Why Budget 2013 was more 'household-centric' than expected

WIS scheme has been expanded.

According to CIMB, Budget 2013 was more household-centric than initially thought with more help given to the lower-income group. For instance, the Workfare Income Supplement (WIS) scheme will now cover workers earning up to S$1,900 a month, S$200 more than the previous cap.

CPF contribution rates for low-income workers will also be raised to the same level as those for higher income workers. However, those in the higher income group will have to cough up more for living in and/or owning high-end homes.

Here's more from CIMB:

A progressive tax structure is also proposed for the purchase of cars. To help Singaporeans cope with the higher cost of living, they will get extra GST voucher and Service & Conservancy Charges rebates.

Singaporeans will get an extra one-off GST voucher on top of the permanent voucher. The government will give rebates of one to three months for Service & Conservancy Charges.

One- and two-room HDB households will receive three months of rebates for 2013, while three- and four-room households will get two months of rebates.

While these measures were not unexpected, what was unexpected was the proposed income tax rebates.

Taxpayers who are 60 years and above will enjoy a higher income tax rebate of 50 per cent, capped at S$1,500. Those who are below 60 years old will get a rebate of 30%, also capped at S$1,500.

Another surprise is the lowering of the concessionary foreign domestic worker levy. It will be lowered for families with young children, elderly dependents and persons with disabilities. The levy will be reduced from S$170 to S$120 per month

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