National Day Rally 2015

Prime Minister Lee Hsien Loong delivered his National Day Rally 2015 speech on Sunday, 23 August.

Here is some salient points to the main policy changes that were announced

1. Raising Income Ceiling for Buying Flats and ECs

Income ceiling of buyers of BTO flats and Executive Condominium (ECs) will be raised from $10,000 and $12,000 currently to $12,000 and $14,000 respectively

2. Helping Lower and Middle Income Families Afford Their Homes

Income ceiling of existing Special Housing Grant (SHG) will be raised from $6,500 to $8,500, and the maximum amount of SHG will be doubled to $40,000. Now, two-thirds of Singaporean families will be eligible for the SHG

The Fresh Start Housing Scheme will help families with young children currently in HDB rental flats start afresh with a 2-room flat, supporting them with the necessary social aid if they are committed to remain employed and put their children in school.

3. Helping Extended Families Live Together or Closer by

The Proximity Housing Grant (PHG) will help parents and married children live near each other. $10,000 will be given to eligible singles buying a resale flat with their parents, and $20,000 for eligible families buying a resale flat to live with or near their parents or married child. The grant applies whether you are a first-time buyer or not.

4. More Support for Families with Young Children

A Baby Bonus Plus of $2,000 will be given on top of the current Baby Bonus Cash Gift, which will now also be extended to the 5th and subsequent children as well. This means that families will get $8,000 for the first and second children, and $10,000 for the third child and beyond.

Fathers may enjoy an additional week of paternity leave on top of the current one week if their employers volunteer to implement extended paternity leave.

The Medisave grant for newborn will be increased from $3,000 to $4,000

5. Providing New Education Pathways for Students

The Singapore Institute of Technology’s new centralised campus will be established in Punggol next to a new creative industry cluster to be built by JTC, to allow opportunities for students and companies to mutually benefit from each other

6. Allowing Workers to Stay in the Workforce for Longer

Legislation will be passed to raise the re-employment age from 65 to 67 by 2017.

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