Reflective Journal of Singapore Budget 2012 Essay

Brief Summary

With this year budget, there were two key alterations initiated. An increase in CPF contribution and improved earn income pain relief. The increase in CPF contribution as well as the doubling of earned salary relief are in line with the Singapore new goal, to assist cope with the social and rising cost for the aging population that Singapore is currently facing. Further studies claim that elderly, depending on solely CPF saving for pension is not sufficient.

Boost in CPF contribution

The federal government worry that elderly will not be able to support them after retirement. Therefore , the government offers implemented a brand new boost in CPF contribution for employees outdated above 5 decades old and they'll be categorized according to their aged group. Employee getting an annual profits of $75000 and is over aged fifty five would know tax keeping of more than 11%. But given that in dollar term, this translates into only a $252 annually saving. The cost of living in Singapore is increasing due to inflation and economical growth. Consequently, a keeping of $252 per year keeping will not influence older staff to stop working. This volume is for a person making $75000 annually. However , elderly who will be low-income employees will encounter much more difficulties. Since a lot of them are less informed, many of them will discover it hard in order to save for their retirement as they shortage the knowledge of investing their money and will normally keep all their saving inside the bank generating an interest rate of around 0. 05%. This interest earned will not be sufficient to curb the inflation level of a few. 2% relating the division of figure Singapore. Hence, a $252 saving per year, $21 monthly saving is very meager that they can could not possibly afford an effective meal wanting to buy a month. However there are elements to be deemed, such as all their dependent which will also include their particular family or perhaps children, financial and cultural help designed for them. Lately, the Central Provident Fund Board (CPF) extend their 4% annual interest rate pertaining to...

References: Contify. com, 2011. Inland Income Authority of Singapore: Information Were Burned But IRAS Uncovers GST Fraud. [press release], 8 Nov 2011, Available at: [Accessed 2 September 2012]

IRAS, 2007. IRAS: For GST-registered businesses (9 July 2012). [online] Sold at: [Accessed 24 September 2012]

ACRA, 2009. Registering a Sole-Proprietorship as well as Partnership [online] Available at: [Accessed twenty eight September 2012]

IRAS, 2007. Products and Support Tax (GST) Assistance System [online] Available at: [Accessed 28 Sept 2012)

IRAS, 2007. An Overview of Singapore Taxes System [online] Available at: [Accessed 28 September 2012]

Stats Singapore - Time Series in Consumer Cost Index and Inflation Price. 2012. Figures Singapore - Time Series on Consumer Cost Index and Inflation Rate. [ONLINE] Offered at: http://www.singstat.gov.sg/stats/themes/economy/hist/cpi.html. [Accessed twenty seven September 2012].



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