To build a fair and inclusive society, we also have to create more opportunities for lower- and middle-income Singaporeans, and provide stronger help for families who fall on difficult times to pick themselves up.
"With the market crunch now, it's very hard to find older workers. Some of them work just for a while, then resign. So the CPF contributions don't bother me because the challenge we face is in finding older workers to begin with. Still, more CPF will help the older folks, and that's what it's all about." - Mr Adrin Loi, executive chairman of Ya Kun International
"It is evident that the Budget is aimed at addressing current issues with longer-term implications. This is important but I think SMEs were hoping for measures to help them mitigate their current economic challenges. It is likely that they may be somewhat disappointed." - Mr Hernaikh Singh, chief executive officer, Singapore Indian Chamber of Commerce & Industry
"Productivity would not be uppermost in employers' minds if they are trying to solve immediate problems like rising rentals, wage costs and transportation costs, among others. While this Budget emphasises the long-term goals of economic restructuring and driving up productivity, our local SMEs may not be able to withstand the immediate and short-term pains." - Mr Teo Siong Seng, president, Singapore Chinese Chamber of Commerce & Industry
"The real question is: If the Finance Minister said in 2010 that we would increase the foreign worker levy to reduce our over-reliance on foreign labour and Government did the exact opposite the following year, how do we know the policy will be adhered to this time? ... Without significant reallocation of our expenditure, our economy will continue to remain unstable and prone to wild swings. As a result, Singaporeans will continue to hurt and their socioeconomic problems will not be addressed." - Mr Vincent Wijeysingha, treasurer, Singapore Democratic Party
Budget 2012: Higher taxes on non-cigarette tobacco items
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said he would raise the duties for beedies, 'ang hoon' and smokeless tobacco by 20 per cent.
The duties for unmanufactured tobacco will go up by 10 per cent. The changes started on Friday.
CPF contribution rates to increase for seniors
Deputy Prime Minister Tharman Shanmugaratnam said workers in the 50 to 55 age group will eventually see their CPF contribution rate grow by 6 percentage points to reach the full rate of 36 per cent - in line with younger workers. He did not disclose a timeline.
Middle-income households to receive healthcare subsidies
Two-thirds of Singapore households - up from the current 50 per cent - will qualify for subsidies for nursing homes and community-based care, which includes day-care centres, as well as home-based care. The amount of the subsidies will also be increased. "As the elderly often do not themselves have income, what this effectively means is that about 80 per cent of elderly will qualify," Deputy Prime Minister Tharman Shanmugaratnam said yesterday.
S$3.6b in GST vouchers to help poor
The "GST Voucher" will be introduced into the nation's fiscal system as a permanent feature.
The initiative, which will cost the Government S$3.6 billion over the next five years, will include cash, an annual Medisave account top-up and rebates to offset utilities bills.
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