How Young Family Can Benefit From Singapore Budget 2020!

1. GST To Remain At 7% For 2021

The 2% increase in GST will not be implemented in 2021 keeping in mind the current state of the economy. However, the GST increase will still be implemented by 2025. This means that young families have more disposable income during this crucial period.

2. Stabilisation and Support Package of $4 Billion

The aim of this package is to help workers stay employed in this time of slow growth. The wage credit scheme will also be enhanced to support wage increases for Singaporean workers. This is great news for young families -- rest assured and do not have to worry or be afraid about being retrenched from work!

3. Supporting Lifelong Learning With SkillFuture Credits

All Singaporeans aged 25 years old and above will receive a SkillsFuture Credit top up of $500. This top up will be available from October 2020 and will expire by the end of 2025. This is to encourage Singaporeans to take action earlier to learn new skills and make the best use of this period of economic slowdown. Young couples and families should take advantage of this and learn new courses together to improve skills set. *A list of courses can be found in the link provided.

4. $1.6 billion Care & Support Package for households

Photo Credits to Seedly Reads

All Singaporeans aged 21 and above will receive a cash payout depending on their income in 2020.

U-Save Special Payments: The GST-voucher U-Save rebates are extended for another year and will be doubled through a one-off special payment to all HDB households. These rebates will range between 1.5 to 3.5 months.

Additional Vouchers For Families With Children:

Families will receive $100 cash payout for every adult with at least one Singaporean child aged 20 and below this year.

Young couples and families can benefit from this by having additional cash during this economic slowdown period.

5. Addressing Climate Change And Sustainability

In order to build and create a more sustainable environment for our future generations, the government introduced cleaner energy vehicles aiming to encourage environmentally clean vehicles.

4 key measures have been introduced:

1. Commercial Vehicle Emissions Scheme: For light goods vehicles

2. Electronic Vehicles (EV) Early Adoption Incentive: Buyers of electric vehicles can get rebates of up to 45% on the additional registration fee, capped at $20,000 per vehicle.

3. Road tax methodology for cars to be revised

4. Expand EV charging infrastructure: To get 29,000 chargers island-wide.

This will greatly benefit young couples and families as EVs are technically cheaper and more environmentally friendly, and by improving on Evs, it will bring about greater cost saving and convenience.

Apart from Evs, the government have also set aside a Coastal and Flood Protection Fund of $5 billion. This hereby ensures the safety of us and our future generations in times of need -- ensuring that Singapore remains a 'safe haven' for all to live in.