Budget 2015 at a glance

Here is a handy guide to the major announcements from Budget 2015 and how it affects you and your family

STRAITS TIMES GRAPHIC: RODOLFO PAZOS, YIME BENITES

NATIONAL EXAM FEES WAIVED STUDENTS For Singaporeans sitting the PSLE, and the GCE N-, O- and A-Levels in Government-funded schools. Students will save up to $900 from the waiver. ITE & POLYTECHNIC EXAM FEES WAIVED Singaporeans studying full-time will benefit. ONE-OFF PERSONAL INCOME TAX REBATE All taxpayers will enjoy rebate of 50 per cent, capped at $1,000, for income earned in 2014. INDIVIDUALS TO RECEIVE $500 CREDIT TO LEARN For Singaporeans aged 25 and above. Called the SkillsFuture Credit, the sum will not expire and will be topped up regularly by the Government. EDUCATION & TRAINING SUBSIDIES RAISED TO AT LEAST 90% For Singaporeans aged 40 and above taking courses funded by the Ministry of Education and the Workforce Development Agency. STUDY AWARDS & FELLOWSHIPS To be introduced in phases. Up to 2,000 awards will be given out annually for individuals to build skills in growing industries, and 100 fellowships annually for those who want to develop their skills to an even higher LEADERSHIP DEVELOPMENT INITIATIVE To groom Singaporeans to take on corporate roles and responsibilities in the future. EDUSAVE TOP-UP $150 for Singaporean students aged seven to 16, on top of annual contribution of up to $240. MORE ASSISTANCE FOR LOW-INCOME Transport costs for students under the Ministry Of Education Financial Assistance Scheme will be subsidised by at least half. Separately, self-help groups providing aid to children from needy families will also get a $6 million grant over the next two years. POST-SECONDARY ACCOUNT TOP-UP $250 to $500 for Singaporeans aged 17 to 20 this year. CAREER GUIDANCE To start from secondary school to help Singaporeans make informed choices about their career, as part of SkillsFuture programme. A new Earn and Learn scheme for fresh graduates from polytechnics and ITEs to undergo on-the-job training. HIGHER CPF SALARY CEILING WORKERS To be raised from $5,000 to $6,000 starting next year. ONE-OFF SENIOR'S BONUS For those whose homes are valued at $21,000 or less annually. Comes in the form of GST vouchers, worth $150 to $600 depending on home valuation. HIGHER CPF CONTRIBUTIONS From Jan 1, rates for workers aged 50 to 55 will increase by 2 percentage points to match the level of those younger than them. Those aged 55 to 60 will see a 1 percentage point increase, while those aged 60 to 65 will have 0.5 percentage point raise. EXTRA CPF INTEREST Additional 1 per cent interest for the first $30,000 of CPF savings for those aged 55 and above next year. This comes on top of existing 1 per cent extra interest on the first $60,000 of savings. SILVER SUPPORT SCHEME SENIORS Bottom 20 per cent of Singaporeans aged 65 and above to get payouts of between $300 and $750 every three months, starting from around first quarter next year. CHILD DEVELOPMENT ACCOUNT TOP-UP One-off cash injection of $300 to $600 to the Child Development Account of every child up to the age of six this year. MORE AFFORDABLE CHILDCARE A new Partner Operator scheme for childcare operators who will have to commit to keeping fees affordable, while delivering quality child care services. GST VOUCHER INCREASE Eligible individuals will receive an extra $50 in cash from this year onwards. S&CC REBATES For HDB households this year. 1- and 2-room HDB households will get three months of rebates for Service And Conservancy Charges, while 3- and 4-room households will get two months of rebates. PETROL DUTIES UP But drivers get a reprieve with a one-year road tax rebate. CUT IN CONCESSIONARY MAID LEVY HOUSEHOLDS From May 1, the monthly levy for households eligible for the Foreign Domestic Worker Levy Concession will be halved from $120 to $60. FOREIGN WORKER LEVY INCREASES DEFERRED The deferment in levy increases for S Pass and work permit holders will give companies, especially SMEs, more time to adapt to "the new normal" of a permanently tight labour market. SUPPORT FOR INNOVATION & INTERNATIONALISATION Application process to Spring Singapore's Capability Development Grant simplified for projects below $30,000. Increased support level for SMEs under IE Singapore's grant schemes raised from 50 to 70 per cent. INCENTIVES FOR MERGERS & ACQUISITIONS Tax allowance for acquisition costs, which will be increased from the current 5 per cent to 25 per cent of the value of acquisition. CORPORATE INCOME TAX REBATE EXTENDED UNTIL 2017 The rebate stays at 30 per cent, but cap lowered from $30,000 to $20,000 per year. INCENTIVE FOR RE-EMPLOYMENT OF SENIORS Additional Special Employment Credit of up to 3 per cent of wages for workers aged 65 and above this year, on top of existing 8.5 per cent. WAGE CREDIT SCHEME EXTENDED TO 2017 COMPANIES But Government will only co-fund 20 per cent, down from 40 per cent, of the wage increases given to Singaporean employees earning a gross monthly wage of up to $4,000. $150-$240 $250-$500 $6,000 50% $500 $300-750 $150-600 % $50 20% 25% MORE MORE MORE MORE MORE
