Budget 2014

[frenchfly]

No hab Cheekon tax

dont spoil market hor. Come stir shit. :)

 

I still need my weekly fix

[Baal]

http://www.tremeritus.com/2014/02/23/grace-fu-budget-2014-is-far-sighted/

Grace Fu: Budget 2014 is ‘far-sighted’

February 23rd, 2014 | Author: Editorial

Speaking at the sidelines of an event to promote electronic-waste recycling yesterday (22 Feb), Minister in the Prime Minister’s Office Grace Fu called Budget 2014 a “far-sighted” one.

She said that Budget 2014 addresses Singapore’s long-term needs, not just immediate ones.

The budget was announced by DPM and Finance Minister Tharman Shanmugaratnam in Parliament on Friday (21 Feb).

Ms Fu said, “It is getting us ready for the future – that is the important message in this Budget. Not just on the personal and social side, but also on the business side. So some of the schemes there…it’s for us to think about how we want our businesses to be organised, what kind of businesses and what kind of jobs we would like for the future of Singapore.”

She added that the increase in employer’s CPF contribution rate by 1% for older workers addresses the issue of Singaporeans working and living longer today.

From a picture posted on a netizen’s Facebook page [Link], Ms Fu and her younger colleague, Chan Chun Sing, appeared to be “nodding off” during the unveiling of Budget 2014 by DPM Tharman in Parliament:

That being the case, it begs the question how Ms Fu could have known that Budget 2014, as announced by the DPM, is as “far-sighted” as she said? Perhaps in her dream?

Not all people are as exuberant as Ms Fu in supporting Budget 2014.

Healthcare policy expert, Dr Phua Kai Hong, from the LKY School of Public Policy was more circumspect.

While he described Budget 2014 measures as “generous, elderly-friendly and pro-poor”, he also said more needs to be done. In particular, he is worried for middle-class Singaporeans:

What we are worried about is the middle-class crunch, the generation that’s in between, who not only have to support their elderly parents but will also have to take care of their own healthcare needs in the future.

So, for this group, I think, as we go along we have to tweak the system to ensure that the Medisave top-ups will be enough.

 

 

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http://www.tremeritus.com/2014/02/23/real-median-income-growth-11-or-5-9-past-5-years/

Real median income growth 11 or 5.9% past 5 years?

February 23rd, 2014 | Author: Contributions

I refer to the Budget statement that was delivered in Parliament yesterday.

Incomes grew 11%?

It states that “Incomes have grown. Among citizens, median wages have increased by about 9% in real terms in the five years to 2013.”

Full-time workers including employer CPF with inputed CPI?

There is a footnote: “Median wages for Singaporeans increased by 12% from 2008 to 2013, when deflated by the CPI excluding imputed rentals on OOA. (This measure of the CPI excludes imputed rentals on owner-occupied accommodation, which has no impact on the cash expenditure of most households in Singapore.) The data on wages refers to that of full-time employed citizens (including employers CPF).”

All workers excluding employer CPF with CPI?

In this connection, according to the Ministry of Manpower’s (MOM) Labour Force in Singapore 2013 report, published on 29 January, 2014 – the Median Gross Monthly Income from work of employed residents (full-time and part-time) (excluding employer CPF) was $3,000, 2,800, 2,633, 2,500, 2,420 and $2,450, in 2008, 2009, 2010, 2011, 2012 and 2013, respectively.

22.4% nominal increase?

This works out to a nominal annual increase of 7.1, 6.3, 5.3, 3.3 and -1.2%, for the years 2013 – 2008, respectively.

In other words, nominal income growth in the past 5 years was only about 22.4%.

Since inflation was 2.4, 4.6, 5.2, 2.8 and 0,6%, for 2013, 2012, 2011, 2010 and 2009, respectively – or about 16.5% in the past 5 years (2008 CPI 99.4 to 2013 CPI 115.8) – the real increase in income was 4.7, 1.7, 0.1, 0.5 and -1.8%, for the same years 2013 – 2008, respectively.

(Note: I understand that the MOM statistics are for June and the DOS inflation statistics are for the whole year. Thus the above, is at best just a layman’s calculation estimates, as I do not have access to the end June inflation data)

Only 5.9% real increase?

