ID :
162139
Fri, 02/18/2011 - 14:36
Auther :
Shortlink :
https://oananews.org//node/162139
The shortlink copeid
Singapore To Raise Incomes of Singaporeans
SINGAPORE (Bernama) - Singapore plans to raise the incomes of all
Singaporeans by 30 per cent, in real terms, over this decade, said Finance
Minister Tharman Shanmugaratnam today.
He said to realise this, the Singapore economy must grow, businesses should
be upgraded and investment should be made to raise skills, craftsmanship and the
quality of service in every job.
Presenting Singapore's 2011 Budget, beginning April 1 in Parliament here
today, Shanmugaratnam said the move was the only way the city-state could
improve incomes and living standards, including for those at the lower end of
the income ladder.
The budget detailed packages to help Singaporeans cope with high cost of
living and improve their living standards, worth some S$6.6 billion, out of
which S$3.2 billion will be provided to households this year under "The Grow and
Share Package", with more going to lower and middle-income families.
The remaining S$3.4 billion will be set aside for longer-term social
investments to enhance Singaporeans' well-being, with focus on supporting a
first-class, long-term care environment as the population ages.
Shanmugaratnam said the city-state could become a first-rate developed
economy a decade from now, with advanced skills and higher incomes, and a larger
base of globally competitive enterprises, if they succeeded in the endeavours.
He said Singapore's economy, after two weak years in 2008 and 2009, when
growth was close to zero, had done exceptionally well in the past year with its
Gross Domestic Product growing a record 14.5 per cent in 2010.
However, the minister said Singapore's economy would grow more slowly this
year as the external environment was more complex.
He said although growth in the emerging economies, which accounted for
two-thirds of global growth, was expected to remain strong, these economies were
also seeing a build-up of inflationary pressures.
Food and other commodity prices had climbed sharply, because supply had been
affected by harsh weather conditions while demand continued to grow in China and
elsewhere, the minister said, adding the political uncertainties in the Middle
East had also driven oil prices up.
He said the government would watch the risks and be ready to respond if
global growth faltered.
Shanmugaratnam said Singapore's economy would remain positive and was
expected to grow between 4.0 per cent and 6.0 per cent in 2011, above the
estimated trend growth of between 3.0 and 5.0 for the next 10 years, reflecting
the continuing momentum in the economy.
However, inflation was still a key concern for all Singaporeans this year,
and especially for low-income families, as the country imported almost all that
they consumed, the minister said.
He added this time round, it was mainly food, utilities and other
fuel-related charges that were of concern to most Singaporeans.
He said this year's inflation would be around 3.0 per cent to 4.0 per cent,
higher in the first-half before moderating later in the year.
Consumer Price Index inflation was 4.6 per cent, year-on-year, in December
2010.
The minister said to moderate medium-term inflationary pressures the
government permitted the Singapore dollar to appreciate against a basket of
foreign currencies over the last 18 months and this helped counter inflation
in imported goods.
However, he said using the exchange rate to offset sudden spikes in prices,
such as seen in oil prices over the last six months, would require a sharp
appreciation of the Singapore dollar, and this would disrupt exporters.
Shanmugaratnam also said to strengthen the Singapore's society, further
measures would be taken to ensure an inclusive society where everyone could
contribute and share in the country's progress, regardless of where they start
from.
The budget would introduce tax measures to expand support for lower and
middle-income Singaporeans, the minister said, adding their children would be
helped to get the best start in life through education, from pre-school through
tertiary education.
Among other budget measures taken by the government to help Singaporeans
ride through the year include:
+ Giving each Singaporean $100 to $800 in cash, based on assessable income,
+ Reducing personal income taxes significantly for the middle and
upper-income taxpayers,
+ Giving special bonus to more than 400,000 working Singaporeans,
+ Abolishing the S$110 yearly radio and television licence with immediate
effect,
+ Injecting an additional S$500 million to help needy Singaporeans,
+ Spending S$10 billion to upgrade homes and rejuvenate housing estates over
the next 10 years,
+ Giving companies a 20 per cent corporate income tax rebate capped at
$10000, and
+ Reducing lower-skilled foreign workers by increasing levy for all sectors
this year.
