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Singapore appointed 2 idiots to lead the task force.

Lawrence announces improved bus services. :thumbsup:

Lawrence Wong

8 hrs · Instagram ·
Good news for Our Limbang residents!
From today, 13 February 2022, bus service 974 will stop at a new pair of bus stops along the Kranji Expressway (KJE) slip road (after Blk 503 and opposite Blk 502). It will be more convenient for our residents who need to travel to and fro Bukit Panjang/ Choa Chu Kang and Boon Lay/ Pioneer/ Joo Koon MRT Stations.
We have worked with LTA to complete these temporary bus stops earlier to bring about better connectivity to our residents. The permanent bus stops will be constructed later and more details will be shared when available.

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Many people sitting quite close to one another. :confused::eek::biggrin:

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Lawrence wishes everyone Happy Valentine's Day. :thumbsup:

Lawrence Wong

13 hrs ·
Valentine’s Day is a day to celebrate love so let us extend it to show gratitude towards our healthcare, frontliners, and everyone who has contributed to our fight against the pandemic. They have been working tirelessly to keep our essential services running, safeguard Singapore and ensure that the well-being of our loved ones is taken care of.
Also a special dedication to my Ministry of Finance (Singapore) team who have been working hard to prepare for #SGBudget2022. This includes their families for being understanding and supportive towards them. Happy Valentine's Day and have a sweet day with your loved ones!

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Lawrence wishes everyone 元宵节快乐! :thumbsup:

Lawrence Wong

11 hrs ·
Today is the 15th day of CNY, Yuan Xiao Festival, 元宵节, also known as Chap Goh Meh — it marks the end of Lunar New Year celebrations when many of us gather with our families to have glutinous rice balls and enjoy precious family time.
At the Ministry of Finance (Singapore), we also have our own tradition of gathering to enjoy porridge cooked by our colleague Auntie Mei Jok, before every national Budget.
I fondly remember eating this porridge as a young officer working on the Budget many years ago. And now our team will have this same porridge before #SGBudget2022!
Our officers are working very hard, in every capacity and every role, to prepare for this Budget. I thank the whole team for their efforts, as we work towards a better Singapore for our future generations. 元宵节快乐!

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Lawrence talks about scams. :cautious::thumbsup:

Lawrence Wong

2 hrs ·
The recent OCBC scam signifies a step up in the persistence and deceptiveness of phishing scams involving banks. This needs robust responses at the individual, industry, and infrastructure levels.
Banks can and should do more to safeguard their customers. That is why the Monetary Authority of Singapore (MAS) and the Association of Banks in Singapore (ABS) announced last month a broad suite of measures to strengthen the safeguards for digital banking. In Parliament today, I set out additional measures that are being studied to further strengthen the banks' ability to deter, detect, and combat scams. Some of these changes will add friction to customers carrying out genuine transactions. But we will all need to adapt and get used to these inconveniences, in order to operate more safely in the digital world.
While these additional efforts will help, please understand that none of them can be foolproof in and of themselves. There is no silver bullet to stop scams. But what we can do is to mitigate the risks at every part of the digital ecosystems, so that taken together, the measures will significantly reduce the scope for scams to succeed.
So let’s all stay on our guard. MAS and our colleagues in Ministry of Home Affairs, Singapore and Ministry of Communications and Information (MCI) will continue to work on a government-wide approach to better protect Singaporeans against the threat of scams.

May be an image of 3 people, people sitting and text that says Minis finisto Any use of this footage is subject to the Terms and Conditions specified by MCI on its website

 
from straitstimes.com:

Banks to review use of SMS for OTPs, further strengthen fraud surveillance: Lawrence Wong​


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SINGAPORE - Banks will accelerate their shift towards the use of mobile banking apps to authenticate customers, authorise transactions and send alerts to customers as part of a multi-pronged effort to thwart scams, said Monetary Authority of Singapore (MAS) deputy chairman Lawrence Wong on Tuesday (Feb 15).

It will be harder for scammers to abuse the apps if the technology is implemented well, he said in Parliament, addressing some of the 39 parliamentary questions arising from the recent OCBC phishing scams.

The questions ranged from whether banks can do more to mitigate fraud risks to how the telco infrastructure can be enhanced.

