Take-up Rates for Silver Housing Bonus and Lease Buyback Scheme

Assoc Prof Fatimah Lateef asked the Minister for National Development (a) how many seniors have opted for the Silver Housing Bonus and Lease Buyback Scheme over the last two years; and (b) how many of them have been able to meet the CPF Minimum Sum threshold with the top-up available.

Mr Khaw Boon Wan: Since its implementation in February 2013, 80 households have received the Silver Housing Bonus of up to $20,000 in cash, when they moved to a smaller flat and topped up their CPF Retirement Accounts. Of the 120 seniors in these households, 110 met their cohort Minimum Sum after the top-up.

Since the Lease Buyback Scheme was enhanced in February 2013, 312 households have benefited by selling their tail-end lease to HDB for net proceeds to top up their CPF Retirement Accounts. Of the 412 seniors in these households, 399 met their cohort Minimum Sum after the top-up.

Both schemes are helpful for seniors who wish to tap on their HDB flat to enhance their retirement income. We will continue to reach out to seniors so that they know about these options.