So, does it mean that the real income increase for the past 5 years was about 5.9% or about 1.15% per annum?

11 or 5.9% increase past 5 years?

So, which would be arguably a more appropriate statement on real income growth in the past 5 years – 11% or as I have analysed above – 5.9%?

By the way, if you check back on the past Budget statements, they seem to have changed from all workers (excluding employer CPF) to full-time workers (including employer CPF), and now using the inputed CPI instead of the CPI.

Leong Sze Hian

Leong Sze Hian is the Past President of the Society of Financial Service Professionals, an alumnus of Harvard University, Wharton Fellow, SEACeM Fellow and an author of 4 books. He is frequently quoted in the media. He has also been invited to speak more than 100 times in 25 countries on 5 continents. He has served as Honorary Consul of Jamaica, Chairman of the Institute of Administrative Management, and founding advisor to the Financial Planning Associations of Brunei and Indonesia. He has 3 Masters, 2 Bachelors degrees and 13 professional qualifications. He blogs at www.leongszehian.com.

 

Edited February 23, 2014 by Baal

[Baal]

http://www.tremeritus.com/2014/02/24/leong-sh-i-estimate-a-budget-surplus-of-29b-for-2013/

 

 

Leong SH: I estimate a budget surplus of $29B for 2013

 

 

February 24th, 2014 | Author: Contributions

I refer to the article “Singapore’s creative Budget accounting“ (TR Emeritus, Feb 22).

 

 

IMF fiscal reporting guidelines?

It states that “ If the budget complies with the standards of the International Monetary Fund it would show a SURPLUS of well over $10 billion (2.5% of GDP).”

 

 

2012 surplus no longer in report?

In this connection, since the surplus of $36.1 billion in 2012 can no longer be found in the Monthly Digest of Statistics January 2014 which only shows the data for 2010, 2011 and July to December 2013 - I thought I would add up the surplus (according to IMF fiscal reporting guidelines?) for the 12 months from January to December, to get the surplus for the whole calendar year of 2013.

 

 

All the reports cannot find?

However, I don’t seem to be able to find online any of the Monthly Digest of Statistics in 2013.

 

 

Try to estimate the whole calendar year’s surplus?

So, the only thing that I can do, is to take the surplus for the 6 months from July to December 2013, in order to get an estimate for the whole year.

 

 

$29b surplus?

So, in so doing, the estimate is about $29 billion ($14.6002 billion times 2). This begs the question as to why the Budget surplus of $3.9 billion differs so much again, from the estimated $29 billion surplus (using IMF fiscal reporting guidelines)?

 

Leong Sze Hian

Leong Sze Hian is the Past President of the Society of Financial Service Professionals, an alumnus of Harvard University, Wharton Fellow, SEACeM Fellow and an author of 4 books. He is frequently quoted in the media. He has also been invited to speak more than 100 times in 25 countries on 5 continents. He has served as Honorary Consul of Jamaica, Chairman of the Institute of Administrative Management, and founding advisor to the Financial Planning Associations of Brunei and Indonesia. He has 3 Masters, 2 Bachelors degrees and 13 professional qualifications. He blogs at www.leongszehian.com.

 

[Baal]

http://www.tremeritus.com/2014/02/24/tan-kin-lian-better-to-give-benefit-to-all-who-reaches-65/

 

 

 

Tan Kin Lian: Better to give benefit to all who reache 65

 

 

February 24th, 2014 | Author: Contributions

Tan Kin Lian

 

When the pioneer generation package was first leaked to the press, it was reserved only for those who were 65 years and older at the time of the budget. This would apply to people born in 1948 and earlier, and exclude those born in 1949.

 

I wrote in Facebook that the first batch of NS men called up for full time military service was those born in 1949. They would be excluded under the original scheme.

 

I know of this fact, because I was born in 1948 and missed this “privilege”. I wrote that it was an irony that the cutoff date would exclude the people the people who had to serve full time NS.

 

Someone probably read my comment and perhaps pass the message to the Cabinet. They probably decided to extend the package by one more year, to include the first batch of NS men.

