Major changes to moneylenders industry in 2017 and 2018

Major Changes to Moneylenders Industry 2017 and 2018

Loan Cap

One of the most impactful change would be the loan cap that moneylenders can dish out to borrowers. The current practice allows an individual licensed moneylender has a loan cap to each borrower, however, each borrower can borrow from multiple moneylenders.

The new practise proposed on Monday (Nov 6) in Parliament, was to impose an aggregate loan cap to each individual thus limiting the total amount that the borrower intends to borrow.

For example with the new loan cap in place, a borrower with an annual income of less than $20,000 may borrow up to $3,000 from all licensed moneylenders combine. For individuals with annual income of more than $20,000, they may borrow up to six times their monthly income from all money lenders.

For each borrower, before each loan is issued, it is now mandatory for money lenders to obtain credit reports from the Moneylenders Credit Bureau (MLCB) to check if a borrower has exceeded their loan cap limits.

These reports (50cents per report) are to be obtained online and money lenders have to update the Moneylenders Credit Bureau after each loan is issued.

Regulatory Framework for Moneylenders

A new regulatory framework will be established to allow MLCB to impose rules on money lenders to protect borrower data. This is to improve regulation of the industry.

With new rules, comes new changes in borrowers mentality. Ms Jolene Ong, chairman of Arise2care Community Services, which conducts debt counselling, mentioned that the new changes will prevent people from over-borrowing. However, for those in serial debt, they might just turn to unlicensed money lenders.

Regulation in Moneylenders Company Profile

Moneylenders must get the Registrar’s approval before employing or engaging any assistants. Approval must be sought before anyone can be a major shareholder or to increase shareholdings.

This new move is to allow the Registrar to cancel approvals for loan assistants or shareholders should they deemed as “unsavoury” or those with previous convictions in unlicensed moneylending.

Money lenders will then be required to be incorporated and submit annual audited accounts to the Registry for Moneylenders. This is to professionalise the industry and improve transparency and accountability. More than two-thirds of 160 existing licensed moneylenders have been registered as companies.

Empire Global a True Financing Center

Although the Bill has not been approved yet, with the new slew of upcoming potential changes, the loan and money lenders industry is set for disruption. We at Empire Global is pretty equipped to handle such disruption and are ever ready to serve our customers better.

Manage Your Festive Cash with Credit Card and Payday Loans

The period from December to February always passes by in a flash, starting with Christmas celebration, followed by New Year and finally, our personal favourite, Chinese New Year! All these activities requires huge cash commitment from us. A Straits Times report states Singaporeans intend to spend an average of $2,503 during the Chinese New Year period.

Coupled that with the other celebrations, this amount can easily go up to three or four thousands. So, how can we manage or even make the most out of these thousands of dollars?

Cash back or Miles Credit Cards

There are many credit cards in the market with various benefits, but you will have to decide which one works best for you. Here, we recommend just looking at two types — cashback or miles.

This is how Cashback credit cards typically work — you get a percentage cash back at the end of the month after the bank has tabulated your spendings, usually with a cap on the cash back.

Different cards give cash back for different type of purchases:

Citi Cashback Card works best for food and transportation with up to 20% cashback on select merchants.

DBS Live Fresh Card works best if you love shopping online with up to 5% on online purchase

There are many others in the market, so compare them and select the best ones for your needs in order to get the most out of the high spending during the festive periods.

Miles cards are best for those who loves travelling as these cards gives you X miles for $Y purchase.

Unlike cash back cards, miles cards do not have a limit so you can rake in tons of miles during this period.

Credit Cards and Interest Rates

However, with credit cards, you will also need to take note of interest rates. Especially since there will be so much on your to-do list that you might forget about your credit bills.

This can take a huge hit on your finances since the rolling interest rates can be as much as 2% per month or 24% per annum.

Payday Loans Instead of Credit Cards For Quick Turnaround

The only issue with credit cards is that not everyone can afford them, especially if you have a history of bad credit ratings.

That’s when payday loan can help. Example, when you are waiting for your year-end bonus to arrive, and you require a small cash top-up to prepare for the celebrations.

While payday loan also has high interest rates, they can be easily managed as long as you work within your means and figure a plan to repay the amount monthly.

So, how have you been managing your spending during this period? Let us know if you have other great ideas!