"The breadth of the issues raised underscore that we need to take an ecosystem approach to strengthen our collective defence against phishing scams, and scams in general," he said. "Everyone in this ecosystem must play their part."

Detailing what the Monetary Authority of Singapore (MAS) and retail banks will do to bolster the security of digital banking, Mr Wong said that the use of SMS to deliver one-time passwords (OTPs) is under review. If SMS should continue to be used, banks will explore new risk mitigation measures.

Banks are also exploring how to expand the use of biometric technology, in addition to passwords and OTPs, as a means of authentication. This will add another layer of security that cannot be easily phished by scammers to access a customer's account, he added.

Other new measures include further strengthening fraud surveillance to identify suspicious and anomalous transactions.


"Most banks do have some rule-based parameters to trigger suspicion - for example, large transfers to a new recipient. But these parameters need to be expanded to take account of a broader range of scam scenarios," said Mr Wong, adding that the enhanced capabilities will also allow banks to detect suspicious credit card transactions.

He added that MAS will expect banks to develop more versatile algorithms that use artificial intelligence and machine learning to detect suspicious transactions.

"Such algorithms should be based on multiple sources of information, including customer profile and vulnerabilities, past transaction patterns, account activity, and mobile device identification," said Mr Wong, who is also Finance Minister.

Banks should also step up their ability to immediately block suspicious transactions and contact their customers to verify their authenticity, he said.

The transactions will be processed only upon confirmation by the customer.

"Banks today do have some of these capabilities, but they are not consistent across various types of transactions. We are also looking into enabling customers to trigger a freeze on their own accounts without having to contact the banks if they suspect their accounts have been compromised," he added.

Furthermore, MAS and the banks may introduce additional customer confirmation requirements, and not just notifications, for significant changes to customers' accounts or high-risk transactions.

These include changes in account holder details, activating a token on another device, fund transfers that are large relative to their overall balances and overseas transfers.

"This will introduce some friction to customers carrying out genuine transactions. But we will all need to adapt and get used to these inconveniences in order to strengthen the security of digital banking," said Mr Wong.

A total of 790 people fell prey to phishing scams targeting OCBC customers, with losses tallied at $13.7 million. Victims lost most of the sums during the year-end festive period from Dec 23 to Dec 30. The bank said it would reimburse all customers affected by the scam as a one-off gesture of goodwill.

More than 90 per cent of the affected customers have been reimbursed, and the remaining reimbursements should be disbursed soon, said Mr Wong on Tuesday.

Noting there is no single measure that can guarantee the security of digital banking, he added: "The techniques employed by scammers are constantly evolving and gaining in sophistication. This is why in the fight against scams, banks need to employ a combination of measures in prevention, detection, response and recovery, and constantly review and recalibrate these measures."

It is also not possible to eliminate such scams completely, he said.

He added that MAS requires banks to treat their customers fairly when looking into reports of fraudulent transactions.

"These include comprehensively investigating all cases and suspending late fees for disputed card transactions. Disputed transactions will not adversely affect consumers' credit records with licensed credit bureaus during the investigation period."

These efforts are on top of banking measures announced last month in the wake of the scams, including removing clickable links in SMSes or e-mails sent to retail customers, and having a cooling-off period before implementing requests for key account changes.

Earlier this month, MAS said it would seek public feedback on a framework that outlines how losses from scams are to be shared among consumers, financial institutionsand other key parties involved. It aims to publish the framework for public consultation within the next three months.

On Tuesday, Mr Wong said that communications infrastructure operators also play a key role in digital security against scams, and the authorities will consider how these operators could share some responsibility.

"Financial institutions should bear an appropriate share of losses arising from scams, but care must also be taken to ensure that any compensation paid to customers does not weaken their incentive to be vigilant," he added.

MP Tan Wu Meng (Jurong GRC) asked whether the framework will differentiate between a “forced error”, such as when customers are pressured into falling prey to scams, and any “unforced” mistakes that they may make.

He also asked if there is a need for “white hat scammers” – those whose jobs will be to test banks’ procedures for vulnerabilities – to safeguard customers against future scams.

Mr Wong said in response that the framework should be consistent across the entire industry, and equitable in determining how losses should be shared.

“We intend to be quite clear and specific about what these responsibilities are for financial institutions and customers, and what each party is expected to do to prevent scams.