 

What about the second and subsequent batches? This is the flaw of giving benefits based on a cutoff date. Some people get a lot of benefit, others get $0. This is a divisive policy.

 

It is better to give the benefit to everyone who has reached 65 years of age, now and in the future.

 

 

Tan Kin Lian

* Kin Lian retired from NTUC Income on 28 February 2007, after heading this cooperative for 30 years. He was a Presidential candidate in the 2011 Presidential Election. He now runs a consultancy company. He blogs at www.tankinlian.com to give his views on insurance, investment and financial planning for the benefit of consumers.

 

 

 

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http://www.tremeritus.com/2014/02/24/st-younger-sporeans-not-disappointed-with-budget/

 

 

ST: Younger S’poreans not disappointed with Budget

February 24th, 2014 | Author: Editorial

Yesterday (23 Feb), ST published a front page article (‘Seniors’ perks ease strain on

 

 

young’) painting a rosy picture of younger Singaporeans wholeheartedly supporting the government’s elder-friendly budget.

ST’s sub-title read, “They don’t feel left out as measures to help the elderly will lessen younger Singaporeans’ burden.”

 

ST wrote, “Many (younger Singaporeans) did not feel overly disappointed. This is because the slew of measures for seniors will also ease the financial strain on the younger generation supporting them, they said.”

 

It is a mystery how many younger Singaporeans ST interviewed for the article.

 

$8 billion from this year’s Budget has been set aside by the government to fund the Pioneer Generation Package. This will be used to support 450,000 pioneers for the rest of their life. Essentially, the package subsidizes Singaporeans 65 years old and above for their medical care. This includes subsidies for outpatient care, Medisave top-ups and MediShield Life subsidies.

 

ST quoted magazine writer Kenneth Wee, 27. Mr Wee said, “As a young worker, I have no worries that I’ll be able to earn more to cope with rising costs. The older Singaporeans may not have that… financial security, so it’s good that this is focusing on them.”

 

ST also quoted a second person, IT analyst Daniel Chia, 30. Mr Chia said, “I’m pretty optimistic about my current job prospects and am economically stable, so more help from the Government for older Singaporeans seems like a step in the right direction for me.”

 

Both Mr Wee and Mr Chia seem confident that they will never be replaced by a cheaper “foreign talent”, despite the rate at which the government is importing foreigners to hit its target of 6.9 million population by 2030.

 

Mr Wee even added that it would be like “spoonfeeding” to keep expecting more subsidies from the government when younger workers like himself are capable of improving themselves and their salaries.

 

Most younger Singaporeans do not expect free handouts from the government actually. Most, however, are worried that they will not have enough money for their healthcare when they get old and especially if they are retrenched and become “under-employed” before they are even old.

 

10 years ago, one could hardly find young people working as taxi drivers but now, it is not uncommon to find young Singapoerans in their 30s driving taxis. People like Mr Wee and Mr Chia ought to take note.

 

ST only quoted one young person who did not praise Budget 2014. Retail assistant Janice Lin, 29, said, “Nothing is stable these days for sales workers like me as the economy has been very volatile. I was hoping we could get some subsidies to offset these day-to-day costs. The (extra CPF employer) contributions to Medisave are welcome, but they can’t help me financially now.”

 

ST said she could not “afford to be so far-sighted”.

 

Actually, ST may be wrong in saying this. The current elder-friendly Budget 2014 is meant to be elder-friendly to the current group of elderly Singaporeans known as “pioneers” only. Nothing is said about being friendly to elderly Singaporeans in the future who are currently in their 20s and 30s, like Mr Wee, Mr Chia and Ms Lin.

 

Edited February 24, 2014 by Baal

[Solar]

Both Mr Wee and Mr Chia seem confident that they will never be replaced by a cheaper “foreign talent”

 

am i in north korea?

mr wee and chia should get interviewed again when they grow to 50 and beyond.. perhaps both kee chia leow.

[Jman888]

HIGHLIGHTS-Hong Kong budget for fiscal 2014/15

Tue Feb 25, 2014 11:54pm EST

Feb 26 (Reuters) - The following are highlights of Hong Kong's budget for the 2014/15 fiscal year starting in April.

