On 03 Sep 2014, the government announced four enhancements to the HDB Lease Buyback Scheme (LBS) as follows:1) The scheme will be extended to 4-room HDB flats and to sweeten the deal, there will be a $10,000 cash bonus per household when the elderly participate in the scheme.
2) The income ceiling will be raised to $10,000 from $3,000 per month to allow elderly who are still working or still living with their family members to qualify for this scheme.
3) The requirements to top up their CPF Retirement Accounts with the LBS proceeds will be relaxed as reflected in Table 1 below.
Table 1: Change in CPF Top-Up Requirement* for Households with Two or More Owners
...|
Owner’s Age |
Current
(Age-Adjusted MS) |
New
(0.5 x Age-Adjusted MS) |
|
CPF Draw-Down Age
(now 63) to 69 |
$155,000 |
$77,500 |
|
70 to 79 |
$145,000 |
$72,500 |
|
80 or older |
$135,000 |
$67,500 |
* ...
