Wednesday, May 16, 2007
'Government Strategic Thrust Offset' Package
Finally we'll be even a rebate or some sort when the Goods and Service Tax is increasing from 5% to 7% by 1 July 2007. But fear not as with the new 'GST Offset' Package, we should all be relived with smiles.....or not.....
1. GST Credits
All adult Singaporeans will get GST Credits of up to $1,000 to help them with the impact of the GST increase. Those who earn less or live in smaller homes will get more GST Credits. Nearly three-quarters of adult Singaporeans will get $800 each. NSFs and NSmen will also get a one-off $100 of GST Credits to recognise their contributions to national security.
(Inference: NSFs who are below the age of 21 this year will be rather sad as their contributions are not going to be recognised. *that would be me.)
2. Senior Citizens’ Bonus
To help the lower-income elderly who have to meet living expenses out of their savings, a Senior Citizens’ Bonus of $200 to $1,000 will be given out to all Singaporeans aged 55 and above, and who have an annual income of $100,000 or less. Two-thirds of the Senior Citizens’ Bonus will be given in cash and one-third credited to their Medisave Accounts.
(Comment: What for put it in the Medisave Accounts, which doesn't really help much to the lower-income elderly, when they could really spend it wisely for their daily basic necessities.)
3. Top-ups to Post Secondary Education Accounts
Every Singapore citizen child aged from 7 to 20 will receive a top-up of $100 to $400 to his Post-Secondary Education Account (PSEA) in 2008 and again in 2009. Those who are older and from less well-off families will get a higher top-up to their PSEA. PSEAs will be automatically created for eligible children. Unused funds in the PSEA will be transferred to the account holder’s CPF Ordinary Account (CPF-OA) when he turns 30.
(Comment: Those who are of the age of 20 this year will not be able to receive any top-up for their Uni./Poly/et cetra education account next year. And this person would be even more sad if he got to know that he's a 'boy' and not yet a 'man'...and that would be me. *Refer to point 1.)
The most subtle of all is that they made this offer to be in an 'Opt-out' mode instead of an 'Opt-for' mode.
(Comment: Usually those policies/packages/accounts which involve money to be paid periodically by us will be under the 'Opt-out' mode whereas those which involve money to be given to us (sometimes one-off or annually for a few years) will be under the 'Opt-for' mode.)
At the end of the day, if *you are a 20-year-old male who is enlisted for NS in the batch of Mar/Apr, don't even think about getting anything from the Government.........AGAIN!! lolx
(*If you are categorised as above, you should know that you didn't get the Progress Package under the NSFs category as well.)
DSZeng scribbled this at 11:27 PM
