Contents
1) Video on the Budget process
2) The Budget in brief
3) Breakdown of Government's revenue and expenditure
4) Students' reflections
5) What other Singaporeans think, 'Singapore Budget 2013, What I Got'
2) The Budget in brief
3) Breakdown of Government's revenue and expenditure
4) Students' reflections
5) What other Singaporeans think, 'Singapore Budget 2013, What I Got'
Singapore Budget 2013: "A Better Singapore: Towards Quality Growth, An Inclusive Society"
The Budget process
06/04/2013
2013 Budget in brief
Breakdown of Government revenue and spending
Students' Reflections
Firstly, I feel that it is really a great privilege and honour to be able to represent our school to attend this year's Budget Speech. I was excited to be able to step into the Parliament House and listen to the Minister of Finance himself discuss the budget.
Secondly, this opportunity was an enriching experience as I was more informed about the things going on in Singapore. It was really great to know about the effort the government has put into helping the pre-school students and elderly through the various funds. It was really heartening to see that a large percentage of the budget is used to improve the welfare of the people. Lastly, I find the experience really good as I can apply the economic concepts taught in class to real life issues. It has really broadened my perspective and this has allowed me to appreciate economics more as a student. George Yeoh 1216 |
On 7 March 2013, I was privileged to be at the Parliament House listening to our Deputy Prime Minister and Minister for Finance Mr Tharman Shanmugaratnam deliver the Budget 2013 speech. It was a truly enlightening experience as the speech provided insights into the challenges faced by Singapore in recent years and the efforts of the Singapore government to improve the welfare of Singaporeans.
The Budget speech is highly relevant to what we are currently studying in A-Level Economics. For instance, the objectives of the Budget 2013 are to (1) help small and medium enterprises raise productivity and wages during Singapore's economic restructuring and (2) make Singapore's tax and benefits system more progressive to help low and middle-income groups. The speech helps me relate better to I have learnt about reducing unemployment, expanding the LRAS curve rightward as well as closing the income gap. In addition, it has given me many real-life examples of fiscal policies, which could be used for substantiation in my Economics essays. All in all, the trip to the Parliament was an eye-opening experience, which not only acquainted me with the latest government policies but also deepened my understanding and appreciation of Economics." Yvonne Lim Fang Yu 1210 |
SINGLES
Miss Linah Lui, 44, an administrator who is single, lives in a three-room flat in Toa Payoh with her 66-year-old widowed mother, a housewife. Miss Lui owns the flat. She has two younger brothers, one of whom is married. Her family income is $6,000 to $7,000 a month. She was concerned about singles having to look after aged parents even as they themselves grow older.
What she had hoped from Budget 2013: She wanted policies to be tweaked to better cater to singles and to signal how their needs are not forgotten. There could be, she said, subsidies when singles apply for maids that look after aged parents, and it should be mandatory for employers to grant singles leave to take care of parents when the latter are ill.
What singles got in Budget 2013: There was nothing specifically for singles, although three-room households like hers got two months of service and conservancy rebates.
From March 1, families with young children, elderly dependents and persons with disabilities will get a concession on foreign domestic worker levy. The levy will be cut from $170 to $120 a month, saving them $600 a year. She does not believe she is eligible for the maid levy due to her income level, but she is awaiting more details on the scheme which will cost the Government $73 million a year.
Resident individual taxpapers aged below age 60 as at Dec 31, 2012, will get a 30 per cent income tax rebate, capped at $1,500 per taxpayer.
Her reaction: The tax rebate is a negligible amount but it's still better than nothing. I wish that the service and conservancy charges rebates could have been further extended beyond the two-month period for three-room flats, as the rebate is the same amount of money I got last year. Conservancy charges are going up but the rebate period has stayed the same. The Budget is very skewed towards the family. It's the same thing every year and there's nothing much for us singles to look forward to.
Miss Linah Lui, 44, an administrator who is single, lives in a three-room flat in Toa Payoh with her 66-year-old widowed mother, a housewife. Miss Lui owns the flat. She has two younger brothers, one of whom is married. Her family income is $6,000 to $7,000 a month. She was concerned about singles having to look after aged parents even as they themselves grow older.
What she had hoped from Budget 2013: She wanted policies to be tweaked to better cater to singles and to signal how their needs are not forgotten. There could be, she said, subsidies when singles apply for maids that look after aged parents, and it should be mandatory for employers to grant singles leave to take care of parents when the latter are ill.
