Singapore Budget 2019 : What is there for families? - - Singapore Lifestyle Portal

Singapore Budget 2019 : What is there for families?

Budget 2019 is announced

Given that this is the Bicentennial year ( and probably the election year), there is high anticipation for this year's budget.

How will family benefit from it?

For the Individual

1) Bicentennial Bonus

For age 21 and above and income less than $28000 for the year of assessment 2018

$300 GST Voucher  ( if annual house value is up to $13000)
$150 GST Voucher ( if the annual value of a house is more than $13000 and up to $21000)

* Not qualified if you own more than one property)

2 ) Personal Income Tax Rebate
Rebate of 50% of tax payable capped at $200 per taxpayer

Applicable to those with the chargeable income of above $20000

3) Retirement savings for elderly
One-off CPF Top up of up to  $1000 for eligible Singaporeans aged 50-64. 
Criteria - Less than $60,0000 of retirement savings in CPF account

4) Merdeka Generation Package
Those born between 1950-1959 will receive the following
  • One - Time $100 Passion Silver Card top up
  • Medisave top up of $200 each year for 5 years from 2019 to 2023
  • Enhanced subsidies for outpatient treatment, for life. Includes special CHAS subsidies when visiting GPs and dentist and an additional 25% off subsidised bills at Polyclinics and Specialist Outpatient Clients ( SOC)
  • Additional Medishield Life premium subsides for life, starting from 5% of premiums and increase to 10% after they reach 75
  • Participation incentives of $1500 to join Careshield

Families with young kids

Support for Students
Primary and Secondary School Students will get $150 top up to Edusave Account. Singaporeans aged 17 to 20 will receive up to $500 in their Post- Secondary Education accounts

This is probably the ONLY incentive targeted at families.

Not everything is positive . Here are some things to note for families who love to travel.

GST import relief for travellers to be reduced
For less than 48 hours, it will be reduced from $150 to $100 ( there go the Johor Shopping trips)
For more than 48 hours, it will be reduced from $600 60 $500

Alcohol Duty - Free Concessions for travellers to reduce from 3 litres to 2 litres from 1 Apr 2019

From what I can see, this budget is skewed towards the older generation 50 and above. There are a limited concession for younger families. In addition, there is a lack of initiatives to address issues such as falling birth rates and increasing the cost of education. It may be election friendly, but not necessarily family-friendly.

Will the budget improve your way of life as a family?

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