Jump to content
MCF HangOut X Lexus – 9 May 2024, Lexus Boutique ×

Budget 2023! 14Feb

RadX

By RadX,
in Investment & Financial Matters

 Share

Recommended Posts

Ingenius

Ingenius

Turbocharged
(edited)

When I see up to $100,000, above that get zero, I stop reading. 
 

Singapore is becoming like a communist country, take from those pay income tax and give to those who don’t pay. No wonder my friend who is working as a cleaner is a staunch supporter of pap, she tells me the government gives her free money every now and then. while my colleague who stays on landed property and buy car with full cash, is a fierce critic. 

Edited by Ingenius
  • Haha! 4
Link to post
Share on other sites
13177

13177

Supersonic
17 minutes ago, Kopites said:

https://mothership.sg/2023/02/budget-cost-of-living-special-payment/

 

2.5 million S'poreans aged 21 & above to receive S$200-S$400 to address cost of living concerns

The total amount of the Assurance Package will be increased by S$3 billion.

The government will introduce several additional one-off support measures this year under the Assurance Package (AP), Finance Minister Lawrence Wong announced in Parliament on Feb. 14, as part of his delivery for the 2023 budget statement.

 

Wong, who is also Deputy Prime Minister, added that he was cognisant of how many Singaporeans are still concerned about the immediate cost-of-living issues.

 

Wong said that the government will do more to help Singaporeans through this difficult period, tide through the period of higher inflation, and cushion the impact of the new GST rates.

 

One-off measures under the AP

Eligible Singaporeans to receive a payment of S$200-$400 for cost of living

One such measure is a cost-of-living special payment ranging from S$200 to S$400 for each eligible adult Singaporean, have an assessable income of not more than S$100,000 and do not own more than one property.

 

This special payment is expected to benefit about 2.5 million adult Singaporeans.

For eligible Singaporeans who have an assessable income of S$22,000 or less, they will receive S$400.

As for those who have an assessable income of over S$22,000 to S$34,000, they will receive S$300.

Meanwhile, Singaporeans who have an assessable income of more than S$34,000, up to S$100,000, will receive S$200.

-----------------------

Seniors aged 55 and above to receive an additional bonus ranging from S$200 to S$300

Eligible older Singaporeans will also receive additional support in the form of a cost-of-living Senior's Bonus.

To qualify for this special payment, such Singaporeans must be aged 55 and above, have an assessable income of not more than S$34,000, have a residential address which is a property with an annual value that does not exceed S$21,000, and do not own more than one property.

Should the annual value of their property be S$13,000 or less, Singaporeans aged 55 to 64 will receive S$250, while those aged 65 years and above will receive S$300.

As for those who live in properties with an annual value ranging from more than S$13,000 to S$21,000, they will receive S$200.

-------------------------

U-Save rebates to be doubled over the next three tranches of disbursement

Wong added that he would also double the U-Save rebates provided to eligible households over the next three tranches of disbursement in April, July and October.

 

This means households will receive an additional U-Save rebate under the Assurance Package on top of the regular U-Save rebate that they receive.

 

For example one-room and two-room HDB flats will receive an additional S$95 for each tranche of payment.

 

This comes up to a total of S$760 in U-Save rebates for the whole of 2023, once the additional tranche of payment for January 2023 is included.

 

The additional payment per tranche is S$85 for three-room flats, S$75 for four-room flats, S$65 for five-room flats and S$55 for executive/multi-generation flats.

 

This translates to a total U-Save rebate of S$680 for three-room flats, S$600 for four-room flats, S$520 for five-room flats, and S$440 for executive/multi-generation flats, for the entire year.

--------------

Top-ups for households with children

For households with children, each Singaporean child aged six and below will be provided with a one-off S$400 top-up to their Child Development Account (CDA) from September 2023.

In addition, each Singaporean child aged between seven and 16 years old, and between 17 and 20 year old will receive a one-off S$300 top-up to their Edusave account and Post-Secondary Education Account (PSEA) respectively, in May 2023.

These top-ups are in addition to the annual Edusave contribution by the government and will benefit about 770,000 children.

-------------------

Enhancements to the AP

Eligible Singaporeans to receive additional AP cash of between S$300 to S$650

Wong also highlighted that following a review of the AP to account for higher inflation, several enhancements will be made to the package.

One of these is increasing the cash payments to eligible Singaporeans by between S$300 to S$650, which means they will receive between S$700 to S$2,250 over five years.

For Singaporeans to be eligible, they must aged 21 years and above, have an assessable income of not more than S$100,000 and not own more than one property.

For example, a Singaporean with an assessable income of less than S$34,000 will receive an additional S$200 in December of 2023, 2024 and 2025, on top of the initial S$400 for each of these months.

 

They will then receive an additional S$50 for December 2026, on the of the original S$200.

 

Coupled with the first AP cash payment of S$200 in December 2022 and this means such Singaporeans can receive up to S$2,250 over five years.

