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Budget 2020: Whats in it for you as an employee

As a Singapore taxpayer, I look forward to the annual Budget announcement every year to see what kind of “rebates” I get back.

Here is a quick summary for WhatCard readers based on information from the Straits Times’ live blog (https://www.straitstimes.com/budget-2020-live-blog), summarized for you:

If you are a Singaporean aged 25 and up, you get:

  • $500 SkillsFuture top-up (available from 1st Oct and expiring in 2025, a.k.a. the next election year)
  • $100-$300 cash

If you are thinking of getting an electric vehicle either for personal or for your Grabcar commercial vehicle, you get:

  • Rebate of up to 45 per cent on the additional registration fee, capped at $20,000
  • This is on top of the existing VES, where car buyers and taxi operators who choose cleaner car models can receive an upfront rebate of up to S$20,000 and S$30,000 respectively.

Source: https://www.todayonline.com/singapore/budget-2020-early-adoption-incentives-offered-electric-vehicle-buyers-singapore-seeks

If you have a kid, you get:

  • $100 cash pay out for each parent for each child age 20 and below
  • More pre-school subsidies
  • More government-supported pre-schools
  • The total value of education subsidies for a child from birth to age 16 is ~S$180k

If you live in a large household (5 or more members), you get:

  • An additional GST Voucher rebate for larger households with five or more members, to help them with their utility bills
  • Together with the U-Save Special Payment, larger households can receive a total of 2.5 times their regular U-Save rebates this year
  • These households can receive up to $1,000 in U-Save rebates, depending on their flat type