Forum: Seniors selling flat leases and downsizing affect younger generation

I am writing in response to the news article, “

Increase in seniors monetising their HDB flats to supplement retirement income

” (July 23), to address the impact of the Lease Buyback Scheme and Silver Housing Bonus Scheme on our society.

While these schemes ease the financial burdens of many seniors, especially those from the Merdeka Generation, they come at a cost – requiring giving up the dream of passing homes to their children and downsizing their flats.

That seniors are opting for these schemes to sustain post-retirement lives amid rising living costs and inflation is of concern to the younger generation.

Compromised living standards may discourage the young from starting families, contributing to Singapore’s declining fertility rate.

I urge the Government to explore additional initiatives that address living and medical expenses of lower-income seniors without requiring them to downsize their flats, and allow them to bequeath their homes.

Let’s strive for a society where seniors retire with dignity and security, while encouraging parenthood for the younger generation.

Cheong Wing Kiat