For more stories, analysis and infographics on Singapore Budget 2015, head to btd.sg/budget_15
Here are some initial reactions to Singapore Budget 2015 by Deloitte Singapore's tax specialists:
Low Hwee Chua, Head of Tax Services, Deloitte Singapore and Southeast Asia:
"The Government promised a 'People's Budget' and they certainly delivered: a birthday budget that invests in the future with enhanced subsidies for lifelong learning, Silver Support and a more progressive CPF scheme; but with increased taxes on the wealthy to help subsidise."
Sabrina Sia, Director of Taxes, Deloitte Singapore:
"Budget 2015 continues to strengthen Singapore's social security system through a multi-pronged approach, including (1) raising CPF contribution rates for older workers and the CPF contribution ceiling, (2) enhancing the Special Employment Credit Scheme to encourage re-employment beyond the age of 65, and (3) introducing the Silver Support Scheme which will be a permanent scheme to supplement income for the bottom 20% of Singaporeans aged 65 and above. In particular, restoring CPF contribution rates for workers aged 50 to 55 to the same level as those for younger workers, recognises older workers can contribute as much to the workforce, if not more, than their younger colleagues."
Steven Yap, Tax Partner, Deloitte Singapore:
"A Jubilee Budget as Singapore enters the Golden Era!"
INFOGRAPHIC: Snapshot of the Singapore economy