Instant Cash Loan Singapore - Learn about the pros and cons of Instant Cash Loan in Singapore

Instant Cash Loan in Singapore

The finance industry itself is a tough one. Not to mention the lending industry that exist within. The lending industry is constantly revolving to adapt to the multitude of changes that happens in the financial world and government policies. This has led to stiff competition and many use attractive instant cash loan offers to entice customers. The current economy is not doing anyone good either, with wages and salaries stagnating and with a downward decline in job availability. Thus having cash on hand is becoming an issue, and people turn to loans to maintain their needs or to fix their financial woes.

There are many different loan options in Singapore, instant cash loan options are one of the most common loan type that borrowers get. Both banks and moneylenders issue instant cash loan, sometimes they can be just called as cash loan. It does not matter what name it runs under, more importantly as a consumer you have to weight the various pros and cons of such offerings.

Pros of Instant Cash Loan in Singapore

Fast –  Instant cash loan as it’s name is termed, allows one to have cash pretty quickly. This is due to lesser credit checks and collaterals needed. Lenders are able to provide a quote based on your monthly income, commonly through email request. Most loan requests get replied within 1-2 working days.

Ease of Acquiring – As we get more digital, so do businesses such as moneylenders. One can go online to get pre-approval without physically heading down to the shop and await approval. A borrower can get multiple quotes too from various moneylenders. This allows borrowers to first survey the field, acquire quotes, compare the offerings and make more intelligent choices down the line.

Flexibility – Instant cash loans are made to be easier to understand. As long as there’s proof of income, borrowers will have it easier to get their loans. Typically, borrowers can get up to 2-4 months of monthly income. More often than not, your credit score is not subjected to the loan approval process.

Cons of Instant Cash Loan in Singapore

Control – Having an influx of cash might lead one to be out of control. A borrower might splurge on the new found money instead of using it to settle debts or other financial needs. Having new cash in requires a good amount of discipline, control and an action plan. Always plan your money resources as tight as possible. Be #smart with your money.

Summary of Loans in Singapore

As with new control measures by the government, interest rates are now capped at 4% monthly. This new ruling may lead to moneylenders keeping a tight watch on whom they loan the money to. Hence, be upfront if you have any issues or an action plan as this will give you a better case to acquire loans from moneylenders.

When in doubt, always check in with the loan officer. Instant cash loan is a simple loan system, nevertheless, be a cautious borrower and always read the terms and conditions provided. If you have any queries, ask the loan officer especially in terms of repayment packages and additional fees and charges. Being a smart borrower and a well informed one will allow you to make better decisions. Aside from all these, find a licensed moneylender that you are comfortable as they are more than willing to work with you.

 

Rising Childcare Cost in Singapore

Childcare Cost in Singapore

If you are a parent, you probably heaved a sigh of relief when you saw that preschool is being addressed as one of the cornerstone in PM Lee’s speech in this year’s National Day Rally.

We know that because child care cost in Singapore has been on a steady rise in the past few years, with a median cost of $856 and an average of $1,004.

Early Childhood Monthly Full Day-Care Childcare Cost

Early Childhood Monthly Full Day-Care Childcare Cost

This meant that the average parent will be paying $60,000 for 5 years of preschool education for their child! But is it really necessary, as a parent, to pay top money in order to get quality early childhood education for your child?

Does an Expensive Preschool Equals to a Good Preschool?

Does expensive automatically equals to quality? As with many things in life, we say it’s not necessary the case when it comes to selecting preschool.

Dr Chen, from SUSS, stressed that there is “no reliable correlation” between fees and quality, and said, “Parents should look for the match between their child’s personality and individual needs as well as their own beliefs and values, and the structure of the pre-school programme and its philosophical approach.”

It’s not just the fees and quality of environment that you should be looking at. Make an effort to know more about the school’s leadership, teachers and parents interaction, and their current engagement with parents.
For example, PCF Sparkletots teachers actually sends regular learning updates in the form of a Communication Book to parents.

Besides updating their child’s progress, the book also act as a channel of communication between parents and teachers. Parents can choose to write question in the book, which will be answered by teachers on the next day.

Another good tip would be to bring your child to the preschool open houses and let your child roam around and interact with the teachers. On first impression, does your child like it there? — that can be a pretty good indication.

Seek Out Financial Aid and Subsidy to Make Childcare More Affordable

But… you are probably still pretty worried about paying around $700 per month for your child’s early childhood education right?

Well, not to worry too much because the government has plans to help parents with this. To aid you and to ensure your children get a fair start in life, the government plans to increase spending for preschool to 1.7 billion in 2022, and increase the number of partner operators.

