NDR 2019: Summing Up Singapore’s National Day Rally 2019
An Overview of Everything You Need to Know About Singapore’s National Day Rally (NDR) 2019
Singapore’s recent NDR 2019 introduced several new changes, and here’s the gist of everything you need to know. Looks like a bright future ahead indeed.
Increase Retirement and Re-Employment Age
By 2022, the retirement age in Singapore will be raised from 62 to 63-years. By 2030, the age cap will be raised to 65. As for re-employment, the age range will increase to 70-years by 2030. These changes were announced in Singapore Prime Minister Lee Hsien Loong’s NDR 2019 speech.
Higher CPF Rates
Even more good news for senior workers is the increase in CPF contribution rates. Workers above 55-years can expect this raise by 2021. By 2030, anyone 60-years and below will be entitled to full CPF rates.
Additionally, as part of the NDR2019 change, businesses can expect to receive a “support package”. This will be announced in next year’s Budget. The package is intended to help businesses make the transitional support for older workers.
There will be no change to CPF withdrawal ages or policies.
Read more about the Singapore National Day Rally 2019 – Higher CPF Rates and Retirement Age
Pre-School Education to Become More Affordable
With the NDR, pre-school education in Singapore will become more affordable. Parents can expect the cost for full-day pre-school expenses to total approximately $300 monthly. Pre-school means-tested subsidies will be reduced to $7,500 from the current $12,000. If your monthly household income is within this range, you will qualify.
Government-backed pre-school places will also increase to 80% from the current 50%. Within the next 3-years, another 5,000 children will be included in KidStart’s lower-income group.
Affordable Tertiary Education Fees
The Singapore Institute of Technology, together with the Singapore University of Social Sciences will be among those offering lower annual student fees. As part of the NDR 2019 changes, students can expect fees to now cost $7,500. Additionally, bursaries will be enhanced for ITE, Nanyang Academy of Fine Arts and Lasalle College of Arts courses.
The NDR 2019 changes means bursaries will now cover up to 75% of school fees for general degrees. This is applicable to local universities in Singapore. There will be a significant increase in bursaries for medical students too. For medical students under the lower-income range, fees will be capped at $5,000 annually.
Climate Change Tackling Measures
The NDR 2019 will introduce greater protection against Singapore’s rising sea levels. This is estimated to cost more than $100 billion. Barrages to create a reservoir will be reclaimed through a series of new offshore islands. These islands will span from Marina East to Changi.
Marina Barrage will see a second pump house built on site. However, this will be based on the opposite end. To further protect Singapore’s coastlines from the rising sea levels, dykes and polders may be built along the coastline.
“Punggol By the Bay”
Keppel Club will have 9,000 public and private homes built on site. The NDR 2019 changes will introduce open spaces, waterfront promenades, greenery, southern coastline and new offices. This area is expected to link the West Coast Park to East Coast Park, and Sentosa to the Rail Corridor.
Pulau Brani’s New Resort
Sentosa, along with Pulau Brani will be developed with new attractions. Pulau Brani may expect to see a new “Downtown South” resort being built. Sentosa on the other hand, will be revitalised.
Moreover, Pasir Panjang’s two old power stations could be a new Singaporean nightlife destination.
Downturn Help for Workers
Should the economy experience a downturn, Singapore’s government is ready to step in. There will be interventions carried out to help workers maintain their livelihood.