Finance Minister Heng Swee Keat has wrapped up his presentation for Singapore Budget 2016.
While accounting companies are analyzing the impact of the numbers that were revealed, here is a summary of 7 things that affect Singaporeans and their families.
1) Robotics Programme Will Turn Your Next Colleague Into An Android
If you’re currently working in industries such as construction, manufacturing, and logistics that use robotic technology, you may be seeing more roles being taken up by machines.
Will that result in you being able to do higher value work?
As $450 million is announced to improve the efficiency of some industries, you shouldn’t be surprised when you see drones serving your food at restaurants.
2) Info-comms Technology Professionals Get Help With Grooming Their Skills
With support in developing this industry, start-ups in sectors such as finance and healthcare will groom their talent to be skilled beyond academic qualifications.
The TechSkills Accelerator enables ICT professionals to acquire industry-relevant skills and helps the employers with assessing the proficiency of their staff.
3) Babies Born From 24 Mar 2016 Are $3000 Richer
Parents giving birth this year will enjoy $3,000 through the CDA (child development account) for all Singaporean children.
This is on top of matching grants that reward parents that cultivate a habit of saving.
$20 million has been set aside for the KidSTART programme.
4) OBS To Have Another Adventure Site On Coney Island
If treetop walks and zip lines are not enough for you, Outward Bound Singapore is going to take outdoor education to Coney Island.
A new campus is going to appear on the island rustic by 2020, backed by $250 million.
5) 460,000 Singaporeans Qualify For Support With Income Ceiling Up To $2000
To encourage people that are 35 years and above to join the workforce, the Workfare Income Supplement will benefit the bottom 20%, raising the income ceiling from $1900 to $2000.
Payouts will increase according to the age and income.
Workers earning between $1000 to 1600 will get an additional $100 to $500.
The breakdown will be 40% in cash, 60% to their CPF.
6) $25 million For Citizen-led Projects
The Our Singapore Fund is set aside for projects that foster bonding between Singaporeans.
As a continuation of the SG50 funds that supported over 400 projects, it was set up for the purpose of sharing or creating something that belongs to Singapore.
The disbursement of this fund will be handled by Ministry of Culture, Community and Youth, for you to propose your ideas.
7) Silver Support For 140,000 Ageing Singaporeans
For seniors earning $1100 a month, there will be income supplements to them.
The 3 criteria to qualify them for this handout are:
- Income over their lifetime
- Housing type
- Household support
Seniors living in 1-2 room flats will get supplements of $300-$750 every quarter.
About half of seniors living in 3-room flats will get $600 every quarter.
The first payout is in July 2016, for Q2 and Q3.
With the exciting announcements that aim to grow Singapore for the many levels of society, you should have a better idea what you’d need to do if you wish to adjust your career direction.