Singapore 2011 Budget
I got this via email and i had to share this. Gives us a preview of what is happening at the neighbors against what we have here at home .
Singaporeans will receive a total of S$6.6 billion of benefits in the 2011 Singapore Budget announced by Finance Minister Tharman Shanmugaratnam on Friday.
$3.2 billion Grow and Share Package: The average Singaporean household will receive S$3,500 from this year’s Budget. This will come from the S$3.2 billion to be spent on the “Grow and Share Package” and S$3.4 billion in longer-term Social Investments for households this year.
All adult Singaporeans will also receive Growth Dividends to share the fruits of last year’s exceptional economic growth. The majority of Singaporeans – 80% – will get $600 to $800 each.
CPF rate revision: The Government will raise the employer contribution rate to CPF accounts by another 0.5 percentage points, from 15.5% to 16%, which will restore the total contribution, rate to 36%. The additional 0.5% will go into the Special Account.The Government will also revise the CPF salary ceiling from $4,500 to $5,000 per month to keep pace with income growth in recent years. This will align the salary ceiling back to the 80th percentile income, and help middle-income Singaporeans.
Radio and TV licence fees removed permanently: The annual licence fee of S$110 for televisions and S$27 for vehicle radios will be removed with immediate effect. Those who have not paid this year’s fees will not have to make the payment, while a refund will be given to those who have already paid.
Mr Tharman said that’s because the fees are losing their relevance. He said televisions are no longer limited to middle and higher-income groups, with 99% of lower-income households owning them today.
Tax cuts: Singaporeans will receive a personal income tax rebate of 20% for individual resident taxpayers for YA 2011. The rebate will be capped at $2,000. Taxes will be reduced significantly for middle and upper-middle income families. Marginal tax rates will be reduced for first S$120,000 of chargeable income.
Levy increase for foreign workers: The Government will also introduce more levy increases on foreign workers for all sectors this year. Most of the additional measures will be phased in at six-monthly intervals, starting only from 1 January 2012, and extending till 1 July 2013, one year beyond the previous schedule.
S$10 billion home upgrading: $10 billion will be spent to upgrade homes and rejuvenate estates over the next 10 years. This is a major effort to preserve the value of HDB flats and will go towards the Home Improvement Programme (HIP), Neighbourhood Renewal Programme (NRP) and Lift Upgrading Programme (LUP), it will invest up to $55,000 per flat.
Low-income groups will also receive additional housing subsidies to better afford their homes. The Government will set aside S$175 million each year for the new Special CPF Housing Grant to help the bottom 50% Singapore households own their homes.For more details, refer to the speech summary below or read the full transcript here. Makes my blood boils! WAKE UP! I was in Spore when their 2011 budget was tabled. There were two items that impressed me most …. can’t remember all : Growth and share concept: Spore govt will give away cash amounting to SGD800 to individuals and between SGD5000 – 2000 per household. The estimated per household should average SGD3000!
How can they afford this? Simple– the Spore govt owns all public utilities eg Electricity, water, MRT and investment arms like Temasek and sovereign funds. Profits from these organisations are distributed back to their citizens, with the rich getting minimal and the lower income group getting the larger share.
How does that compare with BN govt? Cronies get richer by the days and subsidies are cut. Yes, for political expediencies the PM gives away RM200 to selected constituents for their votes!! Big joke!!Employers CPF contributions are increased to ensure workers can have more money when they retire.What goodies do we have for our 2011 budget? Spend more on arms and patrol crafts that costs RM 1 Billion EACH! Computers procured at RM 40,000 EACH, Costs overrun on almost all govt projects.
You are right (above message)…..the following is the report of their 2011 Budget.
Makes me mad as hell…..with the imbeciles over here, both out & within government!!!
…..AND YES, (as the Singaporeans may accuse me of)…..I AM JEALOUS!!!!…..and I AM SICK OF OUR OWN INCOMPETENCE & THE REFUSAL TO ACKNOWLEDGE THAT COMPETITION BASED ON MERIT IS STILL THE ROUTE TO DEVELOPMENT & WEALTH…..in a Laissez Faire Capitalist Society. What do you expect when we have a bunch of idiots running this country compared to S’pore who have the brains and that is why S’pore is developed and successful. As long as this bunch of idiots are still around Malaysia will continue to be where it started. They only know how to talk and bad mouth about others and refuse to accept their mistakes.
This is BN so come the next election throw them out…….don’t worry if Pakatan can run this country because when the Egyptian went to the street to throw their President out they don’t even know what their future lies for them and whether if there is a leader to replace their current President. Their objective was to get rid of him and they stay focus…….in Malaysia we have capable leaders in Pakatan to rule this country so there is nothing to be afraid of voting them into power. We have nothing to lose but more to gain because after 53 years – enough is enough…do it for the future generations. With BN there is no future because these idiots only look after their own future. Nothing for you and me. WAKE UP!