Hong Kong, which has handed out billions, including tax concessions and cash handouts in previous years, debates the sustainability of its longer-term finances amid calls to boost welfare spending and narrow the wealth gap.

While still one of Asia's richest cities flush with billionaires and gleaming skyscrapers, Hong Kong has struggled in past decades to contain a yawning wealth gap that has seen around 1.3 million of its 7 million population pushed below the poverty line.

Home prices have more than doubled since 2008 in one of the world's most expensive property markets, putting a strain on business costs and worsening income gaps. But the government's property cooling measures have begun to show signs of moderating the once red-hot market.

Hong Kong's fortunes are closely tied to the mainland where growth is slowing. China's effort to boost Shanghai as a financial centre may pose a drag on the city which has the largest pie of the offshore yuan business.

The budget is being presented on Wednesday by Financial Secretary John Tsang.

BUDGET

* Forecasts 2013/14 provisional consolidated surplus of HK$12 billion.

* Forecasts fiscal reserve at HK$745.9 billion by end-March 2014

* Forecasts 2014/15 consolidated surplus of HK$9.1 billion.

* Says fiscal reserves estimated at about HK$755 billion by end March 2015

* Fiscal reserves are estimated at about HK$799.2 billion by end-March 2019, representing about 29.1 per cent of GDP and equivalent to 19 months of government expenditure.

ECONOMY

* 2013 GDP up 2.9 pct year-on-year

* Forecasts 2014 GDP growth 3-4 percent

* Expects 2014 headline inflation at 4.6 percent

* Forecasts 2014 underlying inflation at 3.7 percent

* 2013 Q4 GDP up 3 percent year-on-year vs Reuters poll 3.0 percent

* 2103 Q4 GDP up 1.1 percent quarter-on-quarter

* For the medium term, the annual average growth rate is forecast to be 3.5 percent in real terms from 2015 to 2018, and the underlying inflation rate will average 3.5 percent.

PROPERTY

* Says must continue with its demand-side cooling measures to avoid risk of property bubble.

* To sell 34 residential sites in 2014/15, to provide 15,500 units.

* To increase housing land supply with a view to achieving the target of providing 470,000 residential flats in the next 10 years.

* About 71,000 private residential units are estimated to be available for sale in the next three to four years.

HELP FOR BUSINESS

* Proposes to waive stamp duty for trading of all exchange traded funds

NEW DEBT ISSUE

* Proposes to issue inflation-linked bond worth up to HK$10 billion with maturity of three years

INFRASTRUCTURE

* Assisting the Airport Authority Hong Kong to press ahead with planning for a three-runway system. The project, estimated to cost over HK$100 billion ($12.9 billion), will foster long-term economic development and enhance our competitiveness.

* Projects under construction include the Tuen Mun-Chek Lap Kok Link, Central-Wan Chai Bypass and Island Eastern Corridor Link, and widening of Tolo Highway and Fanling Highway. They are on track for completion successively before the end of 2018.

* As for railways, the West Island Line, the South Island Line (East), the Kwun Tong Line Extension and the Shatin to Central Link, at a total cost of more than HK$110 billion ($14.2 billion), are all under construction. They are expected to be completed for commissioning between the end of this year and 2020.

* As for the management of municipal solid waste, the government will invest about HK$30 billion in waste recycling and treatment facilities.

MANPOWER

* Recurrent expenditure on education for 2014-15 will be HK$67.1 billion, an increase of nearly 80 percent over 1997-98.

ELDERLY CARE

* Recurrent expenditure on elderly services has increased more than 40 percent to HK$5.4 billion over the past five years. From 2014-15, the annual expenditure in this area will increase by more than HK$660 million.

RELIEF MEASURES

* Says to reduce salaries tax and tax under personal assessment for 2013-14 by 75 percent, subject to a ceiling of HK$10,000. The proposal will benefit 1.74 million taxpayers in the territory but will cost the government about $9.2 billion.

* Says to reduce profits tax for 2013-14 by 75 percent, subject to a ceiling of HK$10,000. This proposal will benefit 126,000 taxpayers in the territory but costs government HK$1 billion.

