In the recent Budget 2014 report, the Government is set to help lower- and middle-income Singaporean families cope with their kids’ education cost.
There are several things that families in Singapore struggle with on a daily basis — the rising cost of living and the need for quality healthcare that is affordable for all, among others. But the one thing that we parents often fret about is the issue of coping with the high costs of education.
My husband and I have often wondered if we are able to sustain the cost of education for our daughter, especially as we balk at the school fees of the various preschools that we have included on our shortlist of possible schools for her. But with the recent budget report that was released last Friday, 21st February 2014, it seems that the Government is set to provide more support to help lower- and middle-income Singaporean families cope with education costs at the tertiary and preschool levels.
Help for families with pre-schoolers
Budget 2014: Lower and middle income families can look forward to significant reductions in school fees, thanks to an improved Kindergarten Fee Assistance Scheme (KiFAS).
Families who earn up to $3,000 a month will now pay $3 for their child’s kindergarten fees every month. This is a significant decrease, compared to the maximum amount of $75 that families in this group are currently paying.
For lower-middle income families that earn $4,800 a month, the revised kindergarten fee will be $85, compared to the current $130.
Help for preschool fees for these families will come from an improved Kindergarten Fee Assistance Scheme (KiFAS). KiFAS will be made available to pre-schoolers in all anchor operator preschools and Ministry of Education kindergartens.
What did the Budget 2014 report say about families with older kids? Find on the next page…
Help for families with older kids in tertiary institutions
Enhanced bursary schemes are in store for polytechnic and ITE students.
For families with older children, the Government is set to offer assistance in the form of enhanced bursary schemes for students attending institutes of higher learning.
The qualifying income ceiling for bursaries will be raised — from a monthly combined household income of $1,700 to $1,900. University undergraduates from the lowest one-third of households can expect an increase in their bursaries from $2,900 to $3,600 per year. Undergraduates from middle-income families can expect a $2,600 yearly bursary — an increase from $2,150.
In his budget speech, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam said polytechnic and ITE students from middle-income households will also receive more help for their education.
He also mentioned that ITE bursaries for lower income students will be “significantly higher than their fees”, to help defray living costs.
“We are driving important initiatives to help our lower income families aspire for themselves, and enable every Singaporean to contribute to a better society,” Mr Tharman said.
He also added that the move to help lower- and middle-income families with education costs is a “determined, multi-year effort to keep up social mobility” to avoid being “a society of permanent tiers”.
Do take a look at the infographic below which sums up the Government’s upcoming plans to help families in Singapore cope with the education costs of their kids.
A summary of the Government’s efforts to promote social mobility. (Source: Ministry of Finance via Channel NewsAsia)
What are your thoughts on the Budget 2014 report? Are you satisfied with the measures taken by the Government to help Singaporeans lead a more progressive and fulfilling life? Share with us by commenting below!
Reference:
https://www.channelnewsasia.com/news/singapore/budget-2014-more-help-for/1007648.html