Le Weird Life of Le Lupin (UTF-8)

Saturday, February 18, 2006

Budget 2006.

As promised The budget.

First here's the Official link
Budget 2006 from MOF Site

Before I move into the Juice of this budget, I would like to talk about what I think about the budget of this year. But before that, let's us review our budget position of last fiscal year of 2005. This part is skip able for those who want to pass.

FY 2005 saw an increase in the overall surplus/(deficit). It is revised at 0.43b as compared to 0.21b as budgeted in last year budget. This position is achieved with both the Operating Revenue and the Total Expenditure lower as estimated and an increase in the Net Investment Income Contribution. For More inform read Table 2 of FY2005 and Annex E of FY2006.

One thing I like about this year budget is that how the money is spent. And I'm not taking the PROGRESS package that the government is giving.This year budget, quite a percentile of it, is been spent on the future. Yes, you heard it rite, FUTURE. The government is going to concentrate on making Singapore into a knowledge hub, Intellectual Property (IP), Key areas in Manufacturing and Services, Entrepreneurship and yes HUMAN CAPITAL. The government is setting aside money to train it's people. An example is the a pre-tertiary Arts school been setup.

OK, now the goodies time.

PROGRESS Package.

This year the government has set aside 3.59b as Special Transfers. It is a 310.2% increased as compared with last year. Some economist deems this year budget as "Negative Income Tax". But if you read through how the term is used and how our government is distributing it's money, you would know, it is a far cry from what it is.

The link for this PROGRESS Package is here.

I would go through briefly about it.

Growth Dividends (All Singaporeans) - $200 - $800
This will depend on your Annual Assesable Income and Annual Value of Home. Which means, the less you earn and the smaller your house, the more money you will get. Vice Versa

Workfare Bonus (Low-Wage Worker) - $75 - $200
This will depend on the salary declared (Yes, you need to declare how much you had earned for this entitlement)

HDB Rebates - Details in the link above. Range from $60 - $200.

CPF Topup for Ederly ($100-$800)
Dependant on Age and Annual Value of Home

Opportunity Funds for Students ($50 million assesible for all schools and community self help groups)

NS Bonus - $100 - $400
Those who ORNS (Completed Reservist) - $400
Those sill serving NS (NSFs) or NSMens - $100

How to entitle for this Progress package?We will be given a letter from CPF by late March. We have to sign up through ATMS, The Progress Package Website or hard copy forms from Post Offices or CPF.OK,

I think I had briefly covered everything.Any question, pls email me and I will try my best to answer them

Lupin Tan
With help from Alessandro De Parco.

Being Weird On|9:15 AM| Budget 2006.
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