Singapore Budget 2017 is out and here is what it means for families. Also check out our cool Budget special infographic!
Finance Minister Heng Swee Keat has just announced Singapore Budget 2017, and we decode what it means for families. Also, do check out our infographic, which we hope, will help in understanding this year’s budget for families a lot better.
FOR FIRST-TIME HOME BUYERS
Families who are first- time home buyers will receive more CPF Housing Grants if they opt for HDB resale flats.
Families buying 4-room flats or smaller from the resale market will get a CPF Housing Grant of $50,000 (up from $30,000). Those purchasing 5-room flats or bigger from the resale market stand to get a CPF Housing grant of $40,000.
Please note that these changes take place with immediate effect.
This means that maximum amount of housing grants available for resale flats has gone up to $110,000, if you consider the Additional CPF Housing Grant (AHG) and Proximity Housing Grant (PHG).
(The AHG gives applicants up to $40,000, for those whose combined incomes are $5,000 and below, while the PHG gives a further $20,000 for those who live near their parents.)
MORE HELP TO PARENTS WITH INFANTS
The Government plans to increase the total capacity of centre-based infant care to 8,000 by year 2020, up from the current 4,000. This is to meet growing demand, considering that both parents work these days, and many are reluctant to leave their babies at the hands of a maid.
ENHANCED BURSARIES FOR THOSE ATTENDING POST-SECONDARY EDUCATION INSTITUTIONS
In a move to encourage students to study more, bursaries for students attending post-secondary education institutions like junior college or ITE has been increased.
Undergraduate students stand to get up to $400 more, diploma students gain up to $350 more, and ITE students up to $200 more. The income eligibility criteria to receive such bursaries will also be revised, and about 12,000 more Singapore students are expected to benefit from this move.
WATER PRICES TO GO UP BY 30 %
From July 1, water tariffs will go up by 30 %, to make up for the higher costs of water production, including desalination and NEWater production.
The water price revision is the first to happen in 17 years. On the bright side, lower-income households will get help to offset the hike, with additional U-Save rebates. For these households, the increase will be less than $12 a month, with no increase on average for 1 or 2-room households. For 75 % of households, it will mean an increase of less than $18 a month.
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