National Day Rally 2014 speech in brief

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http://www.todayonline.com/singapore/main-takeaways-pm-lees-national-day-rally-speech

What would happen to Singaporeans in old age, how to improve our lives and where will the country be in the future?

Here are the main takeaways from the National Day Rally 2014:

MEETING RETIREMENT NEEDS

• Lease Buyback Scheme extended to four-room flats: Read more about it here.
• New Silver Support scheme to provide annual bonus for low-income seniors aged 65 and up to help them with living expenses: Read more about it here.
• Option to withdraw part of CPF savings in lump sum during retirement, subject to limits (e.g. up to 20 per cent of total): Read more about it here.
• CPF Minimum Sum raised to $161,000 next year - no major increases expected thereafter: Read more about it here.

EDUCATION

• New tripartite committee to develop system of education training and career progression for all Singaporeans; drive support and recognition for advancement based on skills: Read more about it here.

GOVERNMENT AGENCIES

• New Municipal Services Office overseen by Minister in Prime Minister's Office Grace Fu to coordinate government agencies to serve public better: Read more about it here.

CPF Minimum Sum raised to S$161,000 next year
The Central Provident Fund (CPF) Minimum Sum will be raised to S$161,000 in 2015, said Prime Minister Lee Hsien Loong at the National Day Rally this evening (Aug 17).

“Final instalment”

Beyond this “final instalment” of a series of hikes since 2003, Mr Lee does not see any more major increases in the Minimum Sum although he added that there is a need to adjust it “from time to time” as lifespans, incomes and basic spending go up.

The Minimum Sum has been raised every year since it was set at S$80,000 in 2003, with an aim of reaching S$120,000 in 2003 dollars in 2015.

Increases were supposed to end last year but due to high inflation in 2012, the Government decided to spread out the remaining hikes to 2015.

Mr Lee said the old Minimum Sum was too low and the Government has taken over ten years to raise it to the current S$155,000.