Singapore Budget 2020 : 8 measures that will impact the Family

Budget 2020 is out

We comb through the budget to bring you the benefits that will help families.

1 Care and Support Package: CASH for ALL Singaporeans

Assessable Income for YOA 2019
More Than $100,000 or owns more than one property
Care and Support
Additional cash for parents*
*Refers to those with one or more Singaporean Children aged 20 and below in 2020.
Each Eligible Parent will receive an additional $100*Refers to those with one or more Singaporean Children aged 20 and below in 2020.

Each Eligible Parent will receive an additional $100

This would be applicable to ALL Singaporeans aged 21 years and above in 2020. They will receive a one-off Care and Support - Cash payout depending on income for YOA 2019. Parents of at least one Singaporean children aged 20 and below in 2020 will receive an additional $100

2 Grocery Voucher of $100 for Lower-income groups
Receive a grocery voucher of $100 a year for this year and next year. Voucher can be used at the major supermarkets such as NTUC FairPrice, Giant and Sheng Shiong

Grocery Voucher is for Singaporeans aged 21 and above who live in one or two-room Housing Board flats and do not own more than one property

3 Passion Card Top Up
$100 Passion Card top-up for Aged 50 and above

4 Govt will match top-up to Basic Retirement Sum (BRS)
This would apply to lower-middle-income Singaporeans aged 55 to 70 who does not mean BRS minimum. The government will match every dollar up to an annual cap of $600 from 2021-2025.

BRS to increase to $93,000 for cohorts turning 55 in 2021 and $96,000 for cohorts turning 55 in 2002.

5 Silver Support Scheme to be expanded
New payout tier for seniors whose household incomes per person are above $1300 but not exceeding $1800 will receive a payout. Payout between $180 to $450 every quarter.
The scheme is for those living in one-five room HDB flats

6 GST Voucher-USave

HDB Flat Type
Regular GST-USave
GSTV- USAVE Special Payment
Additional GSTV- U Save Rebate
Total GSTV U Save for FY 2020
For all Eligible Households
For eligible larger households
1 and 2 room
$800 or $1000
3 Room
$720 or $900
4 Room
$640 or $800
5 Room
$560 or $700
Executive /
Multi Generation
+480 or $600

Double the regular GSTV - U Save for all eligible HDB Households this year
Larger households to receive more totalling 2.5 times their regular U-Save

7 SSC Rebates
1,5  to 3.5 months od rebates for all eligible HDB Households

8  Skills Future
One of Skill futures credit top-up of $500 for eligible Singaporeans  (Aged 25 and above) from 1st Oct 2020. It will expire by end 2025.

Additional Top-up for every Singaporean aged between 40 and 60.

The skill credits will be useful for parents who are looking to upgrade their skills or a change in career.

No comments: