Singapore’s future plans to tackle ageing, housing affordability, and economic stability amidst global pressures
In his National Day Rally speech on August 20, 2023, Prime Minister Lee Hsien Loong outlined key policies focusing on addressing the nation’s ageing population and housing affordability, while also tackling economic challenges and global uncertainties.
Among the highlights was the introduction of the S$7 billion Majulah Package, aimed at assisting older Singaporeans, particularly “young seniors” in their 50s and 60s. The package includes Central Provident Fund (CPF) bonuses and is designed to support those with lower incomes and less wealth, helping them meet retirement needs. The package will offer bonuses such as the Earn and Save bonus, a Retirement Savings Bonus, and a Medisave bonus. This initiative will benefit approximately 1.4 million seniors, including the Pioneer and Merdeka generations.
To better prepare Singapore for an ageing society, PM Lee introduced Age Well SG, a new national programme to encourage seniors to remain active and healthy, with enhancements to public housing and neighbourhoods to support senior-friendly living. This will include more Active Ageing Centres, senior-friendly home fittings, and expanded assisted-living facilities, particularly for seniors with dementia.
On the housing front, PM Lee announced a shift in the classification of Build-to-Order (BTO) projects. The new classification system—Standard, Plus, and Prime—will replace the old distinction of mature and non-mature estates, with the aim of making housing more affordable and ensuring fairness. The Plus model will offer more subsidies but with tighter restrictions, while Prime projects will be located in central, desirable areas.
Additionally, PM Lee addressed concerns about rising costs of living and jobs. He assured Singaporeans that while inflation is still above previous levels, the economy is on track for growth, and efforts are being made to minimize the impact of rising costs, including enhancements to the GST Assurance Package.
Finally, he addressed concerns regarding political integrity, reaffirming that Singapore’s system of governance will remain clean and transparent despite recent scandals. He urged full support for Deputy Prime Minister Lawrence Wong and his team, as the leadership transition and future plans continue to unfold.
Through these comprehensive measures, the government aims to tackle current challenges and ensure a prosperous future for Singaporeans, with a focus on economic stability, housing accessibility, and senior welfare.
