Advantages
The LBS is designed to let elderly residents to age in place comfortably. They can continue to stay in their flats, in the same familiar environment and community that they have grown accustomed to. Besides, they will have a steady source of monthly income for the rest of their life. This is particularly helpful to low-income elderly households of smaller flats who are unable to take advantage of other monetisation options, e.g. right-sizing to a smaller flat elsewhere, or renting out the flat.
Together with the enhanced LBS, a Silver Housing Bonus was also introduced, to help lower-income elderly households supplement their retirement income. When they right-size their flat to a 3-room or smaller flat type, they will receive a cash bonus of up to $20,000 per household.
Read more about this topic: Lease Buyback Scheme
Famous quotes containing the word advantages:
“If the minds of women were enlightened and improved, the domestic circle would be more frequently refreshed by intelligent conversation, a means of edification now deplorably neglected, for want of that cultivation which these intellectual advantages would confer.”
—Sarah M. Grimke (1792–1873)
“When the manipulations of childhood are a little larceny, they may grow and change with the child into qualities useful and admire in the grown-up world. When they are the futile struggle for love and concern and protection, they may become the warped and ruthless machinations of adults who seek in the advantages of power what they could never win as children.”
—Leontine Young (20th century)
“If we live in the Nineteenth Century, why should we not enjoy the advantages which the Nineteenth Century offers? Why should our life be in any respect provincial?”
—Henry David Thoreau (1817–1862)