NATIONAL EXAM FEES WAIVED STUDENTS For Singaporeans sitting the PSLE, and the GCE N-, O- and A-Levels in Government-funded schools. Students will save up to $900 from the waiver. ITE & POLYTECHNIC EXAM FEES WAIVED Singaporeans studying full-time will benefit. ONE-OFF PERSONAL INCOME TAX REBATE All taxpayers will enjoy rebate of 50 per cent, capped at $1,000, for income earned in 2014. INDIVIDUALS TO RECEIVE $500 CREDIT TO LEARN For Singaporeans aged 25 and above. Called the SkillsFuture Credit, the sum will not expire and will be topped up regularly by the Government. EDUCATION & TRAINING SUBSIDIES RAISED TO AT LEAST 90% For Singaporeans aged 40 and above taking courses funded by the Ministry of Education and the Workforce Development Agency. STUDY AWARDS & FELLOWSHIPS To be introduced in phases. Up to 2,000 awards will be given out annually for individuals to build skills in growing industries, and 100 fellowships annually for those who want to develop their skills to an even higher level. LEADERSHIP DEVELOPMENT INITIATIVE To groom Singaporeans to take on corporate roles and responsibilities in the future. EDUSAVE TOP-UP $150 for Singaporean students aged seven to 16, on top of annual contribution of up to $240. MORE ASSISTANCE FOR LOW-INCOME Transport costs for students under the Ministry Of Education Financial Assistance Scheme will be subsidised by at least half. Separately, self-help groups providing aid to children from needy families will also get a $6 million grant over the next two years. POST-SECONDARY ACCOUNT TOP-UP $250 to $500 for Singaporeans aged 17 to 20 this year. CAREER GUIDANCE To start from secondary school to help Singaporeans make informed choices about their career, as part of SkillsFuture programme. A new Earn and Learn scheme for fresh graduates from polytechnics and ITEs to undergo on-the-job training. HIGHER CPF SALARY CEILING WORKERS To be raised from $5,000 to $6,000 starting next year. ONE-OFF SENIOR'S BONUS For those whose homes are valued at $21,000 or less annually. Comes in the form of GST vouchers, worth $150 to $600 depending on home valuation. HIGHER CPF CONTRIBUTIONS From Jan 1, rates for workers aged 50 to 55 will increase by 2 percentage points to match the level of those younger than them. Those aged 55 to 60 will see a 1 percentage point increase, while those aged 60 to 65 will have 0.5 percentage point raise. EXTRA CPF INTEREST Additional 1 per cent interest for the first $30,000 of CPF savings for those aged 55 and above next year. This comes on top of existing 1 per cent extra interest on the first $60,000 of savings. SILVER SUPPORT SCHEME SENIORS Bottom 20 per cent of Singaporeans aged 65 and above to get payouts of between $300 and $750 every three months, starting from around first quarter next year. CHILD DEVELOPMENT ACCOUNT TOP-UP One-off cash injection of $300 to $600 to the Child Development Account of every child up to the age of six this year. MORE AFFORDABLE CHILDCARE A new Partner Operator scheme for childcare operators who will have to commit to keeping fees affordable, while delivering quality child care services. GST VOUCHER INCREASE Eligible individuals will receive an extra $50 in cash from this year onwards. S&CC REBATES For HDB households this year. 1- and 2-room HDB households will get three months of rebates for Service And Conservancy Charges, while 3- and 4-room households will get two months of rebates. PETROL DUTIES UP But drivers get a reprieve with a one-year road tax rebate. CUT IN CONCESSIONARY MAID LEVY HOUSEHOLDS From May 1, the monthly levy for households eligible for the Foreign Domestic Worker Levy Concession will be halved from $120 to $60. FOREIGN WORKER LEVY INCREASES DEFERRED The deferment in levy increases for S Pass and work permit holders will give companies, especially SMEs, more time to adapt to "the new normal" of a permanently tight labour market. SUPPORT FOR INNOVATION & INTERNATIONALISATION Application process to Spring Singapore's Capability Development Grant simplified for projects below $30,000. Increased support level for SMEs under IE Singapore's grant schemes raised from 50 to 70 per cent. INCENTIVES FOR MERGERS & ACQUISITIONS Tax allowance for acquisition costs, which will be increased from the current 5 per cent to 25 per cent of the value of acquisition. CORPORATE INCOME TAX REBATE EXTENDED UNTIL 2017 The rebate stays at 30 per cent, but cap lowered from $30,000 to $20,000 per year. INCENTIVE FOR RE-EMPLOYMENT OF SENIORS Additional Special Employment Credit of up to 3 per cent of wages for workers aged 65 and above this year, on top of existing 8.5 per cent. WAGE CREDIT SCHEME EXTENDED TO 2017 COMPANIES But Government will only co-fund 20 per cent, down from 40 per cent, of the wage increases given to Singaporean employees earning a gross monthly wage of up to $4,000. $150-$240 $250-$500 $6,000 50% $500 $300-750 $150-600 % $50 20% 25% MORE MORE MORE MORE MORE