This meant that there will be more affordable preschools by 2022, and 2 in 3 children will get access to government-run or government supported school.

Besides that, you will also be eligible for a basic subsidy of $300 per month for your child’s school fees. And if you are a working mum that works >56 hours per month with a household income of <$7,500, you will also be eligible for additional subsidies.

Another way to ensure that your child’s fee is within reasonable range, try to look out for Anchor Preschools, Partner Operator Preschools, and Government-run Preschool.

These schools have committed to maintain quality education while ensuring fees at capped at a certain range.

E.g. most partner operator preschool cost about $800 per month, from as much as $1,100 per month.

Plan Ahead Financially and Logistically for Your Child’s Education

But the best way to prepare financially for your child’s education is to plan for it.

Note down your saving goals and seek out financial vehicles that can help you to grow the money. If you are risk-averse, go for fixed deposits or saving plans. Even those 1-2% are way better than keeping the money in the bank for nominal interest rates.

This is also a good time to be kiasu. If an anchor operator or partner preschool is opening up near your home, take a day to queue up to secure a place for your child. This is one of the instances where queuing up brings about future benefits — e.g. travelling time, convenience, etc.

Hopefully this helps you to understand and plan the financial needs of sending your child to a preschool in Singapore!

Empire Global Vandalised. Sabotage from Illegal Moneylenders

Sabotage from Loanshark. Licensed Moneylenders Vandalised

It’s been a tough couple of months for us, and here at Empire Global we have recently been face with sabotage. Our shop front was defaced recently and we have reported this incident to the authorities. It is an unfortunate issue for us to bear but we are still clear on our rules. It appears that it had been an act on purpose as several other licensed moneylenders were hit overnight, as paint, urine and even faeces were thrown at the shop.

We would like to clear the air as many have asked. We have no connection or any issues with loan sharks or illegal moneylenders. http://stomp.straitstimes.com/singapore-seen/paint-urine-and-faeces-more-than-10-moneylenders-island-wide-hit-by-vandals-overnight

One of the licensed moneylender owner, had their a client detail pasted on their shop. This could be an act of illegal moneylenders as they could be upset that their business have been affected by us. http://stomp.straitstimes.com/singapore-seen/wait-what-bishan-moneylenders-shopfront-defaced-with-op-sign

Personal Data Privacy

It is important to keep your private data to yourself and this is a case that tells you not to borrow from illegal sources as they can easily expose your private data to the public. Many would not want that to happen as you will never know what happens to your data.

We at Empire Global are still here to service our clients.

Overspending. The one reason why people get into debt

One Reason Why People Get into Debt — Overspending

There are many reasons why people get into debts — gambling, falling sick, getting retrenched, etc. But in this age of consumerism, one common reason why people get into debt is overspending.

Companies has gotten so good at tempting us into spending our money that we only realised we have spent too much when we looked at our bank account at the end of the month. Here are some of the common reasons why we tend to overspend.

The Environment We Are in Makes Us Spend

Have you ever step into the supermarket with the goal of purchasing one thing but end up leaving with a whole basket of food and groceries? Don’t worry, you are not alone. In fact, supermarket are designed specifically to get you to spend more.

Here’s an interesting observation:

“So, why is the dairy at the deepest part of the stores, anyway? Underhill says it’s because almost everyone who walks into a supermarket has some sort of dairy on their shopping list, and if it’s in the deepest part of the store, you have to walk past a lot of tantalising goods to get to it.”

But layout is just one of the weapon they have under their arsenal. Music is another common strategy used, especially so during festive periods such as Christmas.

Dr Alan Bradshaw of Royal Holloway, University of London, said: “Festive jingles are force-fed to Christmas shoppers in a bid to change their mood, influence their sense of time and what sort of products they buy. In other words, this is an attempt to manipulate your shopping habits in a way that you might barely be aware of.

So, the next time you are shopping in the supermarket, one of the best way to prevent this from happening is to walk in with a shopping list in hand. This way, you can keep yourself on task, get the necessary stuff only and walk to the checkout counter.

Our Friends and Peers May Make Us Spend More

Humans have an innate desire to be similar to the people that we hang out with, it’s our nature survival instinct to want to “fit-in”.

This is what caused us to overspend at time. Some of your friends may be more well-off than you so when you are out, they may tend to choose dining or partying places that are way out of your budget.