 

The cash payments will benefit about 2.9 million adult Singaporeans.

------------------------

Additional S$100 Community Development Council Vouchers

Every Singaporean household will also receive an additional S$100 in Community Development Council (CDC) vouchers in Jan. 2024, over and above the S$200 CDC Vouchers announced at Budget 2022.

 

This means each Singaporean household will receive S$300 CDC Vouchers in January 2024.

 

About 1.3 million Singaporean households are expected to benefit from this measure.

 

In summarising the additional one-off measures and enhancements, Wong said that these will cost about S$3 billion, which means the total amount of the Package will increase from S$6.6 billion to S$9.6 billion.

 

Permanent GST Voucher scheme to be enhanced further

The permanent GST Voucher (GSTV) scheme will also be enhanced further so that it continues to defray GST expenses for eligible households, according to Wong.

 

For those residing in homes with an annual value of S$13,000 and below, the GSTV cash quantum will be increased from S$500 to S$700 in 2023, and to a further S$850 from 2024 onwards.

 

As for those residing in home with an annual value of more than S$13,000 and up to S$21,000, the GSTV cash quantum will be increased from S$250 to S$350 in 2023, and then to S$450 from 2024 onwards.

 

Wong said, "These enhancements to the permanent GSTV scheme ensure that most retiree as well as lower-income households will not be impacted by the GST rate increase."

 

The minister explained that under Singapore's GST system, which is defined as the GST and GSTV combined, the more well-off consumers, as well as foreigners and tourists, will bear higher effective GST rates than lower-incomes Singaporeans.

 

"This ensures that those with greater means contribute their fair share of taxes, and will effectively lower the burden of taxes on lower-and middle-income Singaporeans," he said.

 

 

 

I just glance thru, seems like they are giving out many ang pows le, esp if your income is not high, will get even more.

  • Praise 1
Link to post
Share on other sites
inlinesix

inlinesix

Supersonic
1 minute ago, Kopites said:

100 equal to 8k per month! You kidding. 

"This special payment is expected to benefit about 2.5 million adult Singaporeans."

Copy from your previous post.

If it is kidding, don't post la

  • Haha! 1
Link to post
Share on other sites
13177

13177

Supersonic
3 minutes ago, inlinesix said:

We have only 1m ppl annual earning > $100k.

 

1 minute ago, Kopites said:

100 equal to 8k per month! You kidding. 

8k per month quite common now.

  • Praise 1
Link to post
Share on other sites
Kopites

Kopites

Supersonic
(edited)
6 minutes ago, inlinesix said:

"This special payment is expected to benefit about 2.5 million adult Singaporeans."

Copy from your previous post.

If it is kidding, don't post la

In total there are only 3.5 million? We should be seeing more above 100k pa in our workforce. Cannot be only 1 million population.

There are 2.5 million below 8k plus? Don't seem right with so many under 8k per month. 

Edited by Kopites
Link to post
Share on other sites
inlinesix

inlinesix

Supersonic
Just now, Kopites said:

In total there are only 3.5 million?

There are 2.5 million below 8k plus? Don't seem right with so many under 8k per month. 

3.5m: Pink IC

0.5m: Blue IC

1.5m: Everything else

IRAS has the number.  If IRAS said so, how to dispute it?

  • Praise 1
Link to post
Share on other sites
13177

13177

Supersonic
Just now, Kopites said:

In total there are only 3.5 million?

There are 2.5 million below 8k plus? Don't seem right with so many under 8k per month. 

Really dont seem right. If the person is a manager, salary high chance is more than 8k. Even for some senior position or assistant manager can have 8k. 😂

  • Praise 1
Link to post
Share on other sites
Kopites

Kopites

Supersonic
1 minute ago, inlinesix said:

3.5m: Pink IC

0.5m: Blue IC

1.5m: Everything else

IRAS has the number.  If IRAS said so, how to dispute it?

Ok. Ok.

But still don't seem right with 1 million population (pink ic) above 100k. Shocking. 

Link to post
Share on other sites
Volvobrick

Volvobrick

Supersonic
12 minutes ago, Daniu82 said:

Wah, like many ang baos this year. From cash money to HDB grants increase to baby bonus increase etc

Monday has to come from somewhere..... 

Wait and see later in his speech where it's coming from. Maybe petrol tax, ARF... 

  • Praise 3
Link to post
Share on other sites
Somewhat1975

Somewhat1975

6th Gear
9 minutes ago, Kopites said:

Ok. Ok.

But still don't seem right with 1 million population (pink ic) above 100k. Shocking. 

only ~500K lah, including foreigner. from IRAS statistics. 

https://data.gov.sg/dataset/taxable-individuals-by-assessable-income-group-annual?view_id=9ba609ea-c65f-4630-a48e-4c562b5337bc&resource_id=65913425-8a0d-47ca-b9f7-569bca3ac688

image.png.34287bd02b9bb8057aeadf9efe287a95.png

  • Praise 6
Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing
×
×
  • Create New...