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Lawrence starts his post-budget world tour. :biggrin:

Lawrence Wong

3 hrs ·
Our engagement sessions take place not just pre-budget but also post-budget. The latter give us a sense of immediate reactions to the #SGBudget2022 and help us identify areas where we may need to do more to explain or to clarify. Many thanks to all community partners from South West CDC and North West CDC for sharing your feedback on the Budget with me.
Our conversations do not stop here — we are continuing to review policies based on feedback from the ground, and developing solutions together with our community partners.
Glad to work closely with our Community Development Councils as we build a fairer, more inclusive, and greener home.

 

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Lawrence meets Martin Soong. :thumbsup:

Lawrence Wong

1 hr ·
Had a TV interview with CNBC's Martin Soong earlier.
I shared how #SGBudget2022 sets a new way forward for Singapore's future. We are taking bold moves on three fronts — renewing and strengthening our social compact, investing in new capabilities, and advancing our green transition.
We are welcoming businesses, investors, and talents from around the world to partner with us on this journey, and create value together.
Within Singapore, we will continue to strengthen our solidarity and leave no one behind, as we move towards a fairer, greener, and more inclusive society.

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from straitstimes.com:

S'pore quietly confident in dealing with Covid-19 Omicron wave: Lawrence Wong​


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SINGAPORE - Vaccinations, boosters and therapeutics.

That is Singapore's strategy for dealing with Covid-19 and its variants, and it gives the Republic a clear path towards getting back to normal life - even if new mutations crop up, said Finance Minister Lawrence Wong on Monday (Feb 21).

With a high vaccination rate and the vast majority of Covid-19 patients here exhibiting milder symptoms, Singapore is quietly confident in dealing with the current wave of Omicron infections, Mr Wong said in an interview with CNBC's Squawk Box Asia.

While current infection numbers are at record highs and could go above 20,000 cases a day, the situation in intensive care units (ICU) here is under control, he told host Martin Soong.

Hospitals, doctors and general practitioner clinics are quite busy as there are Covid-19 patients who still need care, but the good news is that the number of serious cases in the ICU is not high, he said.

"They are within the limits that we have provided for and within the capacity that we have today," Mr Wong added. "If this situation continues like that, we believe that we should be able to take some decisive steps towards easing once we have passed this present peak of the Omicron wave."

The minister said the authorities are still studying with scientists here whether a fourth vaccine shot is needed.


Asked about the Omicron sub-variant, BA.2, which is more infectious and steadily increasing in prevalence around the world, Mr Wong said there are variants and mutations all the time, and Singapore will constantly and continually monitor this.

"We don't have any indications yet for that particular variant... But I am quite sure before too long, there will be a new mutation around the world and it will come into Singapore.

"It may not be now, but maybe six months later. But we'll have to prepare for that," he added.

Mr Wong said his hope is that any new variants that appear in future will be milder than Omicron as this will give Singapore confidence that the end of the pandemic is near.

But he also warned against ruling out the emergence of a more dangerous or deadly variant of the coronavirus.

Mr Wong said: "We just have to be prepared for that. And the strategy is still vaccinations, boosters and therapeutics as well.

"I think the strategies remain sound and we have a clear path towards getting back to life as normal."
 

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Lawrence heard views from many Singaporeans before presenting the budget. :thumbsup:

Lawrence Wong

2 hrs ·
Before #SGBudget2022, heard views from many Singaporeans, including mother of four kids, Evelyn. Spent some time with two of her kids, Venice and Linus too.
I thank her, and many of our parents, for sharing your views with me on household expenses and your children's education.
In my Budget speech, I introduced the Household Support Package, to support our families and households with your utility bills, children's education fees and daily essentials.
We will also continue to invest in your children, and provide them with opportunities to have the best possible start in life. Much of what we build and save up for, is for our future generations.
Find out more at: https://www.mof.gov.sg/.../resources/support-for-households

 

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Lawrence wished everyone Happy 22/2/22 yesterday. :wink:

Lawrence Wong

10 hrs ·
Happy 22/2/22, everyone
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Good chat today with young Singaporeans on the Mediacorp Channel 5 Ask the Finance Minister show.
Our #SGBudget2022 sets up major moves to better prepare us for a post-pandemic future.
This includes investing heavily to help our workers upskill, our businesses to thrive in new areas of growth, and our society to become greener and more sustainable.
While we chart our new way forward, we will also not leave anyone behind. And that's why we are strengthening our social compact, and supporting our households.
Thanks to Diana and Steven for hosting me today

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from msn.com:

Healthcare will be major driver of increased social spending in the coming decade​


Singapore — Finance Minister Lawrence Wong said that by 2030, government expenditure is expected to increase to more than 20 per cent of GDP (Gross Domestic Product), most of it in healthcare.

