"7 things you need to know about Budget 2019
SINGAPORE: The 2019 Budget remains an "expansionary" one, with Finance Minister Heng Swee Keat announcing a Bicentennial Bonus and measures to help Singaporeans with healthcare costs.
He also set out details for the much-anticipated Merdeka Generation Package, which will cost the Government S$8 billion in all.
What do the measures announced on Monday (Feb 18) mean for Singaporeans and Singapore businesses?
Here’s a quick overview:
1. THANKS, MERDEKA GENERATION
As expected, the Finance Minister fleshed out the previously announced Merdeka Generation Package, which he called a “gesture of our nation’s gratitude” for those who played a critical role in Singapore’s development.
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The five key benefits announced were:
A S$100 top-up to Merdeka Generation seniors’ PAssion Silver cards
Medisave top-ups of S$200 for five years
Community Health Assist Scheme (CHAS) subsidies and discounts at polyclinics, public specialist outpatient clinics
MediShield Life premium subsidies
A S$1,500 incentive to join CareShield Life
2. AN “EXPANSIONARY” BUDGET THIS YEAR
Like the previous financial year, the Government’s budget position for FY2019 remains expansionary, with a basic deficit of S$7.1 billion expected.
This is excluding government top-ups to funds and Net Investment Returns Contribution from past reserves.
On the whole, a deficit of S$3.5 billion or 0.7 per cent of GDP is predicted, with increased spending expected for defence, education and health.
3. NOT EXACTLY A “HONG BAO”, BUT STILL A BONUS
Last year, the Finance Minister ended his Budget speech on a prosperous note, announcing a one-time “hongbao”for Singaporeans aged 21 and above.
In a similar vein, a S$1.1 billion Bicentennial Bonus was announced to commemorate Singapore’s bicentennial this year.
This includes GST vouchers and a personal income tax rebate of 50 per cent (capped at S$200 per taxpayer), for income earned in 2018.
4. Healthcare was a key focus, with more money earmarked for premium subsidies and other forms of support.
With another S$3.1 billion set aside this year, a total of S$5.1 billion will be put into a new Long-Term Care Support Fund, to fund CareShield Life subsidies and ElderFund.
5. MORE SUPPORT FOR WORKERS, BUSINESSES…
Measures worth S$1 billion were also announced to help local companies build “deep” capabilities. Firms can look forward to “customised” assistance in overcoming business challenges and scaling up.
For workers, there will be new Professional Conversion Programmes relating to blockchain, embedded software and pre-fabrication, while there will be extended wage support for older workers.
However, there will be a lower foreign worker ratio in the services sector, with Mr Heng saying that “relying on more and more foreign workers is not the long-term solution”.
6. less duty free for travellers
7. double diesel tax"
This report listed 7 things to know.
For me, the THINGS to NOTE r:
a. he said at the start: to ensure we can hv our way of life, we need a strong defence! So, 30% goes to defence, home affairs n security!;
b. healthcare cost at the root is not dealt with as more n more Sgp folks need gov subsidies n aid to deal with spiralling health cost!! Even the supposedly golden era Merdeka Gen needs this special package to keep from expected drowning in high health care costs!(?)
Q. the health insurance scheme not working? too much claims due to abuses by patients n healthcare providers like doctors n hospitals?
c. "bicentennial bonus" seems like an excuse to give some money to tne voters. Not sure abt those going to everyone though those that promote charitable giving matching is good.
d. extended the many schemes to encourage innovation, productivity n capacity development by 3 more years mean our biz people r not seizing the opportunity with botb hands? still reluctant or resisting the need to change, to innovate n to internationalised?
Let's see what other experts say tomorrow!
SINGAPORE: The 2019 Budget remains an "expansionary" one, with Finance Minister Heng Swee Keat announcing a Bicentennial Bonus and measures to help Singaporeans with healthcare costs.
He also set out details for the much-anticipated Merdeka Generation Package, which will cost the Government S$8 billion in all.
What do the measures announced on Monday (Feb 18) mean for Singaporeans and Singapore businesses?
Here’s a quick overview:
1. THANKS, MERDEKA GENERATION
As expected, the Finance Minister fleshed out the previously announced Merdeka Generation Package, which he called a “gesture of our nation’s gratitude” for those who played a critical role in Singapore’s development.
Advertisement
The five key benefits announced were:
A S$100 top-up to Merdeka Generation seniors’ PAssion Silver cards
Medisave top-ups of S$200 for five years
Community Health Assist Scheme (CHAS) subsidies and discounts at polyclinics, public specialist outpatient clinics
MediShield Life premium subsidies
A S$1,500 incentive to join CareShield Life
2. AN “EXPANSIONARY” BUDGET THIS YEAR
Like the previous financial year, the Government’s budget position for FY2019 remains expansionary, with a basic deficit of S$7.1 billion expected.
This is excluding government top-ups to funds and Net Investment Returns Contribution from past reserves.
On the whole, a deficit of S$3.5 billion or 0.7 per cent of GDP is predicted, with increased spending expected for defence, education and health.
3. NOT EXACTLY A “HONG BAO”, BUT STILL A BONUS
Last year, the Finance Minister ended his Budget speech on a prosperous note, announcing a one-time “hongbao”for Singaporeans aged 21 and above.
In a similar vein, a S$1.1 billion Bicentennial Bonus was announced to commemorate Singapore’s bicentennial this year.
This includes GST vouchers and a personal income tax rebate of 50 per cent (capped at S$200 per taxpayer), for income earned in 2018.
4. Healthcare was a key focus, with more money earmarked for premium subsidies and other forms of support.
With another S$3.1 billion set aside this year, a total of S$5.1 billion will be put into a new Long-Term Care Support Fund, to fund CareShield Life subsidies and ElderFund.
5. MORE SUPPORT FOR WORKERS, BUSINESSES…
Measures worth S$1 billion were also announced to help local companies build “deep” capabilities. Firms can look forward to “customised” assistance in overcoming business challenges and scaling up.
For workers, there will be new Professional Conversion Programmes relating to blockchain, embedded software and pre-fabrication, while there will be extended wage support for older workers.
However, there will be a lower foreign worker ratio in the services sector, with Mr Heng saying that “relying on more and more foreign workers is not the long-term solution”.
6. less duty free for travellers
7. double diesel tax"
This report listed 7 things to know.
For me, the THINGS to NOTE r:
a. he said at the start: to ensure we can hv our way of life, we need a strong defence! So, 30% goes to defence, home affairs n security!;
b. healthcare cost at the root is not dealt with as more n more Sgp folks need gov subsidies n aid to deal with spiralling health cost!! Even the supposedly golden era Merdeka Gen needs this special package to keep from expected drowning in high health care costs!(?)
Q. the health insurance scheme not working? too much claims due to abuses by patients n healthcare providers like doctors n hospitals?
c. "bicentennial bonus" seems like an excuse to give some money to tne voters. Not sure abt those going to everyone though those that promote charitable giving matching is good.
d. extended the many schemes to encourage innovation, productivity n capacity development by 3 more years mean our biz people r not seizing the opportunity with botb hands? still reluctant or resisting the need to change, to innovate n to internationalised?
Let's see what other experts say tomorrow!
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