Singapore Budget debate: Tweaks to Medisave limits and funding for the arts

On Thursday, health and the arts were among the issues that came up for discussion in Parliament, as the Ministry of Health and the Ministry of Culture, Community and Youth held their respective Committee of Supply debates.

Health Minister Gan Kim Yong told Parliament on Thursday about tweaks that are in the offing for Medisave limits.

From January next year, the Medisave Contribution Ceiling, which is the upper limit on Medisave savings, will be renamed the Basic Healthcare Sum. Then, the new Basic Healthcare Sum will be set at S$49,800 - a 2.7 per cent increase from the current ceiling amount of S$48,500 set last year.

The Ministry of Health will also remove the Medisave Minimum Sum (MMS).

"This means that you will no longer be required to use your CPF monies to first top up your Medisave account to the MMS when you apply to withdraw your CPF at age 55," said Mr Gan.

The traditional arts space will get a boost, with the Ministry of Culture, Community and Youth (MCCY) set to spend a further S$25 million on the field in the next five years.

Minister of State in the Prime Minister's Office and MCCY Sam Tan also told Parliament on Thursday that the ministry will develop the Stamford Arts Centre in Waterloo Street into a centre focused on the traditional arts.