3.04.2015

Singapore Budget 2015 for families


In case you have been hiding under a rock, you probably would have heard about the Singapore Budget goodies announced a week ago. With so many 'goodies' in the Budget, we narrow the ones that matters to families the most.
  • Top up Child Development Account, Edusave and Post Secondary Accounts

Age 6 & Below ( Child Development Account)
$300 top up for annual value of Home > $13000
$600 top up for annual value of Home < $13000
Students age 7-16: additional $150 in Edusave
Age17-20 Post Secondary account
$250 top up for annual value of Home > $13000
$500 top up for annual value of Home < $13000
If you have a child age 20 and below, you would definitely benefit from this top up in someway or another.
  • Waiver of national exam fees
For full time Singaporean students in government funded schools
includes PSLE, GCD 'N' 'O' 'A' level Poly and ITE exams
That meant more funds for the 10 years series!
  • Personal income tax rebate for YA 2015
50 % Personal income tax rebate for YA 2015 , cap at $1000
This is hard cash savings that would be useful for families.
  • Foreign Domestic Worker Concessionary Levy
- reduced to $60 per month
Extended to children under 16
With the cost of FDW set to increase in the future, this reduction can help to rein in the cost of hiring a FDW.
  • One off rebate for Service and Conservancy Charges
1 to 3 months depending on housing type
  • Enhance GST Voucher Scheme
For Income less than 26000 , there will be a GST cash increments of $50

I would say that all families with younger children will benefit in some ways for this election friendly budget. Although most are one off incentives, they do come in handy.
Let's examine a typical household of 2 children age 4 and 8 with two working parents earning 8k per month living in a 4 room flat of AV 12000
This is probably what the family can receive for Budget 2015
$600 CDA Top up for 4 year old
$150 addition edusave for 8 years old
$1000 personal income tax rebate
Maid levy savings of $60x 12=$720
2 months SCC rebate
Savings of more than $2470 or 40% of monthly income.
Not too shabby I say.
This is the budget in a nutshell for the family. There are other factors such as increase CPF contribution, petrol tax increase and road tax rebate that can affect a typical family. However since these policies have a give and take factor in them, the benefits may be offset by the additional taxes.
So have you benefited from the Budget ?



No comments:

Post a Comment