NATIONAL EXAM FEES WAIVED STUDENTS For Singaporeans sitting the PSLE, and the GCE N-, O- and A-Levels in Government-funded schools. Students will save up to $900 from the waiver. ITE & POLYTECHNIC EXAM FEES WAIVED Singaporeans studying full-time will benefit. ONE-OFF PERSONAL INCOME TAX REBATE All taxpayers will enjoy rebate of 50 per cent, capped at $1,000, for income earned in 2014. INDIVIDUALS TO RECEIVE $500 CREDIT TO LEARN For Singaporeans aged 25 and above. Called the SkillsFuture Credit, the sum will not expire and will be topped up regularly by the Government. EDUCATION & TRAINING SUBSIDIES RAISED TO AT LEAST 90% For Singaporeans aged 40 and above taking courses funded by the Ministry of Education and the Workforce Development Agency. STUDY AWARDS & FELLOWSHIPS To be introduced in phases. Up to 2,000 awards will be given out annually for individuals to build skills in growing industries, and 100 fellowships annually for those who want to develop their skills to an even higher level. LEADERSHIP DEVELOPMENT INITIATIVE To groom Singaporeans to take on corporate roles and responsibilities in the future. EDUSAVE TOP-UP $150 for Singaporean students aged seven to 16, on top of annual contribution of up to $240. MORE ASSISTANCE FOR LOW-INCOME Transport costs for students under the Ministry Of Education Financial Assistance Scheme will be subsidised by at least half. Separately, self-help groups providing aid to children from needy families will also get a $6 million grant over the next two years. POST-SECONDARY ACCOUNT TOP-UP $250 to $500 for Singaporeans aged 17 to 20 this year. CAREER GUIDANCE To start from secondary school to help Singaporeans make informed choices about their career, as part of SkillsFuture programme. A new Earn and Learn scheme for fresh graduates from polytechnics and ITEs to undergo on-the-job training. HIGHER CPF SALARY CEILING WORKERS To be raised from $5,000 to $6,000 starting next year. ONE-OFF SENIOR'S BONUS For those whose homes are valued at $21,000 or less annually. Comes in the form of GST vouchers, worth $150 to $600 depending on home valuation. HIGHER CPF CONTRIBUTIONS From Jan 1, rates for workers aged 50 to 55 will increase by 2 percentage points to match the level of those younger than them. Those aged 55 to 60 will see a 1 percentage point increase, while those aged 60 to 65 will have 0.5 percentage point raise. EXTRA CPF INTEREST Additional 1 per cent interest for the first $30,000 of CPF savings for those aged 55 and above next year. This comes on top of existing 1 per cent extra interest on the first $60,000 of savings. SILVER SUPPORT SCHEME SENIORS Bottom 20 per cent of Singaporeans aged 65 and above to get payouts of between $300 and $750 every three months, starting from around first quarter next year. CHILD DEVELOPMENT ACCOUNT TOP-UP One-off cash injection of $300 to $600 to the Child Development Account of every child up to the age of six this year. MORE AFFORDABLE CHILDCARE A new Partner Operator scheme for childcare operators who will have to commit to keeping fees affordable, while delivering quality child care services. GST VOUCHER INCREASE Eligible individuals will receive an extra $50 in cash from this year onwards. S&CC REBATES For HDB households this year. 1- and 2-room HDB households will get three months of rebates for Service And Conservancy Charges, while 3- and 4-room households will get two months of rebates. PETROL DUTIES UP But drivers get a reprieve with a one-year road tax rebate. CUT IN CONCESSIONARY MAID LEVY HOUSEHOLDS From May 1, the monthly levy for households eligible for the Foreign Domestic Worker Levy Concession will be halved from $120 to $60. FOREIGN WORKER LEVY INCREASES DEFERRED The deferment in levy increases for S Pass and work permit holders will give companies, especially SMEs, more time to adapt to "the new normal" of a permanently tight labour market. SUPPORT FOR INNOVATION & INTERNATIONALISATION Application process to Spring Singapore's Capability Development Grant simplified for projects below $30,000. Increased support level for SMEs under IE Singapore's grant schemes raised from 50 to 70 per cent. INCENTIVES FOR MERGERS & ACQUISITIONS Tax allowance for acquisition costs, which will be increased from the current 5 per cent to 25 per cent of the value of acquisition. CORPORATE INCOME TAX REBATE EXTENDED UNTIL 2017 The rebate stays at 30 per cent, but cap lowered from $30,000 to $20,000 per year. INCENTIVE FOR RE-EMPLOYMENT OF SENIORS Additional Special Employment Credit of up to 3 per cent of wages for workers aged 65 and above this year, on top of existing 8.5 per cent. WAGE CREDIT SCHEME EXTENDED TO 2017 COMPANIES But Government will only co-fund 20 per cent, down from 40 per cent, of the wage increases given to Singaporean employees earning a gross monthly wage of up to $4,000. $150-$240 $250-$500 $6,000 50% $500 $300-750 $150-600 % $50 20% 25% MORE MORE MORE MORE MORE