What singles got in Budget 2013: There was nothing specifically for singles, although three-room households like hers got two months of service and conservancy rebates.
From March 1, families with young children, elderly dependents and persons with disabilities will get a concession on foreign domestic worker levy. The levy will be cut from $170 to $120 a month, saving them $600 a year. She does not believe she is eligible for the maid levy due to her income level, but she is awaiting more details on the scheme which will cost the Government $73 million a year.
Resident individual taxpapers aged below age 60 as at Dec 31, 2012, will get a 30 per cent income tax rebate, capped at $1,500 per taxpayer.
Her reaction: The tax rebate is a negligible amount but it's still better than nothing. I wish that the service and conservancy charges rebates could have been further extended beyond the two-month period for three-room flats, as the rebate is the same amount of money I got last year. Conservancy charges are going up but the rebate period has stayed the same. The Budget is very skewed towards the family. It's the same thing every year and there's nothing much for us singles to look forward to.
LOWER INCOME FAMILY
Mr Tay Keng Leong, 60, a cleaner, lives in a one-room rental flat in Hougang with his wife, 44, a housewife, and their three children aged 13, 11 and nine. He earns $640 a month. The family is on various financial aid schemes which help them with about $520, and also get supermarket vouchers and canned food.
What he had hoped from Budget 2013: He wanted help coping with the higher cost of living, in particular transport subsidies and vouchers.
What low-income families got in Budget 2013: A 25 to 50 per cent increase in Workfare Income Supplement payouts. At present, Mr Tay gets about $1,760 in cash and CPF money a year.
Low-income and middle-income families will get an additional Goods and Services Tax (GST) voucher on top of the permanent GST voucher scheme which was introduced last year. This means a doubling of the amount that eligible households get, which is $1,480 a year for regular households.
Singaporeans aged 45 and above will also get $200 CPF Medisave Top-up.
His children will benefit from the expansion of the Opportunity Fund by $72 million, and a top-of up of the Edusave Endowment Fund by $300 million. These will be for programmes which encourage students to do better in school and participate in subsidised school-based enrichment programmes.
His reaction: Any help from the Government is appreciated. Although I'm disappointed that transport subsidies are not included in this year's Budget as it costs us about $120 every month paying for our children to go to school, I'm appreciative of the other forms of financial assistance.
The 25 per cent increase in Workfare Income Supplement payouts and the additional GST voucher will make a significant difference to me.
I like that the Government is focusing on the young. Likewise, I've pinned my hopes on my children. I always remind my elder son to work hard and to get a good job.
(Article from The Straits Times, 26 Feb 2013)
Mr Tay Keng Leong, 60, a cleaner, lives in a one-room rental flat in Hougang with his wife, 44, a housewife, and their three children aged 13, 11 and nine. He earns $640 a month. The family is on various financial aid schemes which help them with about $520, and also get supermarket vouchers and canned food.
What he had hoped from Budget 2013: He wanted help coping with the higher cost of living, in particular transport subsidies and vouchers.
What low-income families got in Budget 2013: A 25 to 50 per cent increase in Workfare Income Supplement payouts. At present, Mr Tay gets about $1,760 in cash and CPF money a year.
Low-income and middle-income families will get an additional Goods and Services Tax (GST) voucher on top of the permanent GST voucher scheme which was introduced last year. This means a doubling of the amount that eligible households get, which is $1,480 a year for regular households.
Singaporeans aged 45 and above will also get $200 CPF Medisave Top-up.
His children will benefit from the expansion of the Opportunity Fund by $72 million, and a top-of up of the Edusave Endowment Fund by $300 million. These will be for programmes which encourage students to do better in school and participate in subsidised school-based enrichment programmes.
His reaction: Any help from the Government is appreciated. Although I'm disappointed that transport subsidies are not included in this year's Budget as it costs us about $120 every month paying for our children to go to school, I'm appreciative of the other forms of financial assistance.
The 25 per cent increase in Workfare Income Supplement payouts and the additional GST voucher will make a significant difference to me.
I like that the Government is focusing on the young. Likewise, I've pinned my hopes on my children. I always remind my elder son to work hard and to get a good job.
(Article from The Straits Times, 26 Feb 2013)