And in your effort to continue hanging out of the group, you may choose to overspend your budget.

One way to prevent this from happening is to be upfront with your friends about your situation, and if they are true friends, they will understand your situation and choose to hang out at a place that’s within your budget.

Credit Cards Makes Us Spend More

Credit cards are both a powerful saving tool and a powerful spending tool. It really depends on how one choose to use it to their advantage… or disadvantage.

Psychology studies have shown that people are often willing to pay more for the same product when using credit than when using cash.

If you realise that you have been maxing out your cards and only paying the minimum interest rate each month, then you should probably look at getting out of the credit card game entirely as this will lead you into a debt freefall.

Rely on cold hard cash and you will have lesser margin for error.

How to Stop Getting into Debt

Take a look at these two equations:

1st equation: Salary – Spending = Savings

And

2nd equation: Salary – Savings = Spending

These two may look the same mathematically. But look at it from a financial planning standpoint and you will realise that one will more likely lead you down the path of debt and overspending than the other.

If you were to follow the first equation, you will end up with unstable savings each month. Sometimes maybe even negative savings (e.g. credit cards spending).

But if you were to follow the second equation, you can be assured of a guaranteed amount of savings each month, and you will have to budget your spending according, effectively controlling your spending.

So, if you are hoping for a comfortable retirement in the future, go for the 2nd equation and start planning your savings, and not leaving it all the way till the end of the month.

Empire Global Best Google Reviews Feedback Licensed Moneylender

Best Google Reviews Licensed Money Lender

We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better. – Jeff Bezos

Amazon is one of the few companies in the world that pride themselves on serving customers well, and that has been instrumental in helping them become the biggest e-commerce company in the world.

Similar to Amazon, excellent customer service has become our ethos here at Empire Global. Which leads us to being the best google reviews licensed money lender in Singapore.

Licensed money lenders in Singapore was born out of necessity. In the past, individuals who can’t get financing from banks and other legal financial institutions used to turn to loan sharks for solutions, and that created a whole lot of social issues.

This move has helped to bring down the rate of unlicensed moneylending.

However, licensed money lenders have got its own controversies too. The methods employed by licensed moneylenders used to collect bad debt has often been compared to loan sharks, especially since incidents like the Funan Mall debt collection happened.

These news made our team more committed to good service, not just because we believed that it will bring about word-of-mouth recommendation, but also because we believe our customer deserve it.

A quick search for our brand name “Empire Global” on Google will surface our company detail on the result page, along with the reviews our satisfied customers have given us.

With 95 Google reviews and an average of 4.8 stars rating, we are confident that our team are providing the right service and help to our customers. We are literally the best google reviews licensed money lender.

So, how do we provide a good service?

Our Business Environment

We have designed our environment to make you feel at ease upon entering the store. This is done with the help of soothing music and clear lighting with professionals that are both friendly and helpful.

This is to ensure that you will never be pressured to take on any loan and that you can take your time to fully understand all criteria before committing.

Clear Explanation

We understand this might be your first time borrowing from a licensed moneylender so our team always make sure you understand all the necessary details and payments schedules before taking on your payment.

Fast and Efficient

Our team have processed hundreds of loans and are well versed in all the requirements of a loan. We also understand that you might need the financing urgently, so we always try our best to process your loan as quickly as possible.

With this, we hope we have changed your opinion on how some licensed moneylender operate and that you should find the one that you are most comfortable with before making the commitment!

En Bloc SERS. Worth the risk for HDB Loan?

Taking on Expensive HDB Loan for Possible SERS En Bloc Flats: Yes or No?

SERS (Selective En bloc Redevelopment Scheme) or more commonly just known as En Bloc refers to when HDB decides to rejuvenate aging estates by buying back the old blocks of flats from homeowners (often at a premium) and providing grants.

Due to this, some homeowners are not taking the remaining lease into consideration when purchasing a new flat, and some are even willing to take on expensive HDB loan to purchase old flats. Let us explore if that’s true here.

Benefits of Being in the SERS Scheme

Here are a few things you can benefits from being a part of the SERS scheme:

  1. Compensation based on the market value of the flat at the time of the SERS announcement
  2. Reimbursement of reasonable expenses in moving to a new place (e.g. removal fees, stamp, fire insurance and legal etc.)
  3. 100% chance of getting a new flat at HDB’s designated replacement site at a subsidized rate
  4. Higher chance of balloting for new HDB flats outside of designated replacement site as 5% of all BTO are reserved for affected SERS owners.
  5. Rehousing benefits grants of up to $30,000 for first and second-time home owners and more

En Bloc Affects Surrounding Flats too

99.co did a research on whether SERS causes flats around it to go up in value too. And their verdict? Yes, it does bring a uplifting effect most of the time on its surrounding flats.

