Cost of living

263 debates and bills about cost of living

14 Nov 2012

Goods and Services Tax Voucher Fund Bill

The Bill establishes a permanent GST Voucher Fund with $3.6 billion initially set aside to help lower-income Singaporeans offset GST costs, with payouts starting in FY2012 and funded for at least five years.
Debaters highlighted the scheme's role in making the GST system more progressive and providing certainty for vulnerable groups, while noting eligibility criteria based on income and property value may exclude some retirees and older citizens.
Concerns were raised about the long-term funding beyond five years, especially during economic downturns, and suggestions were made to refine eligibility rules, clarify beneficiary criteria, and ensure prudent fund management and investment.

Summary written by AI

15 Oct 2012

Asst Prof Tan Kheng Boon Eugene raised concerns about the rising cost of living and asked if the Government would provide more regular and substantive ex-gratia payments to low-pension government pensioners.
Teo Chee Hean, for the Prime Minister, explained that government pensions are fixed, tax-exempt, and based on service length and pre-retirement salary.
The Government introduced the Singapore Allowance in 1974 to help pensioners with lower pensions cope with inflation, and it has been revised 11 times, with the latest update in 2011 setting the allowance at $260 and a gross monthly pension ceiling of $1,190.
The Government conducts regular reviews of the gross pension ceiling and will revise it as necessary.

Summary written by AI

15 Oct 2012

The Bill seeks to establish the Goods and Services Tax Voucher Fund to provide targeted financial assistance to eligible households, and was presented by the Minister of State for Finance, Mrs Josephine Teo.
It was read for the First Time in Parliament and scheduled for a Second Reading on the next available sitting, with the proceedings to be printed.
The debate focuses on the legal framework for setting up the fund and its related administrative matters to support low- and middle-income groups against GST impacts.

Summary written by AI