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During the Budget 2022 announcement on Friday (Feb 18), Mr Wong said that Singapore’s social expenditure, including healthcare and education spending, nearly doubled from S$17 billion to S$31 billion in the last decade. It now accounts for almost half of the annual Budget.

“The increase has gone to programmes that have made a difference in Singaporeans’ lives, like higher subsidies in our healthcare system and tertiary education, as well as schemes like SkillsFuture, Workfare, and the Silver Support (Scheme),” he said.

Mr Wong highlighted that healthcare needs would grow as the population ages.

Ageing will mean an inevitable rise in demand for healthcare and social care, he added, noting that the country’s means to provide will come under strain as the ratio of the working population to aged dependents decreases.

“We will need to revamp our healthcare ecosystem to cater to more geriatric needs across various care settings,” he said. “Healthcare will therefore be the major driver of increased social spending in the coming decade.”
Not right to dip into reserves

Mr Wong explained that such plans require additional expenses, although they are recurring and not temporary.

“Given this, it would not be right to dip into our reserves to meet these new needs. We must husband our reserves for use in major crises and emergencies, as was necessary during the Global Financial Crisis, and especially in the last two years,” he said.

An average revenue stream of around S$17 billion each year is provided by the Net Investment Returns Contribution (NIRC), meaning that for every dollar spent on public services, 20 cents is funded through the NIRC.

The NIRC framework allows the government to spend up to 50 per cent of the net investment gains from its reserves in the annual Budget, said Mr Wong.

He also said that tax adjustments would help to raise extra revenue and contribute to a fairer revenue structure.

“In every area of spending, however, it is not just a matter of spending more, but also how we spend to achieve the right outcomes and to preserve the values of individual responsibility and mutual support from the community even as the government steps in to do more,” he added.

Mr Wong urged for all Singaporeans to continue to stand united as one to overcome these major tests and trials, noting “it is more important than ever to renew and strengthen our social compact, and to reaffirm our values and what we stand for as a nation.”
 

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from straitstimes.com:

Government will do more to help Singaporeans if inflation is higher than expected: Lawrence Wong​


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SINGAPORE - The Government will do more to help Singaporeans if inflation turns out to be higher than expected, said Finance Minister Lawrence Wong on Tuesday night (Feb 22).

"The outlook we have projected for the economy and inflation is obviously based on certain assumptions, but who knows what will happen in the external environment," he said in response to a question during a discussion with Singaporeans on the impact of Budget 2022 broadcast on Channel 5.

He added that the Government will continue to monitor downside risk closely and should the situation worsen, it will definitely respond.

He said: "For example, if inflation were to become more persistent, or turns out higher than expected, we can take actions on the monetary front to tackle inflation, but we can also provide more help to Singaporeans to cope with rising prices."

Singapore consumer prices hit new highs in December last year, exceeding economists' forecasts and prompting the Government to say that it is reviewing its inflation forecasts for this year.

Over the one-hour long programme, Mr Wong fielded questions on Budget 2022 from Singaporeans, including National University of Singapore Energy Studies Institute research fellow Melissa Low, who is also a council member of the National Youth Council.

Ms Low asked if there will be further support for young families, especially those caring for elderly parents and young children, who are concerned about the additional stress and cost of rising electricity bills and prices with inflation.


Responding to her concerns, Mr Wong said the Government has given significant help through the Household Support Package, GST vouchers and enhanced Assurance Package.

He added that the Government will look into additional utility vouchers to help households cope with the expected increase in their utility bills when the carbon tax is raised from next year and progressively more by 2030.

Addressing concerns that gig economy workers did not have much support set aside in the Budget, Mr Wong said the Government plans to respond later this year once recommendations are made by a committee tasked to look into protections for gig workers.

Founder of mobile healthcare company Jaga-Me Kuah Ling Ling asked how healthcare will remain affordable with the tightening of foreign worker policy and foreign nurses forming a significant portion of the nursing workforce here.

In response, Mr Wong said the changes to foreign worker policy were "a calibration to ensure that foreign workers and professionals coming into Singapore are of the right calibre and come in areas where we really need them, in areas of shortages".

He noted later that there is a need for more nurses and social workers.
 

