28 Feb '12, 11am

Silver Housing Bonus "impractical": Lina Chiam

Silver Housing Bonus "impractical": Lina Chiam

SINGAPORE: Non-Constituency Member of Parliament, Lina Chiam questioned the use of the Silver Housing Bonus, calling it "impractical" from a financial perspective. To better provide for retirement needs, she suggested that retirement funds be pegged to the inflation index. This could take the form of an inflation-protected scheme pegged to forecasted inflation. She said the government should also consider reducing the amount of proceeds from the sale of homes that have to go into CPF accounts. "Firstly, a homeowner will forgo a significant sum of sales proceeds for future consumption through the CPF Life Annuity. For a Singaporean who has short-term liquidity needs, this scheme does not help. Moreover for retirees, they do not enjoy lower property tax even though they no longer draw a salary," said Mrs Chiam. "Secondly, for other homeowners, this sum that goes into the CPF...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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