After The Ministry of Finance announced that the 2020 Budget Statement will be delivered on 18 Feb 2020, Singaporeans started asking more questions than a child who just learned the word “why”.
Lucky for you, Goody Feed will answer all your burning questions with the patience of a first-time parent.
Here’s everything you need to know about the 2020 Singapore Budget.
Where You Can Catch It
The 2020 Budget statement will be delivered by Deputy Prime Minister (DPM) and Finance Minister Heng Swee Keat in Parliament on 18 Feb.
There will be live television and radio coverage of the Budget Statement, as well as a live webcast on the Singapore Budget website.
You can also get real-time updates if you follow MOF’s Facebook page and Twitter account.
Or, if you’re more of a Too Long Didn’t Read (TLDR) kind of person, you could just wait for Goody Feed to summarise it for you.
Budget 2020 Feedback
In case you’re not aware, the government actually wants your feedback before the budget is approved.
Reader: Me?
Yes, you.
Reader: *blushes* Wow, I guess they must really value my opinions if they’re going to let me speak for the whole of Singapo-
I actually meant that they want all Singaporeans to give feedback, not specifically you.
Reader:
Anyway, the ongoing Budget 2020 feedback phase, which began on 2 Dec 2019, will conclude on Friday, 10 Jan.
So, if you’ve not submitted your feedback, you should do it soon!
You can submit your feedback through the following avenues:
- Singapore Budget website.
- REACH Budget microsite.
- REACH Singapore Feedback Form.
- REACH Singapore’s Facebook and Instagram accounts.
There will also be five feedback sessions you can attend on Saturday (4 Jan):
1 – Tiong Bahru CC
9.30 am – 2.30 pm
2 – Bukit Panjang CC
10am – 5pm
3 – Ci Yuan CC
9am – 1pm
4 – Zhenghua CC
9am – 6pm
5 – Tampines
Blk 480, Tampines Street 44, Singapore 520480
7pm – 8.30pm
And one on Sunday (5 Jan):
6 – Radin Mas CC
8.45am – 2pm
Sneak Peek
So what can we expect from Budget 2020?
In his New Year’s Message on Tuesday (31 Dec), Prime Minister Lee Hsien Loong said the Budget will include plans to improve the lives of Singaporeans, such as helping households with the cost of living.
It will also contain measures to help “businesses to raise their productivity and build new capabilities”, he added.
In addition, it will help workers, especially mid-career PMETs, to “to retrain, acquire new skills, find new jobs, and stay employable”.
Boss: Please start with our writers
PM Lee also said that it will improve social safety nets that protect the poor, elderly, and the vulnerable.
“These are all practical measures to improve the lives of Singaporeans,” he said.
Well, they did ban PMDs after threatening to do so, so maybe these aren’t just the empty words of a politician.
Last year, the government introduced a host of new schemes and measures in Budget 2019. These include the Merdeka Generation Package, setting aside S$1 billion to help local companies build capabilities, and a one-time “hongbao” for Singaporeans aged 21 and above – the S$1.1 billion Bicentennial Bonus.
But they also announced lower allowances for GST-free purchases and duty-free alcohol, so while you can expect some good things in Budget 2020, it may not all be good news.
Here’s a simplified summary of the South Korea martial law that even a 5-year-old would understand:
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