* To waive rates for the first two quarters of 2014-15, subject to a ceiling of HK$1,500 per quarter for each rateable property.

* Says to pay one month's rent for public housing tenants.

* To increase the allowances for maintaining dependent parents or grandparents.

(Reporting by Donny Kwok; Editing by Jacqueline Wong)

 

 

 

looks like the HK people are not very happy

 

 

[Maxus-MIFA9]

Our Ministars only caught having a quick nap....

 

HK one caught serving "bikini clad ladies" ..............

 

 

yahoo news: Hong Kong lawmaker apologises over model photos

 

An embarrassed Hong Kong lawmaker has apologised after he was photographed looking at scantily-dressed pictures of models on his tablet computer during a budget speech at the Chinese city's parliament.

 

Pro-democracy politician Albert Ho was snapped flipping through multiple photos of bikini-clad ladies while finance minister John Tsang delivered a one-and-a-half-hour long budget speech on Wednesday.

 

"It just so happened that at that time, I casually saw the photos," said Ho, who failed in a bid to become the semi-autonomous city's leader in 2012.

 

"I have learnt a lesson, I should not commit such a mistake again," he told reporters on Wednesday, adding that he had apologised for the incident.

 

Photographs published in local media showed Ho in the legislative chamber holding up the screen cover of his iPad tablet, apparently in an attempt to conceal what he was doing, while swiping through the photos.

 

The South China Morning Post reported that the lawmaker, who was for a time the chairman of the city's largest pro-democracy party, browsed through the photos for 10 minutes.

 

Ho is not the first lawmaker to be left red-faced after being distracted during parliamentary business.

 

In 2011 an Indonesia lawmaker from a conservative Islamic party resigned after he was photographed looking at pornography on his tablet computer in parliament.

 

In 2003, Hong Kong's then education minister Arthur Li was spotted playing a video game in parliament while last year lawmaker Eddie Ng was seen checking stock market updates on his phone during a question-and-answer session with the chief executive.

 

 

 

link: http://sg.news.yahoo.com/hong-kong-lawmaker-apologises-over-model-photos-063414309.html

 

 

[Solar]

He's human lah...

Better than surfing prawn right? Lol!

[Baal]

http://www.tremeritus.com/2014/03/04/budget-2014-speech-%e2%80%93-mp-sylvia-lim/

 

 

Budget 2014 Speech – MP Sylvia Lim

 

 

March 4th, 2014 | Author: Online Press

SECURING OUR PIONEERS

While my colleagues and I have comments and suggestions regarding certain aspects of it, we agree with the


Budget’s unique emphasis on the Pioneer Generation, helping businesses restructure, and the direction towards strengthening social safety nets particularly in healthcare. The specific recognition of Persons with Disabilities is inclusive. While the details of some schemes are not available yet and should be scrutinized later, we welcome these general thrusts.

 

We also note the relative absence of new taxes on the revenue front. This is thanks to the expected healthy continuing contributions of Singaporeans and others in existing taxes and charges, such as income and corporate taxes, GST, COE premiums and others.

 

However, a significant additional burden is placed on those who involved in tobacco, alcohol and gambling activities. This is expected to bring in additional revenue of nearly half a billion dollars ($0.445b). Though some may argue that indulging in some level of such activities is essential to de-stress in Singapore, one cannot really quarrel with the rationale of preventing excessive indulgence in them.

 

This year’s focus on supporting the Pioneer Generation for the rest of their lives is a refreshing departure from public conversations of the past. Instead of just urging respect for our elders as a virtue, some public monies are being set aside to support this special group. Instead of attributing Singapore’s progress mainly to visionary leaders, we are recognizing the contributions of everyone else on equal footing, from followers to mothers and labourers.

 

Many of us who grew up in Singapore are children of the Pioneer Generation. Some of us are old enough to recall the early days of nation building, and how our parents muddled through uncertain and even stormy weather to forge a future for a small country. For instance, in 1967 when the British announced that it would be withdrawing its troops from Singapore, we were left with a huge defence lacuna, and had to dig deep to find manpower and expertise to build our own army. The search for instant officers and instructors led us to draw personnel from other services including the police force. I had the privilege of witnessing some of these events personally, through the lens of my father, who was seconded from the police to the army to become the first batch of SAF officers in the 1960s.

