Singapore Budget 2022 Key Announcements and Highlights

TodayOnline2022-02-18

SINGAPORE — The 2022 Budget statement was delivered by Finance Minister Lawrence Wong in Parliament on Feb 18 at 3.30pm.Here are the key announcements and highlights from Mr Wong's maiden Budget ...

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Comments

TheEndIsNear
2022-02-19
TheEndIsNear
Govt give $100, take back $99.
Eded
2022-02-18
Eded
Actually good budget … narroiwng wealth gap , tightening foreign talent inflow, delaying gst in which we can spend less , and ensuring green and creativity
KPTan
2022-02-18
KPTan
👍
StarGate
2022-02-18
StarGate
Thanks for the info.
Yg002
2022-02-18
Yg002
[What] [Tongue]
Ann1228
2022-02-18
Ann1228
👍

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Govt to draw S$6 billion from reserves to tackle Covid-19The Government expects a deficit of S$3 billion for Budget 2022, equivalent to about 0.5 per cent of Singapore's annual economic output.The Government is also seeking to drawdown S$6 billion from past reserves to fund upcoming Covid-19 health measures, which would take the total drawdown to S$42.9 billion over the course of the pandemic so far. This figure is less than the S$52 billion drawdown President Halimah Yacob agreed to for FY2020.Assurance Package to offset GST hike increased to S$6.6 billion, with cash payouts for all S'porean adultsAll adult Singaporeans can expect cash payouts of up to S$1,600 over the next five years. Lower income elderlies are also eligible for additional payments totalling up to S$900.These are part of a S$640 million enhancement to the Assurance Package launched to cushion the hike in GST. The package includes more U-Save rebates, MediSave top-ups, CDC Vouchers and community grants.GST increase to be staggered over 2 years, starting from Jan 2023GST will be increased progressively, rising to 8 per cent with effect from Jan 1, 2023, and going up again to 9 per cent in 2024, Finance Minister Lawrence Wong announced.Mr Wong said that the decision to stagger the increase was made in view of the prevailing overall situation, such as the ongoing Covid-19 pandemic and inflation outlook, while balancing them with pressing revenue needs.High earners to contribute more as taxes on personal income, property and luxury cars go upFinance Minister Lawrence Wong said there is room for those who earn more to contribute more. Wealth taxes, he said, help to recirculate a portion of the wealth stock into the economy.Changes to the property tax will not affect 93 per cent of owner-occupied property, including all HDB flats.Younger workers eligible for Workfare, higher CPF basic retirement sum among moves to strengthen social compactThe Workfare Income Supplement scheme will be extended to younger workers, aged 30 to 34. The qualifying income for the Workfare Income Supplement scheme will also be raised from S$2,300 to S$2,500.Schemes to help children from lower-income families like KickSTART and UPLIFT will also be expanded nationwide to benefit more families.Carbon tax to go up 5 times to S$25 per tonne in 2024, as Govt aims for net-zero emissions by mid-centuryThis will lead to an increase of about S$4 per month in utility bills for an average household living in a four-room HDB flat, though additional rebates in the form of GST Vouchers will be provided to cushion the impact, Finance Minister Lawrence Wong said.Investments in digital capabilities, people development including 6G tech and helping mid-career workersFinance Minister Lawrence Wong said Singapore needs to stay ahead in the race by investing in various capabilities. These include the digital realm, innovation and the nation's people, he added.As a first priority, the Government will spend S$200 million in the years ahead to build digital capabilities in business and workers. Other objectives include improving infrastructure, making innovation pervasive and strengthening local enterprises.Govt to strengthen 'collective risk sharing' and social compact, with the better-off contributing moreFinance Minister Lawrence Wong described a social compact for Singapore in which every Singaporean has a stake in society, and that “everyone’s contributions matter”.Singapore will not follow the approach of welfare states in Europe, said Mr Wong, but the Government will need to invest more in people and social infrastructure in the coming decade.S$560m immediate support for households via CDC vouchers, utilities rebates and education top-upsFinance Minister Lawrence Wong said that the Government is closely monitoring the risk of rising inflation and cost of living, and he recognises the immediate concerns of businesses and households.