Finally get to read carefully and digest the big data and information provided in Budget 2105.
Here are my takes:
I want to look at the total approach of Budget 2015:
1. I would dearly love to see DPM/Finance Minister to present on a major line by line items on HOW Budget 2014 stacks up against Actual Revenue and Expenditure so we KNOW IF we are ON or OFF target with those Major Line Items identified (notes: we can leave out sensitive items like Defence and Home Affairs if need be) in Budget 2014 BEFORE launching into Budget 2015.
Or this is already done except I missed it?
e.g. Revenue: Corp Income Tax, Personal Income Tax, Stamp Duties, ERP Receipts, GST, Maids levy, Foreign Workers Levy, Traffic Fines collection, Development charges collected, Sales of state lands, etc
e.g. Expenditure: Education, Transportation, Comcare/Social Assistance/etc, Healthcare, etc. AND Capital Expenditures like: infrastructure building of hospitals, roads, public parks and building, etc.
e.g. the recently announced S$600+m for SEA Game to be held in June 2015 - is this part of Budget 2015 or in Budget 2014?
I expressed my concern about the number when it first came out in the news. It was distressing to read that the budget for SEA Game 2015 was compared to that of YOG when everyone was surprised at how it blew it's original budget by 3x though subsequent elaboration put some of the costs to 'infrastructure' building and the 'tourism receipts it supposedly generated'.
2. Quote: "This Budget builds on the transformation of Singapore in its first 50 years as an independent country, to give Singaporeans greater assurance at each stage of life, more opportunities, and a better home for all. It is a Budget focused on building Singapore’s future - with firms driven by innovation, with deep skills and expertise in every job, and a society that is fair and just." Unquote
I will comments on EACH of the 4 areas that DPM/Finance Minister said will take to achieve this vision:
3. We will invest in the skills of the future, and empower every individual to learn and develop through life. Singapore must become a meritocracy of skills, not a hierarchy of grades earned early in life.
Lu: I simple love the quote of: 'a meritocracy of skills and not a hierarchy of grades earned early in life'. Brilliant and we MUST KEEP to its words and spirits!
SkillsFuture Credit of S$500/year forever to each citizens is great. Hopefully in conjunction with WDA (which incidentally ALSO provides training besides being in charge of approving qualified course materials as far as I am aware), the money can be put to good use with 'learn and place and earn' job matching.
Will the SMEs' bosses step up to LET their workers go for systematic training and CONVERT into work behaviours and habits CAN MAKE or BREAK this initiative aims at the individual. A conducing work environment and culture can help the individual though the determination and resolve of the INDIVIDUAL wanting to learn lifelong is KEY.
4. the 'middle class' needing help so that they can go about raising a 3-kid family while supporting their elderly parents and parents-in-law. I am not sure HOW middle-class is middle-class if they need to look to government for hand-out and grants and subsidies and waivers of this and that fees.
Could we have WORKED on the causes of the spiralling costs, or even the resignation that costs of living can ONLY SPIRAL UP?
Specifically, cost of childcare, eldercare and education and healthcare - most of them has a big cost of space attached. So, can some of the goods and services be considered public goods? In fact, MOST are. So, this part of the costs CAN BE lowered right?
5. Silver Support Scheme - I love this one especially when it considers MANY elderly mothers and grandmothers WHO devoted their whole life to taking care of the children and grandchildren as HOUSEWIVES with NO INCOME. They DEFINITELY need some state's financial help when their hubbies may not have enough saving to take care of both of them or worst, when some of the hubbies had '2nd spring' with younger girls!
A monthly pay-out of S$200-300 for a lifetime from 65 years on and meeting the 'qualification criteria' is helpful. THIS will also help their 'sandwiched' class children who are struggling to raise their own 3-kid family ease their guilt and burdens of 'filial duties' to take care of aging parents/parents-in-law'!
Oh, CPF % increases - thought the 'older workers' making more than S$5k/mth don't really need it since they would have a HDB flat and MedishieldLife covered. Less is more at this stage of life?
6. promoting innovation and internationalization - again will SMEs step up to the challenge? While breathing space was provided with the holding back of FW levies increases, will SMEs REALLY take this challenge to breakout and achieve breakthrough? I hope so though that means an ASME and SPRING that are MORE pushy and aggressive.
7. Investment in economic and social infrastructure for the future, to create new competitive strengths, a highly liveable home for all Singaporeans, and quality healthcare.
I look for 'AFFORDABLE' quality healthcare. Also, the 'affordable' public housing, which I believe the government had worked doubly hard to achieve in the last 2-3 years.
The bet on Changi T5 is any body's guess. Just like in 2014 the bet to build The Jewel at the old Changi T1 carpark for S$1+B.
As for raising personal income tax on the top 5% earners, it is fair deal as they have the MOST to lose when a society is unstable due to inequality and unfairness. They will gladly give and won't consider it a 'Robin Hood' approach really!
Overall, the Budget 2015 has covered most of the bases. The implementation progress report will be helpful to keep the 1st world citizenry supervises the 1st World Nation spending its Budget!
Here are my takes:
I want to look at the total approach of Budget 2015:
1. I would dearly love to see DPM/Finance Minister to present on a major line by line items on HOW Budget 2014 stacks up against Actual Revenue and Expenditure so we KNOW IF we are ON or OFF target with those Major Line Items identified (notes: we can leave out sensitive items like Defence and Home Affairs if need be) in Budget 2014 BEFORE launching into Budget 2015.
Or this is already done except I missed it?
e.g. Revenue: Corp Income Tax, Personal Income Tax, Stamp Duties, ERP Receipts, GST, Maids levy, Foreign Workers Levy, Traffic Fines collection, Development charges collected, Sales of state lands, etc
e.g. Expenditure: Education, Transportation, Comcare/Social Assistance/etc, Healthcare, etc. AND Capital Expenditures like: infrastructure building of hospitals, roads, public parks and building, etc.
e.g. the recently announced S$600+m for SEA Game to be held in June 2015 - is this part of Budget 2015 or in Budget 2014?
I expressed my concern about the number when it first came out in the news. It was distressing to read that the budget for SEA Game 2015 was compared to that of YOG when everyone was surprised at how it blew it's original budget by 3x though subsequent elaboration put some of the costs to 'infrastructure' building and the 'tourism receipts it supposedly generated'.
2. Quote: "This Budget builds on the transformation of Singapore in its first 50 years as an independent country, to give Singaporeans greater assurance at each stage of life, more opportunities, and a better home for all. It is a Budget focused on building Singapore’s future - with firms driven by innovation, with deep skills and expertise in every job, and a society that is fair and just." Unquote
I will comments on EACH of the 4 areas that DPM/Finance Minister said will take to achieve this vision:
3. We will invest in the skills of the future, and empower every individual to learn and develop through life. Singapore must become a meritocracy of skills, not a hierarchy of grades earned early in life.
Lu: I simple love the quote of: 'a meritocracy of skills and not a hierarchy of grades earned early in life'. Brilliant and we MUST KEEP to its words and spirits!
SkillsFuture Credit of S$500/year forever to each citizens is great. Hopefully in conjunction with WDA (which incidentally ALSO provides training besides being in charge of approving qualified course materials as far as I am aware), the money can be put to good use with 'learn and place and earn' job matching.
Will the SMEs' bosses step up to LET their workers go for systematic training and CONVERT into work behaviours and habits CAN MAKE or BREAK this initiative aims at the individual. A conducing work environment and culture can help the individual though the determination and resolve of the INDIVIDUAL wanting to learn lifelong is KEY.
4. the 'middle class' needing help so that they can go about raising a 3-kid family while supporting their elderly parents and parents-in-law. I am not sure HOW middle-class is middle-class if they need to look to government for hand-out and grants and subsidies and waivers of this and that fees.
Could we have WORKED on the causes of the spiralling costs, or even the resignation that costs of living can ONLY SPIRAL UP?
Specifically, cost of childcare, eldercare and education and healthcare - most of them has a big cost of space attached. So, can some of the goods and services be considered public goods? In fact, MOST are. So, this part of the costs CAN BE lowered right?
5. Silver Support Scheme - I love this one especially when it considers MANY elderly mothers and grandmothers WHO devoted their whole life to taking care of the children and grandchildren as HOUSEWIVES with NO INCOME. They DEFINITELY need some state's financial help when their hubbies may not have enough saving to take care of both of them or worst, when some of the hubbies had '2nd spring' with younger girls!
A monthly pay-out of S$200-300 for a lifetime from 65 years on and meeting the 'qualification criteria' is helpful. THIS will also help their 'sandwiched' class children who are struggling to raise their own 3-kid family ease their guilt and burdens of 'filial duties' to take care of aging parents/parents-in-law'!
Oh, CPF % increases - thought the 'older workers' making more than S$5k/mth don't really need it since they would have a HDB flat and MedishieldLife covered. Less is more at this stage of life?
6. promoting innovation and internationalization - again will SMEs step up to the challenge? While breathing space was provided with the holding back of FW levies increases, will SMEs REALLY take this challenge to breakout and achieve breakthrough? I hope so though that means an ASME and SPRING that are MORE pushy and aggressive.
7. Investment in economic and social infrastructure for the future, to create new competitive strengths, a highly liveable home for all Singaporeans, and quality healthcare.
I look for 'AFFORDABLE' quality healthcare. Also, the 'affordable' public housing, which I believe the government had worked doubly hard to achieve in the last 2-3 years.
The bet on Changi T5 is any body's guess. Just like in 2014 the bet to build The Jewel at the old Changi T1 carpark for S$1+B.
As for raising personal income tax on the top 5% earners, it is fair deal as they have the MOST to lose when a society is unstable due to inequality and unfairness. They will gladly give and won't consider it a 'Robin Hood' approach really!
Overall, the Budget 2015 has covered most of the bases. The implementation progress report will be helpful to keep the 1st world citizenry supervises the 1st World Nation spending its Budget!
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