Cover 5 highlights from National Day Rally 2023 (Photo: Lee Hsien Loong/Facebook)
5 highlights from National Day Rally 2023 (Photo: Lee Hsien Loong/Facebook)
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Missed Prime Minister Lee Hsien Loong’s National Day Rally speech? Here are some of the key announcements to take note of
Prime Minister Lee Hsien Loong’s annual National Day Rally speech was delivered last night (August 20). Once again held at the ITE Headquarters at Ang Mo Kio, this year’s rally saw PM Lee speak on helping the older generation, the nation’s response to the Covid-19 pandemic, a new housing framework and more.
Like every year, there was much to take note of during PM Lee’s speech. But, if you have yet to watch it, we have compiled some of the most important takeaways from his speech that you should know.
In case you missed it: #Tatlergram: How our Tatler friends celebrated National Day 2023
1. Majulah package
During his speech, PM Lee introduced the Majulah package to help Young Seniors—born in 1973 or earlier—meet their retirement needs. The package benefits those with lower incomes and less wealth, and the amount of support depends on income and CPF savings. The package comprises three components: Earn and Save Bonus, Retirement Savings Bonus and Medisave Bonus.
The Earn and Save Bonus will help Young Seniors build their CPF savings while working. In his speech, PM Lee encourages Young Seniors who are still working to “continue working as long as you can”. Depending on your income, lower and middle-income workers will receive a CPF bonus of up to SG$1,000 a year. On top of employer and employee contributions, the bonus will be credited to your CPF account. This bonus will be added to your account as long as you are “working full-time or part-time”.
The one-time Retirement Savings Bonus of up to SG$1,500 will be for those whose CPF balance has not reached CPF Basic Retirement Sum. This will also be relevant for those who are not working, such as homemakers with low CPF balances.
The one-time Medisave Bonus of up to SG$1,000 will provide Young Seniors with healthcare costs including medical expenses and insurance premiums.
The Majulah package will benefit 1.4 million people across several generations, including the Pioneer and Merdeka generations. It will also cost the government about SG$7 billion.
2. New housing framework
MP Lee has introduced a new housing framework, scraping the previous Mature and Non-Mature Estates framework. He shares that the new framework will achieve three objectives: keeping home ownership affordable to all income groups, maintaining a good social mix and keeping the system fair.
The new framework splits Build-to-Order housing projects into Standard, Plus and Prime. Standard projects continue to have a five-year Minimum Occupation Period (MOP) with regular subsidies. PM Lee explains that most HDBs will be classed as Standard projects. Plus projects will be located at “choicer locations” such as within MRT stations. These projects will have a 10-year MOP with subsidy recovery after selling. Prime projects are located at the “choicest and most central locations in the whole of Singapore”. These flats will have the most subsidies and tightest restrictions, including a 10-year MOP.
This classification framework will be implemented for projects starting from the second half of 2024.
3. Financial support for upskilling workers
The government has plans to introduce more financial support for those who have lost their jobs while upgrading their skills. This is part of the Forward Singapore plan, which was launched in June 2022 to “refresh our social compact”.
This temporary safety net will help as you prepare yourself for a long-term job. “So long as you are willing to make the effort, the government will go the extra mile to help you,” PM Lee shares.
4. Caring for the aging population
Above Thye Hua Kwan AAC (Photo: Facebook)
Thye Hua Kwan AAC (Photo: Facebook)
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As our society gets older faster, PM Lee emphasises the importance of taking care of our ageing population. He shares that the government has set up more Active Ageing Centres (AACs) around the island. He continues to share his experience visiting the Bedok Radiance AAC. “I was very happy to see a vibrant community of seniors joining the activities and using the services there… It gave them something to do with their friends,” he shares.
On top of encouraging the ageing population to be more active, PM Lee announces plans to make HDB homes and precincts more senior-friendly. This means an increase in fittings near homes such as ramps, grab bars and slip-resistant floors. More shelters and rest points will be installed along streets and neighbourhoods that are frequented by seniors.
5. Succession plan
Above National Day Rally 2023 (Photo: Facebook)
National Day Rally 2023 (Photo: Facebook)
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PM Lee shares that now that the Covid-19 pandemic is in the past, his succession plans are back on track. He shares his confidence in the fourth-generation (4G) team, adding that they share the same core conditions, of being “stewards of Singapore, entrusted with the immense responsibility to lead and care for our nation”.
Amanda Goh was the former senior writer for Tatler Singapore.