\"(We) will provide significant additional support in this Budget to help them tide over the current period of higher prices,\" he added.S$500m immediate relief for businesses, including one-off cash payout for SMEs worst hit by Covid-19 curbsA S$500 million Jobs and Business Support Package, which will provide targeted help for workers and firms hit hard by Covid-19 restrictions, will be rolled out this year. The package will include a new small business grant with eligible companies receiving S$1,000 per local worker, up to S$10,000.The Jobs Growth Incentive scheme will also be extended for six months but only for companies that hire mature workers, ex-offenders or persons with disabilities.","kind":null,"is_publish_news":true,"is_publish_highlight":true,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9094767303,"gmtCreate":1645238629800,"gmtModify":1676534012228,"author":{"id":"3575543125383677","authorId":"3575543125383677","name":"TheEndIsNear","avatar":"https://community-static.tradeup.com/news/43c33417cfb81703fd159cf506dd1d95","vip":1,"crmLevel":4,"crmLevelSwitch":0},"htmlText":"Govt give $100, take back $99.","listText":"Govt give $100, take back $99.","text":"Govt give $100, take back $99.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9094767303","repostId":1192590984,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9094554408,"gmtCreate":1645193190665,"gmtModify":1676534007531,"author":{"id":"3581980965309451","authorId":"3581980965309451","name":"Eded","avatar":"https://static.tigerbbs.com/41a629a3014601072ee8dc2d151d1796","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Actually good budget … narroiwng wealth gap , tightening foreign talent inflow, delaying gst in which we can spend less , and ensuring green and creativity&nbsp;","listText":"Actually good budget … narroiwng wealth gap , tightening foreign talent inflow, delaying gst in which we can spend less , and ensuring green and creativity&nbsp;","text":"Actually good budget … narroiwng wealth gap , tightening foreign talent inflow, delaying gst in which we can spend less , and ensuring green and creativity","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9094554408","repostId":1192590984,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9094562141,"gmtCreate":1645187470706,"gmtModify":1676534006850,"author":{"id":"4089242101506430","authorId":"4089242101506430","name":"KPTan","avatar":"https://static.tigerbbs.com/6d16c608c834afdaf5cdb810b6196a28","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9094562141","repostId":1192590984,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9094568736,"gmtCreate":1645186888546,"gmtModify":1676534006794,"author":{"id":"3586990023332519","authorId":"3586990023332519","name":"StarGate","avatar":"https://static.tigerbbs.com/9db084b2eae373a6cc56043329defb07","vip":1,"crmLevel":2,"crmLevelSwitch":0},"htmlText":"Thanks for the info.","listText":"Thanks for the info.","text":"Thanks for the info.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9094568736","repostId":1192590984,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9094568452,"gmtCreate":1645186844738,"gmtModify":1676534006790,"author":{"id":"4090666436009360","authorId":"4090666436009360","name":"Yg002","avatar":"https://static.tigerbbs.com/35e855947a269a476731004af318e23c","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"[What]&nbsp;[Tongue]&nbsp;","listText":"[What]&nbsp;[Tongue]&nbsp;","text":"[What] [Tongue]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9094568452","repostId":1192590984,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9094569598,"gmtCreate":1645185643796,"gmtModify":1676534006714,"author":{"id":"4087514122562540","authorId":"4087514122562540","name":"Ann1228","avatar":"https://static.tigerbbs.com/b3af1bd7bacf697b9051fb34013a15d1","vip":1,"crmLevel":1,"crmLevelSwitch":0},"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9094569598","repostId":1192590984,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":198,"commentSize":24,"repostSize":0,"favoriteSize":2,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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