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Changes to the Medisave Scheme and more support for Singaporeans in public housing are just some of the measures that have been revealed by various government ministries during debate in parliament on the government's expenditure under the 2009 Budget.
The session set to conclude by Friday followed earlier debate on the 2009 Budget where concerns on the use of national reserves and the Jobs Credit scheme took the spotlight.
The 2009 Budget unveiled in late January ahead of schedule, includes a S$20.5 billion Resilience Package to save jobs, help businesses and enhance competitiveness.
The highly expansionary Budget will result in a S$8.7 billion deficit - the country's largest ever and the government will draw S$4.9 billion from the reserves to fund two temporary and extraordinary measures - Jobs Credit and a Special Risk-Sharing Initiative.
The Jobs Credit scheme provides every employer with cash grants amounting to 12 per cent of the first S$2,500 of an employee's wage, while the Special Risk-Sharing Initiative will help viable companies get funding and keep jobs.
The Budget also sees corporate income tax down to 17 per cent effective from Year of Assessment 2010.
To give additional support to Singaporean households and the community during this economic downturn, GST Credits for households are being doubled, additional rebates given for rentals and service and conservancy charges in public housing.
In terms of personal tax, there will be a 20 per cent income tax rebate for individual tax payers, capped at S$2,000, and a 40 per cent property tax rebate for owner-occupied homes.
Watch the videos or read the full text of the speech here.
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Updated: Mon, 21 Dec 2009 08:30:26 GMT
SINGAPORE: It has been one of the worst recessions Singapore has faced since independence and the nation has taken several approaches to tackle it.
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As some Singaporeans are confused by the CPF LIFE plans, Mr Gan Kim Yong told the House that MOM has decided to reduce the number of plans from 12 to just four. For all four plans – namely LIFE Balanced Plan (default), LIFE Plus Plan, LIFE Basic Plan and LIFE Income Plan – payouts will start from age 65. He pointed out that as LIFE payouts depend on actual interest rates, they will have to be adjusted from time to time.
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MOF Budget Site
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