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Budget 2024! 16Feb24

RadX

By RadX,
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Wt_know

Wt_know

Hypersonic

CPF shielding should be made available as an “option”

that’s the right thing to do

cpf staff whoever surfing

please feedback

LOL

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Atonchia

Atonchia

Supersonic
(edited)
On 2/16/2024 at 5:12 PM, ER-3682 said:

Tobacco & Alcohol Taxes no Rise.?

No mention. 

For now my pocket is not dug deeper.

Probably the GST increase net revenue is higher, more than cover any alcohol and tobacco duties  increase should it be implemented.

Just did a search the 2023 total collection on excuse duties only $3B, alcohol was only $774m and tobacco only $1.1b so even increase by double also don't move the dial much.

It will only make consumer unhappy.

 

IMG-20240216-WA0005.jpg

Edited by Atonchia
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mersaylee

mersaylee

Hypersonic
On 2/16/2024 at 5:25 PM, Fcw75 said:

In 2022, Member of Parliament Melvin Yong (PAP-Radin Mas) asked the Manpower Ministry about “Special Account shielding” where members prevent their savings from being transferred to the Retirement Account.
That is done by investing money from the Special Account, then liquidating it shortly after.
At the time, the Manpower Ministry said only 2 per cent of CPF members did that. It also said it would monitor the trend and take action if necessary. 
 

I think this Melvin Yong surf MCF. 

No lah...they have monitored long enuf to finally plug the hole...ccb pxp...forced savings...😁

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Invigorated

Invigorated

Supercharged
On 2/16/2024 at 5:17 PM, Starry said:

HDB landlords also huat !

https://www.todayonline.com/singapore/budget-2024-couples-waiting-bto-flats-get-govt-voucher-rent-hdb-homes-open-market-2364126#:~:text=Currently%2C couples waiting for their,up supply to meet demand.

Budget 2024: Couples waiting for BTO flats to get govt voucher to rent HDB homes on open market

Quite possibly a nudge to get couples to go for bto vs resale.. 

Bto subsidies are heavy, about 100+ to 200+k depending on flat types. Now with the vouchers to rent, that further sweetens the deal. Just need to nego with landlord to extend a bit when necessary. Some btos only need 2 years now. Maybe even faster in future. 

Resale values may further stabilize down the road.

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Stary

Stary

Turbocharged
(edited)

https://www.channelnewsasia.com/singapore/budget-2024-property-tax-annual-values-band-lawrence-wong-additional-buyers-stamp-duty-4128671

To help retirees living in higher-end residential homes who face cash flow issues, the Inland Revenue Authority of Singapore will offer them a 24-month instalment plan without interest.

:a-happy:

Retirees also got something la...for those who need it....

Edited by Starry
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Fcw75

Fcw75

Hypersonic
(edited)
On 2/16/2024 at 5:41 PM, Jamesc said:

So they don't think it was so special and got rid of it?

Why change mind now?

Savings in the Ordinary Account earn 2.5 per cent per annum, compared to around 4 per cent per annum for the Retirement Account and Special Account.
But some Special Account savings can be withdrawn on demand when the CPF member turns 55.
“As a principle, only savings that cannot be withdrawn on demand should earn the long-term interest rate, and savings that can be withdrawn on demand should earn the short-term interest rate,” the Ministry of Finance said.

🙃

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Kopites

Kopites

Supersonic
On 2/16/2024 at 5:25 PM, Fcw75 said:

In 2022, Member of Parliament Melvin Yong (PAP-Radin Mas) asked the Manpower Ministry about “Special Account shielding” where members prevent their savings from being transferred to the Retirement Account.
That is done by investing money from the Special Account, then liquidating it shortly after.
At the time, the Manpower Ministry said only 2 per cent of CPF members did that. It also said it would monitor the trend and take action if necessary. 
 

I think this Melvin Yong surf MCF. 

 

thumbnail (2).gif

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Lala81

Lala81

Hypersonic

All the 1m65 advocates are like wtf. 

Major major u turn. Your money need to transfer out and use CPFIS to earn higher return from 55 onwards. 

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Kopites

Kopites

Supersonic
On 2/16/2024 at 6:46 PM, Lala81 said:

All the 1m65 advocates are like wtf. 

Major major u turn. Your money need to transfer out and use CPFIS to earn higher return from 55 onwards. 

What instrument can give 4% yield low risk. 

10 yrs bond currently only 2.7%

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Hub_n_mona

Hub_n_mona

1st Gear

Taking a cold hard look at this. The OA and SA were not meant to be like savings accounts. If they are meant for retirement, then transferring into RA would be logical. It is also possible that at some stage (age), the OA may be forced-moved into RA, if it's to give you your money for retirement.

 

If you have a fat RA, you get a good payout per month. For the social good point of view, the Basic Plan may also be removed next time, just offering the Standard Plan or Escalating Plan. Then the RA, can be enhanced up to 4x BRS, can assist in feeding the interest into the common pool. Just hope that the payout age won't be moved back (ever) though, lol. It's like they were saying many only took the payout from 70 years old onwards.

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Mkl22

Mkl22

Supersonic
On 2/16/2024 at 7:13 PM, Hub_n_mona said:

Taking a cold hard look at this. The OA and SA were not meant to be like savings accounts. If they are meant for retirement, then transferring into RA would be logical. It is also possible that at some stage (age), the OA may be forced-moved into RA, if it's to give you your money for retirement.

 

If you have a fat RA, you get a good payout per month. For the social good point of view, the Basic Plan may also be removed next time, just offering the Standard Plan or Escalating Plan. Then the RA, can be enhanced up to 4x BRS, can assist in feeding the interest into the common pool. Just hope that the payout age won't be moved back (ever) though, lol. It's like they were saying many only took the payout from 70 years old onwards.

Unlikely OA will go into retirement. Lots of folks out there using OA to continue to pay for housing loan. If they say at 65, then maybe possible. 

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Kopites

Kopites

Supersonic
On 2/16/2024 at 8:00 PM, Mkl22 said:

Unlikely OA will go into retirement. Lots of folks out there using OA to continue to pay for housing loan. If they say at 65, then maybe possible. 

I have yet to touch my OA.

You don't go around mention it in social media. Otherwise we will see another Melvin 😡

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