17.02.2012
Deputy Prime Minister Tharman Shanmugaratnam today, during
the Budget announcement, unveiled a slew of measures for households.
The Government seeks to provide more support for senior citizens, Singaporeans with disabilities and low-income families. It is also seeking to ensure a stronger, more affordable healthcare system.
Here are the key changes announced:
1) To help older Singaporeans, the Government will:
- Increase CPF contribution rates between 0.5 to 2.5 percentage points, for workers aged between 50 to 65 from September. The contribution rates for those aged 50 to 55 will eventually be raised to reach 36 per cent.
- Raise Medisave contribution rates for self-employed persons 50 and above by 0.5 percentage points.
- Double the earned income tax relief for workers aged 55 and above from 2013.
- Introduce a Silver Housing Bonus, which allows Singaporeans 55 and above to receive a bonus of up to S$20,000 per household if they sell their existing flats and move to a 3-room or smaller flat, or studio apartment.
- Enhance the lease buy-back scheme so that participants can cash out part of the proceeds.
2) To enhance healthcare, the Government will:
- Expand bed capacity in acute and community hospitals by 30 per cent and more than 100 per cent, respectively, by 2020.
- Improve long term care services and community-based care services.
- Increase the subsidies for lower- and middle-income groups for services in the intermediate and long term care sector.
- Provide a S$120 grant per month (in place of subsidies) for foreign domestic help to care for an elderly member at home.
- Absorb GST for all subsidised patients in intermediate and long term care services.
- Introduce a new subsidy for installing elderly-friendly features at home.
- Top-up S$600 million to Medifund; one-off Medisave top-up for all Singaporeans insured under MediShield.
3) To support Singaporeans with disabilities, the Government will:
- Introduce a new support programme for pre-school chidlren with mild speech,language and learning delays.
- Extend the Special Employment Credit scheme to employers who hire people with disabilities. About 2,600 people with disabilities expected to benefit this year.
- Extend Workfare Income Supplement to all people with disabilities who have graduated from a voluntary welfare-run special education school.
- Double the handdicapped earned income tax relief, effective 2013.
- Increase the capacity of Day Activity Centres for the disabled and disability homes.
4) To uplift low-income families, the Government will:
- Extend pre-school subsidies and financial assistance schemes for schools.
- Top-up school advisory committees' and school management comittees' funds (between S$10,000-S$15,000/yr), Edusave Endowment Fund (S$200 million), ComCare Endowment Fund (S$200 million) and to community organisations (S$5 million).
- Enhance student care fee assistance scheme to help more lower-income families with monthly household income up to S$3,500.
5) To ensure a fair tax system, the Government will:
- Provide GST Vouchers in three components: cash, Medisave and U-Save. Singaporeans who qualify for GST voucher will receive a letter in July.
The Government seeks to provide more support for senior citizens, Singaporeans with disabilities and low-income families. It is also seeking to ensure a stronger, more affordable healthcare system.
Here are the key changes announced:
1) To help older Singaporeans, the Government will:
- Increase CPF contribution rates between 0.5 to 2.5 percentage points, for workers aged between 50 to 65 from September. The contribution rates for those aged 50 to 55 will eventually be raised to reach 36 per cent.
- Raise Medisave contribution rates for self-employed persons 50 and above by 0.5 percentage points.
- Double the earned income tax relief for workers aged 55 and above from 2013.
- Introduce a Silver Housing Bonus, which allows Singaporeans 55 and above to receive a bonus of up to S$20,000 per household if they sell their existing flats and move to a 3-room or smaller flat, or studio apartment.
- Enhance the lease buy-back scheme so that participants can cash out part of the proceeds.
2) To enhance healthcare, the Government will:
- Expand bed capacity in acute and community hospitals by 30 per cent and more than 100 per cent, respectively, by 2020.
- Improve long term care services and community-based care services.
- Increase the subsidies for lower- and middle-income groups for services in the intermediate and long term care sector.
- Provide a S$120 grant per month (in place of subsidies) for foreign domestic help to care for an elderly member at home.
- Absorb GST for all subsidised patients in intermediate and long term care services.
- Introduce a new subsidy for installing elderly-friendly features at home.
- Top-up S$600 million to Medifund; one-off Medisave top-up for all Singaporeans insured under MediShield.
3) To support Singaporeans with disabilities, the Government will:
- Introduce a new support programme for pre-school chidlren with mild speech,language and learning delays.
- Extend the Special Employment Credit scheme to employers who hire people with disabilities. About 2,600 people with disabilities expected to benefit this year.
- Extend Workfare Income Supplement to all people with disabilities who have graduated from a voluntary welfare-run special education school.
- Double the handdicapped earned income tax relief, effective 2013.
- Increase the capacity of Day Activity Centres for the disabled and disability homes.
4) To uplift low-income families, the Government will:
- Extend pre-school subsidies and financial assistance schemes for schools.
- Top-up school advisory committees' and school management comittees' funds (between S$10,000-S$15,000/yr), Edusave Endowment Fund (S$200 million), ComCare Endowment Fund (S$200 million) and to community organisations (S$5 million).
- Enhance student care fee assistance scheme to help more lower-income families with monthly household income up to S$3,500.
5) To ensure a fair tax system, the Government will:
- Provide GST Vouchers in three components: cash, Medisave and U-Save. Singaporeans who qualify for GST voucher will receive a letter in July.
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