“Then, the share of losses each party bears will depend on whether and how the party has fallen short of these very clearly stated responsibilities,” he added.

MP Foo Mee Har (West Coast GRC) asked how the MAS fares in its anti-scam controls compared with regulators in other jurisdictions, and if the central bank will impose minimum standards for banks’ fraud surveillance systems.

Mr Wong replied that MAS has gone beyond the usual practices of financial regulators in major jurisdictions, who do not prescribe specific anti-scam controls but set out broad expectations for the banks.

The regulators then assess the adequacy of these measures and impose penalties if the banks fall short of expectations, he added.

He also reiterated that under the framework, financial institutions should bear their share of losses if they fall short of their responsibilities.

MP Ang Wei Neng (West Coast GRC) asked whether customers can choose not to allow overseas transfers by default unless they authorise the transactions via two-step authentication.

He also asked if banks can deactivate all overseas transfers for a short period amid a surge in scams.

Mr Wong reiterated that MAS may introduce additional customer confirmation requirements for high-risk transactions, including overseas transfers, and banks have implemented cooling off periods.

“We’ll continue to look at how these measures and safeguards can be strengthened.”
 
Lawrence gives a briefing update. :thumbsup:

Lawrence Wong

48 mins ·
Over the last 2 years, we have been expanding our safe management measures (SMMs) to deal with the virus. Over time, these rules have become complex and unwieldy. So we have worked with our medical experts to simplify and reset the rules, by focussing on the ones that are most important and effective. At the MTF press conference today, I gave an update on these 5 key parameters:
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Group sizes (now 5 pax)
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Mask-wearing (required)
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Work from Home (50%)
✔️
Safe distance (1m if mask off)
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Capacity limit (50%)
By streamlining and focusing on these 5 parameters, we will be able to move more quickly to adjust our SMMs, as the infection situation evolves. In particular, after the ongoing Omicron wave has peaked, we will be able to take further steps to ease along these 5 parameters.
I hope the reset of SMMs will make it easier for everyone to understand the rationale for the measures, and cooperate with them on a daily basis. Through our collective efforts, we will make progress in our journey toward a Covid-resilient nation.



 
Lawrence has made final edits to the budget. :thumbsup:

Lawrence Wong

1 hr ·
As I made my final edits to the Budget statement, I recalled how Covid-19 has changed and impacted the way we live — our working lifestyle, jobs, social fabric, and most importantly, health.
While we continue to deal with the evolving challenges from Covid-19, we must also prepare ourselves for a post-pandemic future. This is why #SGBudget2022 is about "Charting our New Way Forward Together" — to give Singaporeans the confidence to embrace our journey forward.
I am ready to deliver my first Budget statement in Parliament tomorrow. This Budget is for our people, our families, and our future generations. It will set out how we can better position Singapore for future challenges and opportunities, and strengthen our social compact. As one united people, we will chart our new way forward together.
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Lawrence participated virtually in the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under Indonesia’s Presidency. :thumbsup:

Lawrence Wong

54 mins ·
Amidst #SGBudget2022 preparations, took some time out to participate virtually in the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting under Indonesia’s Presidency.
One key lesson from the Covid-19 pandemic is the importance of international cooperation to tackle global issues. This includes strengthening global supply chains and upholding an open, stable and rules-based trading system.
We should also accelerate efforts for global pandemic prevention, preparedness and response - to overcome the current pandemic and strengthen our resilience for the next one.
In tackling climate change globally, we also need an international framework for carbon pricing to avoid regulatory arbitrage or “carbon leakage”.
With close cooperation and collective actions, we can #RecoverTogetherRecoverStronger.
I will also touch on some of these themes in my Budget Speech tomorrow.
#G20Indonesia

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Lawrence with the conference participants. :thumbsup:

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from straitstimes.com:

Budget 2022 to chart Singapore’s ‘new way forward together’: Lawrence Wong​


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SINGAPORE - Mr Lawrence Wong is already a familiar face to many Singaporeans, given his frequent appearances as co-chairman of the multi-ministry task force tackling the pandemic.

But on Friday (Feb 18), Mr Wong will put on a different hat as Finance Minister as he delivers his first Budget statement, one which is expected to include measures to put Singapore on a surer footing for the post-pandemic future.

