Where is the promise to make monetisation more convenient? Where?
Just hours before the ND Rally speech, the PAP was still saying it will make monetisation more convenient for retirees.
Instead, the PAP quietly amended the eligibility age for lease buyback and right-sizing from 55 to 65. Some Singaporeans are deprived of the $20k cash bonus at 55. In the last few years, the Withdrawal Age has been raised from 60 to 65. So it is a double-whammy. Many days have passed and the PAP is still keeping quiet about it. Come on, if the PAP is not sincere about helping, at least keep status quo. Don't suka suka make changes.
If the intention is to manipulate retirees to opt for studio apartments, please give us assurance that the eligibility age of 55 will not be raised. Please give us assurance on how it is made more convenient to downgrade. There are many questions:
1. A 3-room flat is currently worth $300,000. Is downgrading to a studio apartment feasible after meeting MS?
2. What if prices decline?
3. BTO takes many years. Can we have ready supply of studio apartments instead?
4. What is the projected supply and demand of studio apartments in the next 5 years *?
5. Can applicants be guaranteed a unit?
6. Can HDB buy back the old flat directly from the downgrader as it is not easy to find a buyer to do contra?
7. Can applicants book their units before 55 so that they can get the keys at 55?
* Please factor in 12 years of Minimum Sum increases, changes to CPF Withdrawal Age, current changes to Lease Buyback and Right-sizing options.
