WASHINGTON, D.C.: The pressure is on the government to recraft over 60s entitlements, assets and incomes as the enormity of a ‘grey dawn’ looms.
The Singaporean government moved today.
More elderly Housing Board flat owners will be able to sell part of their lease back to the Government for retirement income from today.
Under previously-announced changes to the Lease Buyback Scheme, four-room flats will now be eligible, extending the scheme to cover 75 per cent of elderly households, up from 35 per cent previously.
The monthly household income ceiling will be raised to $10,000 from $3,000.
In households with two or more owners, each one will only need to top up their Central Provident Fund retirement account to the current basic age-adjusted retirement sum, instead of the full retirement sum. This will give them more cash up front.
Elderly households will be able to choose how long a lease to retain: 15, 20, 25, 30 or 35 years, provided that the lease covers the youngest owner till at least age 95. Previously, owners had to retain a 30-year lease.
The scheme is open to households in which at least one owner is a Singapore citizen, and all owners are at least at the CPF payout eligibility age – currently 64 – or older…