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Lawrence meets Rahim. :thumbsup:

Lawrence Wong

36 mins ·
Rahim is 62 years old and a proud grandfather of four.
Caught up with him just before the #SGBudget2022 to hear his concerns as a senior citizen and what he hopes for the future.
In my Budget speech, I shared how we will continue investing in our healthcare system, and providing quality and affordable healthcare for all Singaporeans. As our population ages, we are also planning ahead to ensure we have the resources needed to look after more seniors.
Many thanks to our Pioneer and Merdeka generations for paving the way for our little red dot. We will do more to help you age with grace and dignity, and enjoy peace of mind in your golden years, as we build a more caring and inclusive society!

 

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Lawrence thanks everyone for their views. :thumbsup:

Lawrence Wong

1 hr ·
Thanks everyone for giving your views and feedback on my #SGBudget2022 announcements.
Taking time to address some of your comments — on support for households including the middle-income, cost of living, and tax changes.
Next Monday, the debate on the Budget will begin in Parliament. I look forward to hearing from my parliamentary colleagues, and will wrap up the debate with a speech on Wednesday. Stay tuned!

 

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from straitstimes.com:

Lower-income groups will benefit the most from Budget measures: Lawrence Wong​


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SINGAPORE - Lower-income groups will benefit the most from the comprehensive set of measures laid out in the Budget to help everyone cope with the cost of living, said Finance Minister Lawrence Wong on Friday (Feb 25).

Middle-income families will also receive substantial benefits for the amount of taxes they pay, he added.

He was responding to online comments on the recent Budget in an Instagram video which he posted on Friday night.

Addressing one user's comment that the increases would make "only the poor suffer", Mr Wong said measures such as the Household Support Package will give households utilities rebates, and they will also receive CDC Vouchers and get help for their children’s education.

These vouchers aim to support Singaporean households with their daily expenses and can be used at participating heartland shops and hawker centres.

"At the same time, they will get a significant package of measures from the enhanced Assurance Package which will provide help over the next five years," Mr Wong added.

Beyond these temporary measures, permanent help will also be given through the enhanced GST Vouchers and other initiatives for lower-wage workers, such as progressive wages and Workfare.


"So, all together, we in fact have significant permanent help for our lower-income groups in Singapore," said Mr Wong.

Another user commented on taxes for the rich and said they should be taxed more.

Responding, Mr Wong said: "A lot of thought has gone into designing our fiscal system to ensure that we have a system of taxes and transfers that is fair and progressive. And that means everyone contributes their share of taxes in return for stronger social support.

"But those with greater means contribute a larger share."
He said such a system will help to strengthen the social compact and solidarity here, while enabling Singapore "to take bold steps towards building a fairer, greener, and more inclusive society".
In his Budget speech on Feb 18, Mr Wong had announced a goods and services tax (GST) increase from 7 per cent to 9 per cent in two stages - one percentage point each time on Jan 1, 2023, and Jan 1, 2024.
Addressing a comment on the GST increase and how this would impact middle-income families, he said the Government has also taken care to ensure that middle-income groups receive support from the Budget, with the Household Support Package, the enhanced Assurance Package for GST and enhanced GST Vouchers.

Middle-income families can also benefit from a broad range of subsidies for areas such as housing, education and healthcare, he added.

"So when you sum it all together for the amount of taxes that middle-income families pay, which is relatively low compared to many other places around the world, middle-income families in Singapore do receive substantial benefits and support from the Government," Mr Wong said.

"And we will do everything we can to keep it that way."

Citing the GST increase, a user voiced concerns over whether businesses would use it as a cover to raise prices.

Mr Wong said the Government is standing up a Committee Against Profiteering, which will be chaired by Minister of State Low Yen Ling.

It will watch over this issue closely and take action against unfair price hikes, he said.

He concluded: "The whole team has been working hard for several months now, looking through every policy measure, engaging many different stakeholders, and in the end, putting together what we believe is a balanced package of measures in this Budget."
He said that MPs will be debating the Budget next week in Parliament and he will round up the debate in a speech on Wednesday (March 2).
"I want to assure everyone that we are fully committed in this shared endeavour of building a fairer, greener and more inclusive Singapore," he said.
 

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Lawrence wants you to reduce your emissions. :biggrin:

Lawrence Wong

10 hrs ·
We are sowing the seeds for a greener and more sustainable Singapore! How are we doing this? By decarbonising our economy, going car-lite, and going big on green job opportunities.
In my #SGBudget2022 speech, I shared that we aim to achieve net-zero emissions by or around mid-century. To do so, we need to set the right price of carbon - so our businesses and individuals can internalise the cost of carbon, and take actions to better moderate their emissions.
I understand some of us may need help to adjust to this move. So we will provide households with support, like additional U-Save rebates.
Together, let’s build a greener Singapore.
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#SGGreenPlan
(
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: Our Ministry of Finance (Singapore) officer's little seedling!)

 
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