Hello.
Babies, cost of living issues and retirement adequacy were in the spotlight in Singapore this week.
On Tuesday, the Government unveiled a S$104.2 billion Budget for the financial year ahead. What caught the most attention were the cash payouts, higher CPF monthly salary ceiling and bigger grants for first-time resale HDB buyers.
Above all, Budget 2023 sought to provide assurance to citizens and renew trust, says the Lee Kuan Yew School of Public Policy’s Terence Ho.
The higher CPF monthly salary ceiling is hugely significant, says Christopher Gee of the Institute of Policy Studies, as it will have major long-term effects on Singaporean workers’ retirement savings contributions.
Property expert Ku Swee Yong says bigger grants for first-time resale HDB buyers are expected to provide relief for those looking for their first home, but they may also have the opposite effect of leading to further price increases.
Another major talking point was the doubling of Government-paid paternity leave to four weeks. It is a stride in the right direction, but there is scope for Singapore to be so much bolder, say the Institute of Policy Studies’ Mathew Mathews and Melvin Tay.
We hope you enjoy our selection of commentaries this week.
Alison Jenner
Senior Editor, Commentary
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