4 key facts that can have a financial impact on certain groups of people

Held at the Institute of Technical Education (ITE) headquarters in Ang Mo Kio, Prime Minister Lee Hsien Loong delivered his 2022 National Day Rally speech to a live audience for the first time since the pandemic began. .

Prime Minister Lee began his National Day Rally 2022 speech by thanking everyone in Singapore for the collective effort we have all made to protect ourselves against COVID-19. With confidence that Singapore’s healthcare system can cope with the pandemic, it was announced that masks would no longer be required indoors, except for public transport and healthcare facilities where vulnerable people are located.

Another contentious issue was addressed. Singapore will now repeal Section 377A of the Penal Code. In addition, the government intends to amend the Constitution to protect the definition of marriage – currently recognized by law as taking place between a man and a woman – against any constitutional challenge in the courts.

Prime Minister Lee has also spent a lot of time addressing geopolitical tensions around the world. Besides US-China tensions, Russia’s invasion of Ukraine has also created profound implications for the world and Singapore. This included rising inflation and supply chain shortages across the globe. As a country that relies heavily on imports of many essential goods, our cost of living has been impacted despite the decision by the Monetary Authority of Singapore (MAS) to strengthen the Singapore dollar.

Beyond the major announcements (repeal of 377A, no mask required for most indoor environments) that would likely grab most of us’ attention, here are 4 other highlights from the National Day Rally 2022 speech that might have an impact on certain groups of Singaporeans (for better or for worse).

No. 1 owners around the Paya Lebar / Ubi / Eunos area can expect major development in the coming decade

Anyone who lives or works in the Paya Lebar, Ubi, Eunos or even Tampines areas will know the sight and sound of airplanes. The decision to relocate the Paya Lebar air base will create vast land, with MND estimating that it can build around 150,000 new homes in the public and private sectors. It is about the same number of houses combined today in Punggol and Sengkang.

Commercial and industrial developments will also bring jobs closer to this new town. All of these will likely be a boon to current owners who live in towns close to the base.

#2 Hougang, Punggol & Marine Parade residents can expect a higher plot ratio once the air base moves

As residents of Pasir Ris can attest, the problem with living near an airport is the strict height restrictions that are in place for buildings around the airport. For the existing Paya Lebar airbase, which occupies a centralized location, this impacts buildings in many nearby towns.

As Prime Minister Lee pointed out, towns such as Hougang, Marine Parade and Punggol could benefit from redevelopment once the height restriction is removed, allowing the URA to make better use of space.

#3 PM pledges to do more if the cost of living increases further

To cope with inflation, the government has introduced a series of support measures such as cash payment, GSTV-U-Save vouchers, S&CC discount, CDC vouchers and MediSave top-ups to help families. Singapore to meet the cost of living.

In 2022 alone, it is estimated that a middle-income family with two young children, staying in a 4-room HDB apartment, can expect an additional $2,200 in assistance in the form of cash payments, rebates U-Save and S&CC, good CDCs and MediSave. -UPS. A low-income family staying in a 3-room HDB apartment can expect around $3,700 in assistance.

Prime Minister Lee mentioned that while these grants will not be able to fully cover all cost increases, they will help ease some of the burdens on Singaporean households.

More importantly, he also stressed in his National Day Rally 2022 speech that “if things get worse, we are ready to do more.”

Two things can be inferred from his statement. The first is that we (and the government) must continue to monitor inflation closely and be prepared to do whatever it takes to combat it, including changing our consumption habits if necessary. Second, we can expect the government to provide some support if things get worse.

Read also : How does Singapore’s inflation rate compare to other countries for 1H2022

#4 Safe Distancing Ambassadors Probably Won’t Be Needed Anymore

At the height of the pandemic, Safe Distance Ambassadors were commonplace everywhere we went. From making sure people were wearing their masks correctly, getting them to mask up if they’re no longer consuming food, or even preventing people from gathering in large groups.

Thankfully, those days seem over for us in Singapore as Prime Minister Lee announced that masks would no longer be required except for public transport and healthcare facilities where vulnerable people are involved.

It also means that safe distance ambassadors are probably no longer needed and that this group of workers will soon have to find other jobs.

Read also : 3 changes that may affect Gig Economy platform workers in Singapore

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