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Budget 2016 – A Quick Summary

March 24, 2016
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Budget 2016  – A Quick Summary

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By: Gerry Ong | 24th Mar 2016

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Earlier today, Singapore’s finance minister Mr Heng Swee Keat carried the traditional black briefcase and stepped up to the parliament podium today to make his first ever budget speech. His budget that puts forward government financial policy between 1st April 2016 – March 31st 2017 was strongly focused on the economy. Here’s a quick summary of what he put forth:

FOR HOUSEHOLDS IN GENERAL

  • GST VOUCHERS OF $250/$500 will be issued for all Singaporeans aged 21 and above . If you Annual Value of Home falls below $13,000 congratulations you’ll be getting $500 this year, otherwise you’ll be getting $250.
    Find out how much you GST Credits you’ll get here!
  • HDB SERVICE AND CONSERVANCY CHARGES REBATES OF BETWEEN 1 – 3 MONTHS will be made available to all HDB households.
  • PERSONAL INCOME TAX RELIEVED WILL BE CAPPED at $80,000 per year starting from YA2018.

 

FOR FAMILIES WITH YOUNG CHILDREN

  • A NEW CDA ACCOUNT CALLED THE FIRST STEP ACCOUNT was announced, parents of children born from 24th March onwards will receive $3,000 in their CDA. Dollar for dollar matching from the government up to co-savings cap will remain.
  • CLAIMABLE MEDISAVE FOR PRE-DELIVERY MEDICAL EXPENSES WILL DOUBLE
  • A NEW PILOT INITIATIVE CALLED KIDSTART will draw government and community resources to help needy children under the ages of 6 to receive support
  • A FRESH START HOUSING SCHEME WILL PROVIDE RENTAL HOUSING ASSISTANCE for families with children, to qualify, parents must stay employed and ensure that their young kids keep going to school.
  • OUTDOOR ADVENTURE EDUCATION will be expanded for all students through a new master plan, with a new outward bound campus to be built on Coney island, set to launch by 2020.

 

ON EMPLOYMENT AND EMPLOYABILITY

  • SKILLSFUTURE WHICH IS A PART OF THE GOVERNMENTS LONG TERM GAME PLAN will now include SkillsFuture Study Awards to develop specialist skills in 12 sectors for early to mid-career Singaporeans regardless of qualifications
  • WAGE SUPPORT SCHEMES WILL BE IMPLEMENTED to help those who face greater difficulty in finding jobs
    • A TECH SKILLS ACCELERATOR WILL BE SET UP TO Identify specific skills in demand in the ICT sector and assist Singaporeans to develop skill standards and certification in this field. They will also work with anchor employers who have agreed to hire based on skills not certification

FOR LOW INCOME FAMILIES

ENHANCEMENTS WILL BE INTRODUCTED TO THE WORKFARE INCOME SUPPLEMENT (WIS) SCHEME WIS will be paid every month instead of quarterly at present. The qualifying income ceiling will also be raised to $2,000/mth

 

FOR SENIORS

  • THE SILVER SUPPORT SCHEME WILL BE LAUNCHED IN JULY 2016. It will benefit the bottom 20% of seniors, who will receive payouts of $300-$750/quarter. The first payout will be a double payout including a back-payment for the 2nd quarter of 2016. There will be no need to apply for the scheme, and 140,000 seniors are expected to benefit.
  • A PILOT SCHEME WILL BE LAUNCHED TO BUILD COMMUNITY NETWORKS FOR SENIORS. This will bring together schools, VWOs, seniors with a team of full time officers to provide co-ordinated health and social support.

OTHERS

  • A NEW AREA CALLED THE JURONG INNOVATION DISTRICT WILL BE LAUNCHED that will create an innovative urban environment to house different activities within a single next gen industrial district. The area will house R&D, protoyping labs, advanced manufacturing and robotics. It will also function as a living lab with testing and development of future technology such as self-driving cars.  The first phase is expected to be completed by 2020
  • PIC CASH PAYOUTS WILL FALL FROM 60% TO 40% on expenditures on or after 1st August 2016, PIC will expire after YA 2018, indicating that there will be no extension for the scheme. Tax deductions under the scheme will remain the same

What do you think of the Budget this year? Comment in the space below! Think this is worth sharing? Help spread the word by sharing us on Facebook or Twitter!

 

 

Like/ Follow us on Facebook/ Twitter To See More Cool Articles

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[mk_fancy_title tag_name=”h6″ size=”20″ font_weight=”bold” margin_bottom=”0″ font_family=”Muli” font_type=”google”]About EasyRates[/mk_fancy_title][mk_divider style=”thick_solid” margin_top=”0″]

EasyRates is Singapore’s preferred portal for home loans, refinancing, equity loans, overseas loans, personal and business loans, having long standing partnerships with more than 20 banks. Our experienced consultants are advocates for our customers and work hard to ensure you get the best packages available. The best part? Our services are 100% free of charge. Here at EasyRates we pride ourselves on providing unbiased advice on all loans and financial products and putting our customers above all else. So what are you waiting for? Get a FREE Mortgage consultation today!

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GERRY ONG

Former banking lizard, startup ninja and trainer turned writer. A coffee to content conversion system who writes by day and codes by night. Lives simply, thinks deeply and exercises never.

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[mk_fancy_title size=”25″ font_weight=”bolder” font_style=”normal” margin_top=”50″ margin_bottom=”0″ font_family=”Lato” font_type=”google”]

Budget 2016  – A Quick Summary

[/mk_fancy_title]

By: Gerry Ong | 24th Mar 2016

[sharify]

Like/ Follow us on Facebook/ Twitter To See More Cool Posts!

