Generous Budget
Nevertheless, the Budget 2015 is the most generous spending Budget
by the Government since the economic crisis. A planned deficit of $6.7 billion
is quite an eye-opener. In any case, the lower income groups definitely stand
to benefit. The 50% personal income tax rebate (capped at $1,000) should have
quite an impact for them, and the increase in GST Vouchers will also come in
handy.
I’ve always been a fan of the various programmes the
Government implements to take care of its senior citizens. The additional
Special Employment Credit, the increase in the CPF contribution rates and the additional
interest on CPF balances from age 55 onwards, and are all to be appreciated,
although some have argued that the last one should have been done ages ago. The
Silver Support Scheme is a targeted subsidy scheme that will be welcomed
nationwide, as long as the mechanisms are in place to ensure it goes to those
that rightly qualify.