Their theory is that home owners participating in SERS might not necessary wants to move in to the replacement units that HDB has set aside for them and prefers to buy resale or private properties. Hence causing a surge in demand, and eventually, a surge in price.

You can see how attractive this is to flat owners whom have been staying in a flat for several decades yet don’t have the financial capabilities to move out to newer blocks of flats.

But this is also seen as a potential “investment” for others who knows that they are up for a possible huge pay-out if they were to purchase one of these en bloc flats.

But… that’s not necessarily true.

The famous colorful Rocher Centre up for En Bloc SERS

The famous colorful Rocher Centre up for En Bloc SERS

Your Flat Might Worth Nothing at The End of Its 99 Year Lease

Our National Development Minister Mr Lawrence Wong recently put this rumour to rest in his blog post where he warned home owners to not assume that their flat will be selected as part of the SERS when the lease runs out.

Fun fact: Only 4% of HDB flats have been selected as part of the SERS programme since its 1995 launch.

He also mentioned that there a block of flats has to meet several criteria to be eligible for SERS, and some of these includes:

  • Potential for redevelopment: the flats have to be deem under-utilised by the Government and that its redevelopment will bring value to its surroundings.
  • Replacement sites must be available: there must be suitable land nearby to house the current SERS scheme home owners.
  • Government financials: we would assume the government has a planned budget for this scheme every year and that it’s only sufficient for a small selected group of flats.

“We will continue to maintain this strict selection criteria. So please do not assume that all old HDB flats will be automatically eligible for Sers”, said Mr Lawrence Wong.

In the end, although being part of the SERS scheme can be profitable, there is no telling whether a particular block of flat will be selected.

Hence, it would be better to purchase a flat based its remaining lease and on factors that affect your living condition instead of its potential to be en-bloc.

Deliveroo Singapore and the rise of food delivery services

How Deliveroo Singapore and Other On Demand Food Services Rise Up in Asia

Food on-demand (or Uber for Food). Video on-demand (or Uber for video). Books on-demand (or Uber for books).

The on-demand services championed by Uber has been such a success that entrepreneurs around the world are trying to disrupt industries with the same model, which has brought forth a sea of disruption to traditional business, job models, and consumer purchase behaviour.

So, what industry do you think had the most competition in on-demand services?

Enter Foodpanda — Singapore’s First Popular On-Demand Food App

Foodpanda was founded by a Malaysian entrepreneur Sidney Ng and Rico Wyder in March 2012. The app was first launched in Singapore and other SEA countries, with the aim to make online food ordering fuss-free, fun and fast.

In Singapore, the company mostly focused in the Central Business District area and only included 51 restaurants when it first started.

It was an idea welcomed by many restaurants and food services who might want to offer delivery services but don’t have the economic or manpower powers to do so.

“We definitely expect an increase in customer numbers from the cooperation with foodpanda”, said Jacky Stevens, restaurant owner of Picotin Bistro.

Back then, food delivery was still a novel idea and most people only tried the app out of novelty or when they want to celebrate a particular occasion such as birthdays and anniversaries.

Deliveroo Singapore – A New Challenger Arrives

Fast forward 4 years to 2016, consumers now use on-demand food delivery app as part of their daily life and often orders when they are too lazy to cook their meals, or when they work late nights in office, or even for a date night!

This has allowed Foodpanda to become a food delivery behemoth with 720 restaurants and see revenue grow 400% in the latest revenue report. All these signs points to a major shift in how consumer consumes food and the potential of growth in this market.

But this also meant that Foodpanda is going to attract competitors in this lucrative space.

The Battle of Efficiency and Simplicity

While Foodpanda managed to become the most popular service in Singapore, there were some complains about its business model and services. Two things stood out immediately when observing the chatter online — delivery time and cost.

Foodpanda was delivering on a lot of its food in the 45 to 60 minutes and its delivery pricing was a mess because it depended a lot on what you ordered and from where.

Deliveroo Singapore saw this opportunity and decides to enter the market.