Earlier today, Singapore’s finance minister Mr Heng Swee Keat carried the traditional black briefcase and stepped up to the parliament podium today to make his first ever budget speech. His budget that puts forward government financial policy between 1st April 2016 – March 31st 2017 was strongly focused on the economy. Here’s a quick summary of what he put forth:

FOR HOUSEHOLDS IN GENERAL

  • GST VOUCHERS OF $250/$500 will be issued for all Singaporeans aged 21 and above . If you Annual Value of Home falls below $13,000 congratulations you’ll be getting $500 this year, otherwise you’ll be getting $250.
    Find out how much you GST Credits you’ll get here!
  • HDB SERVICE AND CONSERVANCY CHARGES REBATES OF BETWEEN 1 – 3 MONTHS will be made available to all HDB households.
  • PERSONAL INCOME TAX RELIEVED WILL BE CAPPED at $80,000 per year starting from YA2018.

 

FOR FAMILIES WITH YOUNG CHILDREN

  • A NEW CDA ACCOUNT CALLED THE FIRST STEP ACCOUNT was announced, parents of children born from 24th March onwards will receive $3,000 in their CDA. Dollar for dollar matching from the government up to co-savings cap will remain.
  • CLAIMABLE MEDISAVE FOR PRE-DELIVERY MEDICAL EXPENSES WILL DOUBLE
  • A NEW PILOT INITIATIVE CALLED KIDSTART will draw government and community resources to help needy children under the ages of 6 to receive support
  • A FRESH START HOUSING SCHEME WILL PROVIDE RENTAL HOUSING ASSISTANCE for families with children, to qualify, parents must stay employed and ensure that their young kids keep going to school.
  • OUTDOOR ADVENTURE EDUCATION will be expanded for all students through a new master plan, with a new outward bound campus to be built on Coney island, set to launch by 2020.

ON EMPLOYMENT AND EMPLOYABILITY

  • SKILLSFUTURE WHICH IS A PART OF THE GOVERNMENTS LONG TERM GAME PLAN will now include SkillsFuture Study Awards to develop specialist skills in 12 sectors for early to mid-career Singaporeans regardless of qualifications
  • WAGE SUPPORT SCHEMES WILL BE IMPLEMENTED to help those who face greater difficulty in finding jobs
    • A TECH SKILLS ACCELERATOR WILL BE SET UP TO Identify specific skills in demand in the ICT sector and assist Singaporeans to develop skill standards and certification in this field. They will also work with anchor employers who have agreed to hire based on skills not certification

FOR LOW INCOME FAMILIES

ENHANCEMENTS WILL BE INTRODUCTED TO THE WORKFARE INCOME SUPPLEMENT (WIS) SCHEME WIS will be paid every month instead of quarterly at present. The qualifying income ceiling will also be raised to $2,000/mth

 

FOR SENIORS

  • THE SILVER SUPPORT SCHEME WILL BE LAUNCHED IN JULY 2016. It will benefit the bottom 20% of seniors, who will receive payouts of $300-$750/quarter. The first payout will be a double payout including a back-payment for the 2nd quarter of 2016. There will be no need to apply for the scheme, and 140,000 seniors are expected to benefit.
  • A PILOT SCHEME WILL BE LAUNCHED TO BUILD COMMUNITY NETWORKS FOR SENIORS. This will bring together schools, VWOs, seniors with a team of full time officers to provide co-ordinated health and social support.

OTHERS

  • A NEW AREA CALLED THE JURONG INNOVATION DISTRICT WILL BE LAUNCHED that will create an innovative urban environment to house different activities within a single next gen industrial district. The area will house R&D, protoyping labs, advanced manufacturing and robotics. It will also function as a living lab with testing and development of future technology such as self-driving cars.  The first phase is expected to be completed by 2020
  • PIC CASH PAYOUTS WILL FALL FROM 60% TO 40% on expenditures on or after 1st August 2016, PIC will expire after YA 2018, indicating that there will be no extension for the scheme. Tax deductions under the scheme will remain the same

What do you think of the Budget this year? Comment in the space below! Think this is worth sharing? Help spread the word by sharing us on Facebook or Twitter!

 

 

Like/ Follow us on Facebook/ Twitter To See More Cool Articles

[mk_fancy_title tag_name=”h6″ size=”20″ font_weight=”bold” margin_bottom=”0″ font_family=”Muli” font_type=”google”]About EasyRates[/mk_fancy_title][mk_divider style=”thick_solid” margin_top=”0″]

EasyRates is Singapore’s preferred portal for home loans, refinancing, equity loans, overseas loans, personal and business loans, having long standing partnerships with more than 20 banks. Our experienced consultants are advocates for our customers and work hard to ensure you get the best packages available. The best part? Our services are 100% free of charge. Here at EasyRates we pride ourselves on providing unbiased advice on all loans and financial products and putting our customers above all else. So what are you waiting for? Get a FREE Mortgage consultation today!

[mk_fancy_title tag_name=”h6″ size=”20″ font_weight=”bold” margin_bottom=”0″ font_family=”Muli” font_type=”google”]About the author[/mk_fancy_title][mk_divider style=”thick_solid” margin_top=”0″]
10881626_10154167626923975_6319766155891124382_n

GERRY ONG

Former banking lizard, startup ninja and trainer turned writer. A coffee to content conversion system who writes by day and codes by night. Lives simply, thinks deeply and exercises never.

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Find quality diamond studs On James Allen where amazing selection of diamond studs, each more breathtaking than the last.
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GERRY ONG

Gerry has spent time working in 5 different banks in various capacities, across a range of functions from back to middle and front office. After leaving banking, he spent time working on market research for consumer banking with a focus on the Chinese and Singapore market. He now serves as a home loan consultant and business manager of Easyrates.

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