Finance minister Tharman Shanmugaratnam wants to grow the real incomes of Singaporeans by 30% in real terms over this decade by growing the economy, upgrading businesses and investing in raising skills, craftsmanship and the quality of service in every job.
A second objective of the Budget is to strengthen society. Measures taken to ensure an inclusive society will see tax measures to expand support for lower and middle-income Singaporeans to help their children get the best in education. There will also be enhanced grants to help lower-income Singaporeans own their own homes.
Resources will be directed towards quality long-term care for the elderly, and raising the quality of life by rejuvenation of HDB neighbourhoods and developing a vibrant and accessible arts and culture scene.
ORIGINAL SOURCERelated Articles:
| RELIEFS, BENEFITS | |
 | 20 per cent personal income tax rebate Middle-income earners will enjoy the largest percentage reduction in taxes |
 | S'poreans to receive up to $800 cash This year, those living in expensive homes but who do not have high incomes will get $300 |
| Employer CPF contribution to go up by 0.5%; CPF salary ceiling to increase to $5,000 Additional CPF contribution will help S'poreans save more for their retirement needs |
| Special CPF housing grant for lower-income families This will be provided to families who earn up to $2,250 per month |
| $130 top-up for students' Edusave accounts There will be an additional $100 million in Edusave grants to schools |
| Medisave top-ups for those over 45 Government to top up Medifund endowment |
| New Child Development Credit Scheme for S'poreans six and below It can be used to pay for children's preschool, childcare, and medical expenses |
| Greater subsidies and benefits in health, education, housing Aim to raise incomes by 30% in real terms over this decade by growing the economy |
| COMPANIES/BUSINESSES | |
| 400,000 to receive Workfare special bonus Workfare Special Bonus will be given for work done in 2010 - 2013 |
| Key tax changes for enterprise Some miscellaneous tax changes include raise in excise tax for two non-cigarette tobacco products |
| One-off support measures for companies Companies to be given corporate income tax rebate, special employment credit |
| Govt to boost schemes to help businesses Investment in the National Productivity Fund will be doubled |
| Foreign worker levies to be increased Services and construction sectors to pay more for foreign workers now |
| MORE GOODIES | |
| Radio and TV licence fees to be removed It will be removed permanently, as it has become irrelevant |
| More help for needy citizens and VWOs Public Assistance scheme revised, $20m to help with the professional development of social workers |
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