"As I made my final edits to the Budget statement, I recalled how Covid-19 has changed and impacted the way we live - our working lifestyle, jobs, social fabric, and most importantly, health," Mr Wong said in a Facebook post on Thursday evening.

The theme of Budget 2022 - Charting Our New Way Forward Together - aims to give Singaporeans confidence to embrace the journey forward, he added.

"This Budget is for our people, our families, and our future generations," Mr Wong said. "It will set out how we can better position Singapore for future challenges and opportunities, and strengthen our social compact."

Apart from laying out the Government's plans to take Singapore forward, this year's Budget is likely to also include continued support for sectors still under stress, such as aviation and tourism.

Singaporeans can also expect him to give details on the much talked-about goods and services tax (GST) hike, first announced in 2018 by his predecessor, Deputy Prime Minister Heng Swee Keat.

Mr Wong was appointed Finance Minister in May last year, following a Cabinet reshuffle. He was previously second minister for finance between 2016 and 2021, and has held the positions of minister for education and national development, among others in the Cabinet.

Amid all this uncertainty and change surrounding the Budget, there is at least one thing that has stayed the same in the past 40 years: the legendary pre-Budget porridge dinner cooked by executive assistant Ng Mei Jok, or Auntie Mei Jok, for the Finance Minister and his staff.

Mr Wong, whose career as a civil servant prior to entering politics included a stint at the Finance Ministry, remembers the simple meal well.

"I fondly remember eating this porridge as a young officer working on the Budget many years ago," he wrote in a separate post earlier this week. "And now our team will have this same porridge before #SGBudget2022!"
 
Lawrence reflects upon the theme of the budget. :thumbsup:


Lawrence Wong

2 hrs ·
While walking to Parliament today, I reflected upon the theme of this year’s Budget. As we continue to take steps in renewing and strengthening our social compact for a post-pandemic world, our vision of a fairer, more sustainable, and more inclusive society will become more concrete and tangible.
In the Budget, I announced new measures to support households with daily expenses, set our children on the best path, care for our seniors and vulnerable communities and prepare our businesses and workers for future opportunities. We assure that no one will be left behind — this is our commitment to you.
Singapore has come a long way in its transformation. Throughout our little red dot’s history, we have faced many crises — the tumultuous period from the 50s to 70s; our first major economic recession in the 80s; and the Asian Financial Crisis in the late 90s. We also dealt with 9/11, terrorism, SARS, the Global Financial Crisis, and now, the Covid-19 pandemic.
Through these crucibles of fire, we forged our #SingaporeSpirit, resolute and indomitable — a spirit that never gives up, that never says die. In this spirit, we will chart our new way forward, together, as one united people.
#SGBudget2022
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: MCI Photo by Chwee.)
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from yahoo.com:

Budget 2022: GST to be raised to 8% in 2023, 9% in 2024​


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SINGAPORE — Singapore's goods and services tax (GST) will be raised from next year, and it will be staggered out in two steps: from 7 to 8 per cent on 1 January 2023, and from 8 to 9 per cent on 1 January 2024.

Finance Minister Lawrence Wong announced the hike during his Budget speech on Friday (18 February), and said that the revenue from the GST hike will go towards supporting Singapore's healthcare expenditure and to take care of the senior citizens.

"I have carefully considered the overall situation: the ongoing (COVID-19) pandemic, the state of our economy, and the outlook for inflation. Our revenue needs are pressing, but I also understand the concerns that Singaporeans had about the GST increase taking place at the same time as rising prices," he said.

"Therefore I have decided to delay the GST increase to 2023 and to stagger the increase over two steps."

Measures to cushion GST hike​

To cushion the impact of the GST hike on Singaporeans, Wong announced an additional top up of $640 million to the $6 billion Assurance Package announced by his predecessor, Deputy Prime Minister Heng Swee Keat, in Budget 2020.

The Assurance Package unveiled by Heng provided all adult Singaporeans with cash payouts of between $700 and $1,600 over five years, so most households will get enough to offset at least five years' worth of additional GST expenses.

