The Singapore People’s Party (SPP) has released a wishlist of policies it hopes the Government will introduce in Budget 2020.
Among other wishes, the party hopes that the Government will introduce policies that will better aid the sandwiched generation – a generation of Singaporeans who have to care for their aging parents and provide for their young families.
Besides this, the SPP hopes the authorities will review the impending Goods and Services Tax (GST) hike which will see the GST go from the current seven per cent to nine per cent.
The opposition party also wishes to see divestment from non-energy efficient sources, greater subsidies for mental health services, a two-fold increase in the cash supplement for the Silver Support Scheme, support for the growth of Singapore’s sports sector, a review of resale levy for flat owners and an expansion of the Lease Buyback Scheme.
Budget 2020 is scheduled to take place on 18 Feb. Finance Minister and Deputy Prime Minister Heng Swee Keat branded Budget 2020 as a “strategic financial plan to address near-term and long-term issues, not just for the next year but for the years to come” earlier this year.
He said: “Each Budget builds on past Budgets, and lays the groundwork for future Budgets. It also reflects our responsibilities as a nation, our hopes as a society and our priorities for our people.
“As we come close to the end of a decade, Budget 2020 provides us with the opportunity to look back at Singapore’s progress, draw on key lessons and plan our future to take Singapore forward together.”
Echoing Prime Minister Lee Hsien Loong’s concerns over the slowing global economy, the DPM – who is expected to become Singapore’s fourth Prime Minister sometime after the next election – added: “Through the years, we have invested in education, healthcare, security, and infrastructure. The global economy has slowed significantly.
“As the rapid advancements in technology continue to drive changes across all sectors of our economy and across the world, we must continue to transform and innovate our economy. We must stay relevant and useful, develop deep capabilities, stay open and connected to the rest of the world.”
Mr Lee had told the press earlier that Budget 2020 will be strong and suitable to the needs of the Singapore economy, given the state of the world economy.
Highlighting uncertainties around Brexit, the US-China trade tensions and the spat between Japan and South Korea, Mr Lee said it is not surprising that Singapore’s economy has slowed down given the slow growth globally, and that Singapore is preparing for uncertainties based on the state of the world today.
He said: “Finance Minister Heng Swee Keat and all the other agencies are working towards preparing a Budget which will be strong, and suitable to the state of the world, and what the Singapore economy needs.”
There is strong speculation that the impending General Election will be called sometime after Budget 2020.