What did I get out of Budget 2014 and Budget 2015?

If you are not a Pioneer Generation, you receive less benefit from the government budget. And if you stay in a property with annual value higher than the threshold, you get even less compared with most people. There is no GST Vouchers and no S&CC rebates. We are supposed to be able to look after ourselves without all these budget measures.

So, what did I get out of Budget 2014 and Budget 2015? I have chosen to quit the labour force and schemes relating to work (eg CPF contributions) are not applicable to me.

Budget 2014

For Singapore citizens born in 1959 or earlier (and a non-Pioneer Generation) and whose home has annual value of more than $13,000 get 5-year Medisave Top-up of $100 starting August 2014.

I get Medisave top-up of $100 each year for 5 years.

Budget 2015

The interest rate on the first $30,000 of CPF balances of members from the age of 55 years, will be raised by 1% point. This will take effect from 1 January 2016.

This is useful to increase my CPF balances provided I continue to have CPF balances in the accounts.

Medishield Life

Medishield Life starts from the end of this year. The Government is giving every Singapore citizen transitional subsidies for first four years of Medishield Life. With the subsidy, the insured pays only 10% of the premium increase (ie 90% subsidy) as a result of transiting into Medishield Life. The subsidies for Year 2, 3, 4 are 70%, 40% and 20%.

In addition, those who stay in property with Annual Value < = $21,000 are eligible to receive long-term Premium Subsidies of between 15% to 50%. Only 2 out of 3 households will get this subsidy. My household belongs to the 1 out of 3 and worst still, my daugther who had started work and who stayed with us does not get the long-term premium subsidies.

Petrol Duty

Because I drive occasionally, I have to pay higher petrol costs. Petrol duties have gone up between 15 to 20 cents per litre depending on the grade of petrol. This is substantial increase.

Copyright © 2015, limkimtong for Living Investment

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