So you’ve probably already heard that Deputy Prime Minister (DPM) and Minister for Finance, Heng Swee Keat, delivered the Singapore Budget 2020 today. We’ll get into what some of the numbers mean for everyday folk like you and I, but not before two wholesome stories to get your appetite going.

REAL LOVE

This year’s Budget Statement comes four days after Valentine’s Day.

It’s also an unprecedented Budget because it was heavily revised in the wake of COVID-19 to ensure Singaporeans would receive strong support. 

DPM wrote on Facebook: “We have many young officers at MOF, and I had really hoped that they could have a nice Valentine’s Day with their loved ones last Friday. Instead, they asked for understanding from their partners, and worked with me through the night and over the weekend.”

To actually get the Budget delivered on this date as planned, people at the Ministry of Finance (MOF) had to come together and burn the midnight oil. That’s real love, y’all. 

PORRIDGE PRAISE

DPM also took the time to give a shoutout to an Auntie Mei Jok for her home-cooked porridge, prepared every year on the eve of Budget Day, for the team working hard on the Budget Statement.

He named a few other colleagues responsible for this nice gesture, and called the porridge dinner “the equivalent of MOF’s annual ‘reunion dinner’”.

This very heartwarming story was certainly apt for a Budget touted to help ordinary Singaporeans.

OUR 5 FAVOURITE THINGS ABOUT BUDGET 2020

1. GST to stay at 7% for 2021

I’m starting with this one because it’s something all of us would surely love.

The goods and services tax (GST) hike would not take place next year as planned. While an increase would still be “needed by 2025”, DPM said the Government would provide sufficient lead time. 

A new Assurance Package worth $6 billion has also been introduced to help cushion the financial impact of the GST hike when it does increase. This is done through giving Singaporeans cash payouts ($700-$1,600) over a period of five years. 

This is super reassuring news in a time when the economy is not doing so well – certainly worth celebrating!

2. 21 and above? You have a cash payout of up to s$300

A Care and Support Package costing $1.6 billion was also announced.

This is intended to help Singaporean households given the COVID-19 situation and slower economic growth for the nation, to alleviate cost-of-living concerns in the near term.

All Singaporeans aged 21 and above in 2020 will receive a one-off cash payout of $300, $200 or $100. This sum depends on factors like your income. Those with children will also get an additional $100. 

Thank God, because it seems we have a Government that understands the situation of the people on the ground. That’s really not something to take for granted.

3. Higher bursaries and subsidies for less-privileged students

Turning to education, DPM announced that the annual bursary for pre-university students would be increased from $900 to $1,000 each, under the Ministry of Education’s Financial Assistance Scheme.  

Lower- and middle-income students enrolling in polytechnics and autonomous universities from Academic Year 2020 will also be able to apply for higher bursaries. The same goes for full-time ITE students.

The Government will also increase transport subsidies for all students, as well as school meal subsidies for secondary school students.

One eye-popping statistic that was shared was how a Singaporean child receives up to $180,000 worth of education subsidies by the time he turns 16!

“This substantial investment is how we maximise every child’s potential, regardless of family circumstances,” said the finance minister.

Such measures certainly mean there’s one less thing for students to stress about.

4. Get paid to learn – $500 more for SkillsFuture 

In case you’ve not made use of it, SkillsFuture credit is meant to encourage Singaporeans to learn new skills.

This Budget, DPM shared that the Government would give a one-off credit top-up of $500 for Singaporeans aged 25 and above.This S$500 top-up comes in October, and we have five years from that point to learn something new that helps us stay relevant in the workforce. Or something fun.

Totes up to you – just don’t waste the credits!

5. The heart and spirit behind the Budget

I don’t know if you watched the Budget speech, but as I did I was thankful for a Government that inspires confidence and acts promptly in the wake of a crisis.

The only reason why they were able to respond so agilely was because of Singapore’s consistent fiscal prudence over the years.

I also got a real sense of the Government’s compassion for each citizen in a lot of the measures taken. It’s easy to feel like the people up there are out of touch, but I didn’t feel that way when listening to DPM speak.

I’m not alone: Those who weighed in on the Budget have taken to calling it the “unity budget”, as it seems that the idea behind a lot of the incentives are to foster collaboration between the ground and the Government.

I’m down for that. We’ll be alright if each generation looks out for the good of the ones above and under it.

Overall, I think there’s a lot to feel encouraged and inspired by. This was a massive Budget in the face of a grim situation. But it had a clear message: We’ve got your back, and we’ll get through this together.

I can definitely get on board with that. So let’s respond with gratitude. And let’s respond with ownership, working for the good of our land and people.