Singaporeans by 30 per cent, in real terms, over this decade, said Finance
Minister Tharman Shanmugaratnam today.
He said to realise this, the Singapore economy must grow, businesses should
be upgraded and investment should be made to raise skills, craftsmanship and the
quality of service in every job.
Presenting Singapore's 2011 Budget, beginning April 1 in Parliament here
today, Shanmugaratnam said the move was the only way the city-state could
improve incomes and living standards, including for those at the lower end of
the income ladder.
The budget detailed packages to help Singaporeans cope with high cost of
living and improve their living standards, worth some S$6.6 billion, out of
which S$3.2 billion will be provided to households this year under "The Grow and
Share Package", with more going to lower and middle-income families.
The remaining S$3.4 billion will be set aside for longer-term social
investments to enhance Singaporeans' well-being, with focus on supporting a
first-class, long-term care environment as the population ages.
Shanmugaratnam said the city-state could become a first-rate developed
economy a decade from now, with advanced skills and higher incomes, and a larger
base of globally competitive enterprises, if they succeeded in the endeavours.
He said Singapore's economy, after two weak years in 2008 and 2009, when
growth was close to zero, had done exceptionally well in the past year with its
Gross Domestic Product growing a record 14.5 per cent in 2010.
However, the minister said Singapore's economy would grow more slowly this
year as the external environment was more complex.
He said although growth in the emerging economies, which accounted for
two-thirds of global growth, was expected to remain strong, these economies were
also seeing a build-up of inflationary pressures.
Food and other commodity prices had climbed sharply, because supply had been
affected by harsh weather conditions while demand continued to grow in China and
elsewhere, the minister said, adding the political uncertainties in the Middle
East had also driven oil prices up.
He said the government would watch the risks and be ready to respond if
global growth faltered.
Shanmugaratnam said Singapore's economy would remain positive and was
expected to grow between 4.0 per cent and 6.0 per cent in 2011, above the
estimated trend growth of between 3.0 and 5.0 for the next 10 years, reflecting
the continuing momentum in the economy.
However, inflation was still a key concern for all Singaporeans this year,
and especially for low-income families, as the country imported almost all that
they consumed, the minister said.
He added this time round, it was mainly food, utilities and other
fuel-related charges that were of concern to most Singaporeans.
He said this year's inflation would be around 3.0 per cent to 4.0 per cent,
higher in the first-half before moderating later in the year.
Consumer Price Index inflation was 4.6 per cent, year-on-year, in December
2010.
The minister said to moderate medium-term inflationary pressures the
government permitted the Singapore dollar to appreciate against a basket of
foreign currencies over the last 18 months and this helped counter inflation
in imported goods.
However, he said using the exchange rate to offset sudden spikes in prices,
such as seen in oil prices over the last six months, would require a sharp
appreciation of the Singapore dollar, and this would disrupt exporters.
Shanmugaratnam also said to strengthen the Singapore's society, further
measures would be taken to ensure an inclusive society where everyone could
contribute and share in the country's progress, regardless of where they start
from.
The budget would introduce tax measures to expand support for lower and
middle-income Singaporeans, the minister said, adding their children would be
helped to get the best start in life through education, from pre-school through
tertiary education.
Among other budget measures taken by the government to help Singaporeans
ride through the year include:
+ Giving each Singaporean $100 to $800 in cash, based on assessable income,
+ Reducing personal income taxes significantly for the middle and
upper-income taxpayers,
+ Giving special bonus to more than 400,000 working Singaporeans,
+ Abolishing the S$110 yearly radio and television licence with immediate
effect,
+ Injecting an additional S$500 million to help needy Singaporeans,
+ Spending S$10 billion to upgrade homes and rejuvenate housing estates over
the next 10 years,
+ Giving companies a 20 per cent corporate income tax rebate capped at
$10000, and
+ Reducing lower-skilled foreign workers by increasing levy for all sectors
this year.
