The theme of this year's Budget takes on a more long-term goal in the efforts to build a better future for Singapore while also strengthening social security. It'll take major steps towards investing in skills of the future, promote innovation and internationalisation, sinking capital into economic and social infrastructure and providing assurance in retirement while enhancing support for middle-income families.
Stepping aside from all that maddening jargon, here's a TL;DR guide to the Singapore Budget 2015.
Enabling Education
- SkillsFuture initiative: Singaporean aged 25 and above to receive initial credit of $500 from next year for education and training
- Increased education and training subsidies for Singaporeans aged 40 and above, flexible learning hours
- Enhanced and structured internships with overseas opportunities in instititutes of higher learning
- Examination fees for PSLE, 'O' Levels, 'A' Levels in public schools to be scrapped for Singaporean citizens. Examination fees for full-time polytechnic and ITE students to be waived
- Enhanced financial assistance: Transport subsidies will cover at least half of students' transport costs, including public transport for all students and school buses for primary school students
- Additional $6 million grant for self-help groups (MENDAKI, SINDA, CDAC, Eurasian Association)
Booming Businesses
- National Research Fund topped-up by $1 billion, more efforts to help companies develop and commercialise new products
- Funding for promising startups: More resources for Business Angels Scheme (BAS) and higher co-investment cap for BAS and Startup Enterprise Development Scheme
Homely Households
- Foreign Domestic Worker concessionary levy for households with those in need of caregivers reduced to $60 per month
- GST vouchers increased by $50 across all ages
- Rebates of up to three months on Service & Conservancy Charges
Championing Charity
- Tax deduction rate of up to 300% for donations made
- Dollar-for-dollar donation matching by Government until March 206
- Government to support educational institutions for the charity work in the causes of their choice. $20,000 per school; $150,000 per polytechnic; $250,000 per ITE
Reassuring Retirement
- CPF salary ceiling raised to $6,000 from 2016
- Extra CPF interest for all CPF members 55 and above
- CPF contribution rates raised up by two percentage points for older workers
- Silver Support Scheme: income supplement for Singaporeans aged 65 and above and in bottom 20% - 30%. Automatic eligibility assessments conducted — those eligible receive quarterly cash payouts ranging from $300 to $750.
Validating Vehicles
- Petrol duty rates raised by 20 cents per litre for premium grade petrol while intermediate grade petrol duty rates increased by 15 cents.
- Road tax rebates for petrol vehicles to offset higher petrol duties. 20 percent for cars, 60 percent for motorcycles, 100 percent for commercial vehicles
Infusing Infrastructure
- Changi Airport's Terminal 5 to be developed, with initial injection of $3 billion in Changi Airport Development Fund
- Public transport to be improved, heartlands to be developed into vibrant homes and communities
- Healthcare system expanded with increase in acute and community hospital beds and nursing home capacities
For a more detailed look into the Government's financial plans for the year, visit the official website.
Photo: William Cho via Flickr
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The theme of this year's Budget takes on a more long-term goal in the efforts to build a better future for Singapore while also strengthening social security. It'll take major steps towards investing in skills of the future, promote innovation and internationalisation, sinking capital into economic and social infrastructure and providing assurance in retirement while enhancing support for middle-income families.
Stepping aside from all that maddening jargon, here's a TL;DR guide to the Singapore Budget 2015.
Enabling Education
- SkillsFuture initiative: Singaporean aged 25 and above to receive initial credit of $500 from next year for education and training
- Increased education and training subsidies for Singaporeans aged 40 and above, flexible learning hours
- Enhanced and structured internships with overseas opportunities in instititutes of higher learning
- Examination fees for PSLE, 'O' Levels, 'A' Levels in public schools to be scrapped for Singaporean citizens. Examination fees for full-time polytechnic and ITE students to be waived
- Enhanced financial assistance: Transport subsidies will cover at least half of students' transport costs, including public transport for all students and school buses for primary school students
- Additional $6 million grant for self-help groups (MENDAKI, SINDA, CDAC, Eurasian Association)
Booming Businesses
- National Research Fund topped-up by $1 billion, more efforts to help companies develop and commercialise new products
- Funding for promising startups: More resources for Business Angels Scheme (BAS) and higher co-investment cap for BAS and Startup Enterprise Development Scheme
Homely Households
- Foreign Domestic Worker concessionary levy for households with those in need of caregivers reduced to $60 per month
- GST vouchers increased by $50 across all ages
- Rebates of up to three months on Service & Conservancy Charges
Championing Charity
- Tax deduction rate of up to 300% for donations made
- Dollar-for-dollar donation matching by Government until March 206
- Government to support educational institutions for the charity work in the causes of their choice. $20,000 per school; $150,000 per polytechnic; $250,000 per ITE
Reassuring Retirement
- CPF salary ceiling raised to $6,000 from 2016
- Extra CPF interest for all CPF members 55 and above
- CPF contribution rates raised up by two percentage points for older workers
- Silver Support Scheme: income supplement for Singaporeans aged 65 and above and in bottom 20% - 30%. Automatic eligibility assessments conducted — those eligible receive quarterly cash payouts ranging from $300 to $750.
Validating Vehicles
- Petrol duty rates raised by 20 cents per litre for premium grade petrol while intermediate grade petrol duty rates increased by 15 cents.
- Road tax rebates for petrol vehicles to offset higher petrol duties. 20 percent for cars, 60 percent for motorcycles, 100 percent for commercial vehicles
Infusing Infrastructure
- Changi Airport's Terminal 5 to be developed, with initial injection of $3 billion in Changi Airport Development Fund
- Public transport to be improved, heartlands to be developed into vibrant homes and communities
- Healthcare system expanded with increase in acute and community hospital beds and nursing home capacities
For a more detailed look into the Government's financial plans for the year, visit the official website.
Photo: William Cho via Flickr
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Subscribe to our mailing list
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Email Address *
First Name
Last Name
(function($) {window.fnames = new Array(); window.ftypes = new Array();fnames[0]='EMAIL';ftypes[0]='email';fnames[1]='FNAME';ftypes[1]='text';fnames[2]='LNAME';ftypes[2]='text';}(jQuery));var $mcj = jQuery.noConflict(true);