who may not wish to share a flat with others. This independence can be important for personal growth and development. Allowing singles to purchase flats can help reduce overcrowding in rental or shared accommodation arrangements. This can have a positive impact on living conditions and personal space. Homeownership also provides a sense of stability and security. Allowing singles to buy flats means they can invest in a place to call their own, which can contribute to their overall well-being and quality of life. Most importantly, encouraging singles to purchase HDB flats can contribute to the diversity of communities within HDB estates. A mix of residents, including families and singles, can lead to more vibrant and inclusive neighborhoods.
ReplyDelete