Did you miss the National Day Rally speech by our Prime Minister last night? We have picked out 3 for you to read when you’re chilling from the comfort of your home, wondering how they may impact you.
Time to find out what 3 things have the potential to affect your wealth as a Singaporean:
You Can Own HDBs Despite Earning A Higher Income
More people will be able to apply for an HDB flat with an increase in the household income. With the upper limit for income going from $10,000 to $12,000, the experience of living in a HDB home is available to people previously earning at the higher income bracket.
This will translate to more disposable income for you if you were previously ineligible for a home from HDB.
The ceiling will also increase for executive condominiums (ECs) from $12,000 to $14,000. Since the last adjustment in 2011, it will let you have access to ECs at a higher income ceiling.
More Housing Grants For Home Ownership
You now enjoy the higher income ceiling of $8,500 per household to qualify for the Special CPF Housing Grant, this went up from $6,500 previously.
If your household income is under $8,500, the maximum grant you can get is doubled from $20,000 to $40,000.
This opens up home ownership to a wider range of eligible households that qualify for it. Be sure to find out what are you able to apply to in order to minimize your upfront payment for owning your home.
More Baby Bonus Incentive Beyond The 4th Child
To provide you with a greater starter kit for your children, baby bonuses are given to all of your children instead of just the first 4.
Look forward to cash gifts for your first and second child that will be a step-up from the existing $6,000, and $8,000 for the third and fourth. The exact amount is still unknown at the moment, but the previous increment was $2000.
You can look forward to amounts of initial credits to your children’s Medisave accounts up from the current $3,000.
That should help you offset the cost of health care for your children during their early years.[featured image credits: www.todayonline.com]