Finance Minister Heng Swee Keat said in Parliament yesterday that Budget 2019 reflects the 'Singapore way' of putting people at its core, planning for the long-term and working in partnerships. Wrapping up the three-day Budget debate, Mr Heng said it was not just about how...
The hike is needed to support structural increases in spending on healthcare and other important needs like security.
He contrasted this to the estimated 6.5 percentage points of GDP in additional revenue that a median government from the Organisation for Economic Co-operation and Development will require by 2060. He said younger cohorts will be in a better position to look after their own healthcare needs when they reach retirement, and the Government will tailor future policies and programmes to their specific needs.
On borrowing to finance major, long-term infrastructure projects, Mr Heng said borrowing will not free up new revenue for recurrent spending.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘A decision not taken lightly’: Heng Swee Keat explains reasons for GST hikeRounding off the Budget debate in Parliament, Mr Heng outlined that the increase in GST is required to support needs like healthcare, pre-school ...
Read more »
Principles for Budget 2019 reflect the ‘Singapore way’: Heng Swee KeatSINGAPORE: Finance Minister Heng Swee Keat said that the key principles for Budget 2019 reflect the 'Singapore way' and allows people to “do more ...
Read more »
Can Budget 2019 healthcare budget combat Singaporean doctors’ practice of defensive medicine?The 2019 healthcare budget designed to mitigate financial burden of Singaporeans, may not be enough to meet “healthcare requirements” of those sent to pointless medical tests, procedures, and consultations as a result of defensive medicine practice
Read more »
‘Cannot see each year’s Budget in isolation’: Heng responds to those who feel left out of Budget 2019The Finance Minister also said the Budget is the country’s strategic financial plan for the future, and not a bag of benefits that serves some in ...
Read more »
Daily Debrief: What Happened TodayGovernment yet to decide on exact timing of GST increase to 9%: Heng Swee Keat, Singapore fintech investments more than double to US$365m in 2018 amid global surge: Accenture at
Read more »
'Take the difficult road today', Heng Swee Keat urges firmsSingapore needs to double down on restructuring as its labour force growth tapers or companies will find it even harder in the future, says the ...
Read more »
Companies must persist in transformation efforts, learn from firms that have done it successfully: Heng
Read more »
Firms that do not change will hit 'dead end': Heng Swee KeatCOMPANIES must persist in transforming their business operations through technology, and upgrading workers at the same time, to cope with changes, said Finance Minister Heng Swee Keat on Monday. Read more at The Business Times.
Read more »