What they get from Budget 2015

What they get from Budget 2015

LOW-INCOME ELDERLY COUPLE

A couple both aged 70, with little income and living in a three-room flat they own, can enjoy the following combined benefits:

1 Help with living costs

- $600 every year in cash from the GST Voucher (GSTV) - Cash scheme

- $500 every year in GSTV - Medisave top-ups

- $240 every year in GSTV - U-Save for utilities bills

- $1,200 this year from the GSTV - Seniors' Bonus

- Two months' Service and Conservancy Charges rebate this year

2 Special schemes

- $600 to $1,500 in cash every quarter if they qualify for Silver Support

- Medical subsidies under Pioneer Generation Package

3 Health-care subsidies

- Substantial health-care subsidies at public hospitals, polyclinics, subsidised Specialist Outpatient Clinics and subsidised intermediate and long-term care.

MIDDLE-INCOME FAMILY

A middle-income family that has children and elderly dependants and does not own more than one property can enjoy the following combined benefits:

1 Help with childcare and education

- Savings of $100 each month on childcare fees, assuming the child is enrolled in a childcare centre with a monthly fee of $900 and the centre joins the new Partner Operator scheme, which will raise the quality of childcare

- Savings of up to $900 through the waiver of national exam fees from primary school to pre-university

- Top-ups for this year: Up to $600 to the Child Development Account for each child aged up to six years old

- Extra top-up of $150 to Edusave for each child aged seven to 16

- Up to $500 to the Post-Secondary Education Account for each child aged 17 to 20

2 Help with maid costs and living costs

Lower concessionary levy for maids, to $60 monthly from $120 previously

- Families with children aged up to 16 who live in the same household now qualify for the concessionary levy, compared to only those with children aged up to 12 previously

- Up to $240 in GSTV - U-Save to offset utility costs for households living in three-room or larger HDB flats

- Up to two months of rebates on Service and Conservancy Charges

3 More support for training and continuing education

- $500 in SkillsFuture Credit for each eligible Singaporean aged 25 and above

- More study awards and subsidies for education and training courses

4 Tax rebate

- Personal income tax rebate of 50 per cent, capped at $1,000, for Year of Assessment 2015

5 More retirement adequacy

- CPF salary ceiling raised from $5,000 to $6,000 from 2016

- Higher CPF contribution rates for workers in their 50s

- Higher Supplementary Retirement Scheme contributions allowed

- Extra interest of 1 per cent on the first $30,000 of their CPF balances when they turn 55

6 Enhanced support for elderly parents*

- GSTV - Seniors' Bonus this year*

- Silver Support Scheme for qualifying elderly folks in 2016

*Applies only in certain cases.

More support will be given to Singaporeans this year to help them cope with their costs of living.

 


This article was first published on Feb 24, 2015.
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