It takes a considerable level of fiscal acumen at a personal level to manage one's income distribution into an array of drawers, be it allotments for savings, travel expenses, meals, filial piety, clothes, electronic gadgets and the list goes on. Being a typical Gemini without much fiscal prudence and displaying overbearing characteristics of a spendthrift, I find this balancing act insurmountable as my debits soar, more so during this festive season when shopping becomes compulsive. Henceforth, as I was listening to the budget speech 2007 yesterday, I could not but hand it to the financial wing of the government in moulding such a comprehensive budget. It certainly requires more than fiscal acumen when we are dealing with public funds that come in denomination of millions or even billions.
The intricacy of the eye-dazzling slew of new tweaks and initiatives introduced yesterday was enough to addle anyone, especially the uninitiated. But a few far-reaching changes easily did not go unnoticed. We should applaud the implementation of the GST credits scheme, which is expected to perversely reverse the regressive nature of the GST hike, coupled with a widely anticipated employer CPF's increase and Workfare. These social pillars should alleviate the concerns weighing on most Singaporeans and provide some buoyant buffer for the lower rungs of the social ladder. Cuts in corporate taxes and the multitude of tax relief and exemptions will also increase Singapore's competitive edge and position us in an ideal spot to embrace even more investments brought about by the now well-known globalisation.
Another laudable step taken to encourage skills upgrading in view of brewing a knowledge-intensive economy is the setting up of PSEA for children aged between 7 to 20. Yet, the narrow age limit somehow seems lacking. Don't forget the 2 years NS liabilities for males that ostensibly help to beef up the defence of our nation. This age restriction will unfairly tend to miss out on a particular group of lowly-educated NSFs, whom after completion of their NS stints, will be in their early twenties. Most would have lain out some plans for further studies and PSEA that might hold some $800 will definitely prove useful. I believe that the practical implementation of this incentive can be further improved.
And with so many angbaos to be given out in this year's budget pie, waste no time consolidating how much your family can receive via the Household Benefits Calculator on the Singapore Budget Website! :-)
Oh yes, and Jack Neo's new film ought not to be missed. A deja vu comical and introspective dig at the civil service sector, enjoy!!!
scribbled at 11:23 PM
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