20 Feb '12, 3am

Budget 2012: Elderly not ready to leave flats for Silver Housing Bonus

Budget 2012: Elderly not ready to leave flats for Silver Housing Bonus

How the Silver Housing Bonus works OLDER Singaporeans, aged 55 years and above, who sell their existing Housing Board flats and downgrade to three-room and smaller units or studio apartments will receive a bonus of up to $20,000 per household. This is in the form of $15,000 in cash and $5,000 to their Central Provident Fund (CPF) accounts. Called the Silver Housing Bonus, the initiative - announced by Deputy Prime Minister Tharman Shanmugaratnam on Friday - was introduced for the elderly who wish to downsize their homes and unlock their wealth. Sale proceeds will be used to top up their CPF Retirement Account, up to the prevailing CPF minimum sum. This is the amount that a CPF member has to set aside when he reaches 55 to provide for regular income in the retirement years from age 65. It is currently $123,000, but will be raised to $131,000 come July 1. The top-up, along w...

Full article: http://www.straitstimes.com/The-Big-Story/The-Big-Story-1...

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