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THE Singapore government will set aside S$6.1 billion for a new Merdeka Generation Fund, aimed at funding the Merdeka Generation Package (MGP) that will cost S$8 billion - in current dollars - over the Merdeka Generation’s lifetimes, said Minister for Finance Heng Swee Keat on Monday.
S$3.6 billion will go towards helping workers to thrive amid industry and technological disruptions while the remaining S$1 billion will go towards helping firms build deep enterprise capabilities.
OVEr the next three years, the government expects to spend S$4.6 billion on these economic measures, with S$3.6 billion going towards helping workers, and the remaining S$1 billion to helping firms build capabilities.
THIS would be credited into the Special Account for members aged 50 to 54, and the Retirement Account for members aged 55 to 64. About 300,000 Singaporeans will benefit from this CPF top-up.
THIS is on top of the S$2 billion earmarked last year for premium subsidies and other forms of support for Singaporeans.
THE WIS is a scheme that provides cash payouts and CPF top-ups for workers whose earnings are in the bottom 20 per cent and is aimed at almost 440,000 Singaporeans.
THE Singapore government will top up the Special Employment Credit (SEC) Fund by S$366 million as it extends both the SEC and the Additional SEC (ASEC) scheme by another year.
"WHEN we exclude the Government's top-ups to funds and Net Investment Returns Contribution from past reserves, we expect a basic deficit of S$7 billion, or 1.4 per cent of GDP. FY2018 was hence an expansionary budget,''Finance Minister Heng Swee Keat said.
The STI today
SINGAPORE stocks closed higher on Monday, with the Straits Times Index gaining 26.23 points or 0.81 per cent to close at 3,265.97.