Re: [HWZ] 2015 Budget is the WORST budget ever in the history of Singapore.
1) Every Singaporean aged 25 and above will get an initial $500 of SkillsFuture Credit from the Government, which will be topped up at regular intervals, can be accumulated and will not expire.
2) Employers of foreign maids now pay $265 a month in levies, or $120 if they qualify for a concessionary rate. The concessionary rate will be cut to a mere $60 & and extended to family with children 16 and below
3a) CPF income ceiling raised from $5000 to $6000.
3b) For those 55 and above next year, 6% interest for first 30K, 5% for next 30K and 4% thereafter for Special, Retirement or Medisave accounts
3c) Additional Employer's contribution of upto 1% for those aged 50 and above.
4) Senior citizens who are aged 65 and above, live in Housing Board flats, and whose assessable income for 2014 is $26,000 or less, will receive a one-off “Seniors’ Bonus”. The bonus of either $150 or $300
5) The bottom 20 per cent of Singaporeans aged 65 and above will get payouts of between $300 and $750 every three months. The average low-income senior citizen will receive $600. They will be automatically eligibile. Amounts will depend on their lifetime wages, housing type and household support. The Silver Support Scheme will be implemented around the first quarter of 2016.
6) The increase in GST Voucher quantum across the board means that eligible individuals will receive up to $300 in cash.
7) Taxpayers will enjoy a one-off tax rebate of 50 per cent, capped at $1,000, for the year of assessment (YA) 2015 for income earned in 2014.
8) Examination fees for Singaporeans sitting for national exams in Government-funded schools will be waived from 2015. This covers fees for the Primary School Leaving Examination (PSLE), and GCE N, 0, and A levels. Students and their families will save up to $900 for these exams.
9) The Government will start a new Partner Operator Scheme to complement the Anchor Operator Scheme for child-care centres.