The new $6.6 billion package unveiled by Wong will now provide these payouts:

  • Cash payout - $700 to $1,600 for every Singaporean aged 21 and above over the next five years.
  • U-Save rebates - $330 to $570 additional U-Save rebates for eligible households over the next four years.
  • GST voucher (Seniors’ Bonus) - $600 to $900 cash payout for eligible seniors aged 55 and above over the next three years.
  • MediSave top-ups - $450 top-up over the next three years for Singaporean children aged 20 and below and seniors aged 55 and above.
  • CDC vouchers - $400 vouchers ($200 each in 2023 and 2024) for all Singaporean households.
The government will also be providing more permanent support by enhancing the GST Voucher scheme in three ways:

  • Service and conservancy charges rebate will be made a permanent component of the scheme.
  • The assessable income threshold for GST vouchers will increase from $28,000 to $34,000 to cover more Singaporeans.
  • Higher cash payouts: Those residing in homes with annual values of below $13,000 will see cash payouts increase from $300 to $500 by 2023. Those residing in homes with annual values between $13,000 and $21,000 will see payouts increase from $150 to $250.

GST hike held off last year amid COVID-19 pandemic​

The GST hike was announced by DPM Heng in 2018. The increase was held off last year as Singapore grappled with COVID-19, but Prime Minister Lee Hsien Loong indicated in his New Year message that the Government will have to "start moving" on the hike as the economy emerges from the pandemic.

The GST was introduced in 1994 as part of a shift from direct taxes to indirect ones to boost Singapore's international competitiveness. It was first raised from 3 per cent to 5 per cent over 2003 and 2004 - by one percentage point at a time - and then to 7 per cent in 2007.
 
from straitstimes.com:

Budget 2022: Singapore unveils major tax measures to fund spending needs​

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Finance Minister Lawrence Wong arriving at Parliament House for Budget Day 2022, on Feb 18, 2022. ST PHOTO: GAVIN FOO


SINGAPORE - Singapore on Friday (Feb 18) unveiled a slew of progressive tax measures aimed not only at generating revenues to fund major programmes needed over the next few years, but also at addressing social inequalities.
The hike in goods and services tax (GST) to fund the recurring social and healthcare needs of a rapidly ageing population was further delayed to 2023 in response to concerns over rising prices.
The hike will be staggered over two steps - with GST rising from 7 per cent to 8 per cent on Jan 1 next year, and then to 9 per cent from Jan 1, 2024. The impact of the increase will be cushioned, especially for low-income households.

The wealthy will also pay more of other taxes.
"Those who earn more, contribute more," said Finance Minister Lawrence Wong in his first Budget since assuming the portfolio in May last year, as he outlined increases in personal income, property, vehicle and carbon taxes as part of an expansionary $109 billion Budget, including special transfers.
He also announced a $6 billion draw on the reserves as part of Singapore's continuing fight against Covid-19, and over $1 billion in support for businesses, households and individuals hard-hit by the pandemic.


With a view to future challenges and opportunities, Mr Wong said he would commit up to another $1 billion or so to spur companies to invest in new capabilities, while further tightening workforce policies to ensure foreign hires of the "right calibre".

This year's Budget will run up an expected overall deficit of $3 billion, amid a tone of cautious optimism sounded by Mr Wong as Singapore enters a period of transition and recovery after two years of grappling with the pandemic and its fallout.
"The global economy is still vulnerable to pandemic-related risks, and further supply chain disruptions. Geopolitical and security risks loom," he warned at the start of his speech, which was around two hours long. "We may also see a slowdown in external demand as the major economies scale back their pandemic support, and central banks tighten their accommodative monetary policies to deal with the threat of inflation."
But barring fresh disruptions, Mr Wong said he expects the Singapore economy to continue to do well, and grow by 3 per cent to 5 per cent this year.

Looking ahead, with government expenditures projected to increase significantly in the coming years - especially in healthcare - enhancements to Singapore's tax system would be needed to raise additional revenue, he added.
"That means everyone chips in and contributes to a vibrant economy and strengthened social compact, but those with greater means contribute a larger share," said Mr Wong, who also co-chairs a multi-ministry task force handling the pandemic.


To that end, personal income tax will be increased from 2024. The portion of chargeable income in excess of $500,000 up to $1 million, will be taxed at 23 per cent, up from 22 per cent currently. Chargeable income in excess of $1 million will be taxed at 24 per cent.
Property tax rates will also be increased, with more significant hikes for high-end properties, said Mr Wong.
For non-owner-occupied residential properties, including investment properties, tax rates will go up from the current 10 per cent to 20 per cent range, to 12 per cent to 36 per cent.
For owner-occupied ones, tax rates for the portion of annual value in excess of $30,000 will be increased from the present 4 per cent to 16 per cent, to 6 per cent to 32 per cent.
Luxury cars will be taxed at a higher rate, with an additional Additional Registration Fee tier for cars at a rate of 220 per cent for the portion of Open Market Value in excess of $80,000.


