Now this extract below, which is from 2006, is an election budget. The one yesterday, if it was an election budget, is a very bold departure from past populist practices of giving candies left, right and centre. The writing is not yet on the wall whether there will be an election this year.
Key Budget Initiatives Sharing the Fruits of Growth: Progress Package
The Government is sharing its budget surpluses with all Singaporeans. The Progress Package will benefit everyone, but will provide more benefits to those who have lower incomes. The Progress Package will cost the Government $2.6 billion.
Growth Dividends for All Adult Singaporeans
All adult Singaporeans will get Growth Dividends ranging from $200 to $800. Close to half of all adult Singaporeans will get the maximum $800.
Annual Value of Home $6,000 or less Annual Value of Home more than $6,000 and up to $10,000 Annual Value of Home more than $10,000 Annual Assessable Income $24,000 or less $800 $600 $200 Annual Assessable Income more than $24,000 $600 $400
Workfare Bonus to Reward Low-Wage Workers for Work
Low-wage Singaporeans who earn $1,500 or less per month through regular work will receive Workfare Bonuses ranging from $150 to $1,200 in two portions.
Average Monthly Income Bonus to be paid on 1st May, 2006 and 2007* $400 and below 1.5 months salary, or $75, whichever is higher Above $400 to $900 $600 Above $900 to $1,200 $400 Above $1,200 to $1,500 $200
* Bonus to be paid in 2006 for working at least 6 continuous months in 2005 and to be paid in 2007 for working at least 6 continuous months in 2006.Rebates to Help Lower-Income Households
Lower-income households will get Utilities-Save (U-Save) rebates ranging from $60 to $200. They will also continue to get rebates on up to 4 months of Service & Conservancy Charges (S&CC) and up to 3 months of rent.
HDB Flat Type U-Save Rebates S&CC Rebates Rental Rebates 1-room $200 4 months 3 months 2-room $200 3 months 1.5 months 3-room $100 2 months – 4-room $80 1.5 months – 5-room $60 0.5 months –
CPF Top-ups to Help the Elderly meet Retirement and Healthcare Needs
Singaporeans aged 50 and above will get CPF top-ups ranging from $100 to $800 depending on the Annual Value of their homes.
Age Annual Value of Home $6,000 or less Annual Value of Home more than $6,000 and up to $10,000 Annual Value of Home more than $10,000 50- 59 $600 $400 $100 60 & above $800 $600 $200
Half of the amount will go into the CPF Special/Retirement Account and the other half into the CPF Medisave AccountThe Government will top up the Eldercare Fund and Medifund by $100 million each.
Opportunity Funds for Students
The Government will set aside $50 million for Opportunity Funds in all schools and community self-help groups, namely CDAC, MENDAKI, SINDA and the Eurasian Association, to provide students from lower-income families with more enrichment and learning opportunities, such as the purchase of computers and overseas study trips.
NS Bonus to Recognise the Contributions of NSmen
Singaporeans who are serving or who have served National Service (NS) will receive the 40th Anniversary NS Bonus.
NS status Amount
- Full-time national servicemen (NSFs)
- Operationally ready NSmen who have not completed their operationally ready national service (ORNS) training cycle
- NSmen who have completed their ORNS training cycle
- NSmen who are above statutory age (i.e. 40 years old for non-officers and 50 years old for officers)
In addition to this one-off NS Bonus:
- NSmen who complete their ORNS training cycle in future will receive the ORNS Completion Award of $300.
- NS key appointment holders will get an additional $2,000 tax relief over and above what they normally receive as NSmen.
To Sign Up for the Progress Package
Singaporeans will get a letter from the CPF Board in late March 2006 informing them of their Progress Package. To receive their Progress Package on 1 May 2006, they must sign up through ATMs, the Progress Package website or hard copy forms.
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