 

 

 

 

He and his colleagues from the Ministry of Interior and Defence had to quickly build our Armed Forces. They put their noses to the grind and learned from Israeli consultants, here and in Jerusalem. The early officers set up units and drew up SOPs (Standard Operating Procedures). They also had to manage the huge undertaking of compulsory National Service for all Singaporean males. The early political leaders too, were very hands-on and kept abreast of many details. I have seen old black and white photographs of my father giving briefings to then Prime Minister, Mr Lee Kuan Yew, who used to visit army camps with his family dressed in shorts; these photographs told perhaps of a different working culture then, with little time for pomp and ceremony.

 

 

The contributions of the pioneer generation went beyond themselves and extended to those they coached, trained and influenced. Besides being our parents, we also encountered them in hospitals, schools, work places and in National Service. In 2006 when I was first sworn in as a Non-Constituency Member of Parliament, I had a brief conversation at the ceremony reception with the then Foreign Minister George Yeo. Mr Yeo told me that he had been taught Military Law by my father in the army, and that he believed the Prime Minister had been too. It is indeed quite mind-boggling to think of how many Singaporeans are inter-connected through their links with pioneers.

 

Turning now to the Pioneer Package itself, I agree that it should not be means-tested, unlike most other government schemes. This universality of entitlement is a very important recognition of all our pioneers, regardless of where they live now or how much they have earned over the years.

 

The focus of the Pioneer package is on healthcare financing needs. Some have reportedly lamented the lack of benefits while one is healthy. However, the pioneers I know by and large will welcome the additional financial support for illness. Sometime last year, I bumped into an elderly gentleman at Ghim Moh Hawker Centre who said he knew my father as a former colleague in the army. When I told him that my father had not been well after suffering two strokes, the gentleman replied wryly: “We are all not well”!

 

To this end, enhancing subsidies for outpatient care at specialist clinics and polyclinics is appropriate. Including all pioneers in the Community Health Assist Scheme (CHAS) will also benefit those living in private property who consult outpatient General Practitioners near their homes. As for those who are disabled and unable to perform at least three of the six activities of daily living, they are probably saddled with very high healthcare bills; the annual cash assistance of $1,200 or $100 a month is a small token of support.

 

Another component of the Pioneer Generation package is the Medishield Life subsidy. All pioneers are promised subsidies to pay the Medishield Life premiums, ranging from 40% to 60% increasing with age. I would like to seek some clarification on this. The government has announced its intention to bring all pioneers into Medishield Life. However, some pioneers who are not currently on Medishield had bought their own Medisave-approved private healthcare insurance. Will the pioneers with private healthcare insurance be given the choice to use the premium subsidies for Medishield Life for their private insurance premiums, instead of being compulsorily brought onto Medishield Life?

 

Finally, one significant cost item for pioneers is medication. For patients who see specialists at public hospitals for chronic conditions, the consultation fees is usually much smaller compared with the cost of medication, which patients need to take daily for the rest of their lives. The majority of our pioneers have one or more chronic conditions requiring daily medication. The Budget mentions that the government intends to enhance subsidies for medication, with a higher subsidy for the Pioneer Generation. To be of optimum benefit to the pioneers, I hope the review will identify the drugs which are usually needed by this group, and focus the higher subsidies on those drugs. We await the details of the medication subsidies in due course.

 

Madam Speaker, my colleagues will be speaking on other aspects of the Budget but for now, let me conclude.

 

As we approach our nation’s 50th anniversary of independence, it is a useful time to reflect on how we are bound by ties through the Pioneer Generation. Their high sense of commitment to Singapore lifted us through hazy beginnings and daunting odds. They had little time to complain, but just got on with what needed to be done. Their fighting spirit inspires us, their children, to defend what they have built, and to bring our country to greater heights.

 

Sylvia Lim
MP for Aljunied GRC
[Delivered in Parliament on 3 Mar 2014]