Housing Affordability and Retirement Security on the Agenda
Prime Minister Lee Hsien Loong will address significant concerns on public housing and retirement savings for older workers in his upcoming National Day Rally on August 20, 2023. In a preview of the speech, PM Lee reaffirmed the government’s commitment to providing affordable and accessible public housing for Singaporeans, regardless of income. He highlighted that while mature estates tend to cost more due to better amenities, future public housing developments will increasingly be built in existing estates, which may drive up prices but ensure continued demand.
To ensure fairness, the government is exploring ways to adjust Housing and Development Board (HDB) schemes, and PM Lee will present these ideas at the rally.
Another critical issue is the adequacy of Central Provident Fund (CPF) savings for older workers, particularly those in their 50s and 60s. PM Lee acknowledged that despite efforts to enhance the CPF system, some older workers still lack sufficient savings for retirement. While the government plans to offer more help to these workers, he stressed the importance of personal health and well-being as contributors to financial security.
Additionally, PM Lee will discuss ongoing inflation concerns and the government’s efforts, such as the Assurance Package, to help mitigate the impact on households. He also touched upon the government’s approach to recent scandals involving ministers and MPs, emphasizing transparency and a commitment to upholding high standards of integrity.
As Singapore celebrates its 58th National Day, PM Lee expressed confidence in the nation’s ability to overcome challenges and remain united in the face of adversity, underscoring that the best is yet to come for the country.
