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Singapore budget 2014

Singapore Budget 2014 Highlight for Household that You should Know

Dear folks,

Are you following the Singapore Budget 2014 yesterday and are you aware of changes that are announced?

Note: No business related benefits are stated here. For more information on business related, please refer to Singapore Budget 2014 – Business edition

1. Promoting Social Mobility

Singapore Budget 2014 Promoting Social Mobility

– Enhance the Kindergarten Fee Assistance Scheme (KiFAS)
– Provide more fee assistance
– Extend support to middle-income families
– Extend to all Anchor Operators and MOE Kindergartens

– Increase bursaries for students in ITEs, polytechnics and universities
– Raise qualifying per capita monthly household income threshold to $1,900 to cover two-thirds of Singaporean households
– More support for lower- and middle-income families

2. Enhancing Healthcare Affordability

Preparing for An Aging Population

Higher subsidies for Specialist Outpatient Clinic services for lower- and middle-income Singaporeans, benefiting 400,000 patients

– Annual Medisave top-ups of $100 to $200 over the next five years for Singaporeans 55 years and above in 2014, excluding those already covered by the Pioneer Generation Package

– Allow elderly patients to use a portion of Medisave more flexibly across a range of outpatient treatments, above existing Medisave withdrawal limits

– From 2015, increase CPF employer contribution rates for all workers by 1 percentage point to be allocated to the Medisave Account. In addition,

– Workers above 50–55 years: +1 percentage point to the Special Account

– Workers above 55–65 years: +0.5 percentage points to the Special Account

– To offset cost increases, Government will provide employers (for one year) with:
– Temporary Employment Credit — 0.5 percentage points
– Special Employment Credit — up to 0.5 percentage points more

– Workers above 50-55 years will also contribute an additional 0.5 percentage points to their Ordinary Account

– Enhance parent and handicapped parent reliefs by up to $3,000 from YA2015; individuals staying with parents, grandparents or great-grandparents get more

3. Honouring Our Pioneer Generation

Pioneer generation

The Pioneer Generation Package recognises the unique contributions of the generation who built up Singapore. We will provide our Pioneer Generation with additional healthcare benefits covering outpatient treatment, Medisave top-ups and medical insurance for life. About 450,000 Singaporeans will benefit.

Outpatient Care

– Additional 50% off subsidised bills at Specialist Outpatient Clinics and polyclinics
– Enhanced benefits under CHAS
– Disability Assistance of $1,200 a year in cash for those with moderate to severe functional disabilities
– Components come into effect between Sep 2014 and Jan 2015

Medisave Top-Ups

– Annual Medisave top-ups, from Aug 2014

MediShield Life Subsidy

– Special subsidies for MediShield Life premiums starting from 40% at age 65, rising to 60% at age 90, Effective in 2015

For Pioneer Generation members aged 80 and above in 2014, their premiums will be fully covered through a combination of premium subsidies and Medisave top-ups. This will be the case even for those currently not covered under MediShield

For younger Pioneer Generation members (e.g. aged 70 in 2014), it will cover about half of their current premiums if they are already on MediShield today. If they are not on MediShield today, they will be brought onto MediShield Life. They can expect to pay less than the current MediShield premiums.

4. Additional Support for Singaporean Households

Singapore Household Budget 2014

The following one-off measures will help Singaporeans, especially lower-income groups and retirees, cope with cost of living:

– GST Voucher — Cash: Seniors’ Bonus of $100 to $250 for Singaporeans aged 55 years and above this year, based on annual value of home and assessable income

– GST Voucher — U-Save Special Payment of $90 to $260 to all HDB households, based on flat type

– Service and Conservancy Charges Rebates of one to three months for all HDB households, based on flat type

5. Other Tax Measures

Other tax measure

– Enhance Early Turnover Scheme to further incentivise owners to replace their diesel commercial vehicles

– Extend Carbon Emissions-based Vehicle Scheme by six months

– Increase excise duties across all liquor categories by 25%, from 21 Feb 2014

– Increase excise duties on cigarettes and other manufactured tobacco products by 10%, from 21 Feb 2014

For more information, you can visit Singapore Budget 2014 Official website to take a peek.

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