Its USP was targeted specifically at the areas where Foodpanda is underperforming. They were offering delivery in the 30 minutes range and offers a 2-tiered delivery fees based on the value of food that you ordered.

This proved to be the right move as Delivery Singapore expanded and secured over 450 partners in a short period 6 months, more than half of what Foodpanda achieved in over 4 years.

At the time of this writing, Foodpanda has also reacted to the competition and improved their business model such that delivery timing now averages around 30 minutes. But this might prove to be too late because Deliveroo Singapore has already cemented themselves as the efficient and simple delivery app.

Overall, Singapore consumers will get more comfortable and familiar with food delivery services, and will consistently demand to have better services with more varied choices. The app which effectively captured this will definitely dominate the market in the years to come.

Singapore Budget 2017: Learn about HDB Grants & GST Rebates

Singapore Budget 2017: HDB’s CPF Housing Grants Increases for First-Time Buyers and More

The Singapore Budget was first delivered in 1965 by Finance Minister Lim Kim San where development and job creation were the key focuses. Due to careful budgeting, Singapore has been fortunate to record more surpluses than deficits in the past 50 years. This year,  SG Budget 2017 is delivered by Finance Minister Heng Swee Kiat with a focus on building skills and capacity to bring our economy to the next frontier.

While one of the main focus is about helping Singapore firms cross borders and become more digitalised, the government has not forgotten about Singaporeans.

Families have always been at the top of mind of Singapore policy makers due to an ever decreasing birth rate, and the same goes for the planning for Singapore budget 2017. Families are one of the main beneficiaries with measures such as increase in grant for first time HDB flat buyers, more infant care centres, and other smaller rebates to help Singaporean cope with the increase in expenses. We are going to discuss each and every one of them in the article below.

Budget 2017 for First-time home buyers:  More subsidies when purchasing a resale flat

First time home buyer?

Buying a resale flat?

If your answer to both questions above is a resounding yes then you have a huge reason to jump for joy now! In Budget 2017, the grant given to this group of home buyers have increased significantly, and with immediate effect!

For those who don’t know, currently, first-time home buyers that are looking at resale flats are eligible for three types of grants (up to $90,000) — CPF Housing Grant ($30,000), Additional Housing Grant (AHG) (up to $40,000) and Proximity Housing Grant (PHG) ($20,000).

Additional Housing Grants are a scheme created to help middle income families better afford housing by providing a grant value that’s tied to their income level. You and spouse will qualify for it if the average monthly household income over 12 months are $5000 or lesser.

Proximity Housing Grant on the other hand, are created to help families or singles who wish to purchase a resale flat that’s near to their aging parents’. You and your spouse will qualify for it if the flat you are aiming for is within 2km of your parents’ home.

This will change in 2017 onwards as the total grant will now increase (up to $110,000) due to an increase in the CPF Housing Grant from $30,000 to $50,000 for 4-room flats and $30,000 to $40,000 for 5-room flats.

Here’s what our Minister for National Development Mr Lawrence Wong said in his Facebook post “This will help those who wish to live near their parents in mature estates where there are fewer BTO projects, or those who wish to move into their own homes quickly to start a family. Together with existing measures, a couple can potentially get up to $110k in grants to buy their first flat!”

SG Budget 2017: HDB Housing Grant infographic

SG Budget 2017: HDB Housing Grant infographic

 

Here’s a quick glance in the grant changes.

Infant care centres will increase by 100% by 2020.

In order to help families with two working parents, the Government has committed to increase the number of infant care from the current 4,000 to 8,000 by the end of 2020.

This is in line with a previous effort by the Government to increase the number of quality child cares in Singapore. This effort should help more young parents improve their consideration of having a child in Singapore.

Rebates for personal income tax

Taxpayers will receive a 20% rebate in personal income tax for earnings in 2016, and will be capped at a maximum of $500.

GST U-Save voucher rebates continues

If you have been on social media lately, you will have probably seen the uproar over the 30% increase in water prices. This has led to a permanent increase in GST U-Save vouchers to help families cope with the hike — increases ranges from $40 to $120, depending on your flat size.

GST Vouchers

A $200 payment will be given to individuals who are aged 21 years old and above and earns less than $28,000 last year.

What we are covering here mainly focuses on how the Singapore Budget 2017 has brought about certain changes for families and Singaporeans in general. But that’s not all that the Budget 2017 has to offer, so be sure to visit the website https://www.gov.sg/microsites/budget2017 and look at all the measures for yourself!