The GST hike, pushed back to 2023 and staggered over two steps, will be heavily cushioned.
A previously announced $6 billion package to help soften the blow of the GST hike will be topped up with $640 million.
To better support the daily needs of the lower-income and elderly, the permanent GST Voucher scheme - now comprising cash, utilities and medical rebates - has also been enhanced, with service and conservancy charge (S&CC) rebates becoming an additional permanent component.


Meanwhile, the projected $6 billion draw on the reserves "to maintain a multi-layered public health defence" against Covid-19 has received in-principle support from President Halimah Yacob.
This will be the third year in a row that the reserves are being tapped, bringing the total expected drawdown for the three financial years of 2020 to 2022 to $42.9 billion - less than the initial sum of $52 billion the Government earmarked in 2020.
This reflects Singapore's prudence in the use of past reserves, he said, explaining that Singapore's pandemic response had averted worse public health outcomes, and that the rebound in economy and businesses had been stronger than expected.
Still, in recognition that some segments of society continue to struggle, Mr Wong announced a $500 million Jobs and Business Support Package, which includes a Small Business Recovery Grant for those most affected by Covid-19 restrictions, such as food and beverage and hospitality enterprises.
They will receive a $1,000 payout per local employee, up to a cap of $10,000 per firm.

A $560 million Household Support Package will also help Singaporeans with utility bills, education and daily essentials. It includes GST Voucher-U-Save rebates for the rest of the year, and additional $100 in Community Development Council Vouchers for all.
To plan ahead for a post-pandemic world and the opportunities it offers, Singapore will also commit an additional $200 million over the next few years to schemes to build digital capabilities in business and workers; and around $600 million to expand the Productivity Solutions Grant for SMEs to implement automation efforts.
New initiatives such as the Singapore Global Enterprises and Singapore Global Executive Programme will help larger firms grow overseas and attract the next generation of leaders.
At the same time, to ensure that incoming employment pass holders are comparable in quality to the top third of the local professionals, managers, executives and technicians (PMET) workforce, from September this year their qualifying salary threshold will be raised from $4,500 to $5,000; and from $5,000 to $5,500 for the financial service sector.


Environmental sustainability was also on the Budget agenda, with Mr Wong revealing that Singapore will now target net zero emissions by or around 2050.
Its previous aim was to halve emissions by then, with a view to achieving net-zero "as soon as viable in the second half of the century".
To match these new ambitions, taxes on carbon emissions will be raised from the current $5 per tonne to $25 in 2024 and 2025, and $45 in 2026 and 2027, with a view to reaching $50 to $80 by 2030.
Another key plank of this year's Budget was renewing and strengthening Singapore's social compact.
For lower-wage workers, a new Progressive Wage Credit Scheme will see the Government helping businesses by co-funding wage increases between 2022 and 2026, for employees earning up to $3,000.
From Jan 1, 2023, the qualifying income cap for the Workfare Income Supplement will be raised from $2,300 to $2,500.


Mr Wong also sketched out other efforts in boosting retirement adequacy, investing in children, integrating social service delivery, preparing for future healthcare needs, and better supporting the charities sector; with more details to come when MPs debate the Budget and spending plans of various ministries in the coming weeks.
Prime Minister Lee Hsien Loong said in a Facebook post that this Budget will lay the basis for “sound and sustainable government finances, post-pandemic and beyond”.
“We are building a greener and more sustainable city, transforming our economy to create good jobs for Singaporeans, expanding our healthcare system for an ageing society, and strengthening social programmes so that no one is left behind,” he added.


This Budget is a first step in "realising our vision of a fairer, more sustainable, and more inclusive society", said Mr Wong.
"Looking back at what we have been through during these Covid-19 years, we have nothing to fear. We will always overcome. We will always prevail," he concluded.
"We will chart a new way forward together. We will see through the pandemic today, and build a better Singapore tomorrow."
 
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