SINGAPORE: Here are key takeaways from Prime Minister Lee’s National Day Rally 2023 speech in case you missed the full broadcast.
- Despite global tensions, “Economically, Singapore is keeping up. We expect positive economic growth this year. Hopefully, we will avoid a recession. Inflation is, at last, coming down, but it will probably stay higher than what we were used to”, PM Lee said. He added that the Government will also give more support to workers – to help people adapt and upskill. Forward SG plans include financial support for workers who lose their jobs while they upgrade their skills. It will be a temporary safety net to help you meet immediate needs, to free you to upskill and train as you prepare yourself for a good long-term job.
- Majulah Package: For Singaporeans aged 50 and above this year – born in 1973 or earlier. The support will be tiered, depending on your income and CPF savings. The Majulah Package will comprise three components. An “Earn and Save” Bonus will help you build up CPF savings while they work. A Retirement Savings Bonus (RSB), for if their CPF balances have not reached the CPF Basic Retirement Sum, they will receive a one-time CPF bonus of up to $1,500. They will also receive a one-time MediSave Bonus of up to $1,000.
- “Today, we are an aged society; soon, we will be a ‘super-aged’ society”, PM Lee said. Active Ageing Centres (AACs) were set up all over Singapore for seniors, especially those living alone. Soon, seniors can choose from an expanded suite of fittings under the EASE programme (Enhancement for Active Seniors) 2.0 in their homes, such as foldable shower seats and wider toilet entrances. Streets and linkways will also be revamped. PM Lee said the efforts include investing resources to senior-proof homes; making precincts safer and easier to navigate; and constructing more assisted living residences with integrated accommodation, care, and community facilities. This will be done across Singapore, starting with the towns with the most seniors, like Ang Mo Kio and Bukit Merah.
- For HDB flats in choicer locations, these ‘Plus’ projects will be sold under different rules. HDB will give more subsidies for these Plus flats, over and above the subsidies for Standard BTO flats. HDB will also impose more restrictive sale conditions—for example, A longer MOP of 10 years. Tighter restrictions when the home-owner resells the Plus flat later on, such as a subsidy recovery applied on the resale price, a certain percentage when they sell the flat, you pay back a certain percentage back to HDB to take back the extra discounts. There will also be an income ceiling on resale buyers. PM Lee also announced that singles can buy 2-room Flexi flats across all BTO projects – Standard, Plus, and Prime.
- PM Lee added that the controversial issues and “incidents will not delay my timetable for renewal. We are on track”. “I have every confidence in Lawrence Wong and his team. We share the same core convictions – that we are stewards of Singapore, entrusted with the immense responsibility to lead and care for our nation; that our time as stewards is transient, but we are building a Singapore for the ages; and that our best service to this nation is to hand over a better, stronger Singapore to those who follow us”, PM Lee said.