The past few days netizens and Singaporeans have been voicing out their opinions on Budget 2022 including the announcement of the Progressive Wage Model for workers regardless of job sector and increased wealth taxes.
To know more about the budget, here’s a 2-minute summary:
Many focused on the announcement of the GST hike where in a turn of events, the government announced that it will be delayed to 1 January 2023.
The most notable response was from former finance minister Heng Swee Keat, who gave his two cents on what was announced during Budget 2022 as well.
Never About the Coming Year but For the Coming Future
On his Facebook Page, Heng discusses that the budget had always been about planning a strategic roadmap for the future as a nation.
This year’s budget is significantly even more crucial as it serves the way Singapore can chart its way forward in “a post-pandemic world”.
With the new budget, the hope is for Singapore to invest in new capabilities, transform the economy, and create better jobs for Singaporeans.
Heng adds that the Budget also plans for the nation to make adaptations in response to climate change and improve upon existing policies to aid lower-wage workers and disadvantaged families.
Fair Efforts By Ministries To Push Singapore Forward
Aside from the long-term moves that were introduced during the budget, Heng highlights that the ministries are already doing their best to stretch their expenditure dollars.
Were it not for the past reserves, Budget 2022 would have called for “more than double GST or personal income tax” to mitigate the negative impacts the pandemic has done on the nation’s economy.
Acknowledging that tax increases will never be popular, Heng however says that it can be done in a way that’s “fair, progressive, and gradual”. This is in part of efforts to build a better, shared future for all Singaporeans in the long run.
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Need for GST Hike Remains Essential
Heng raised the need to have a GST Hike back in 2018 and believes that the progressive increase is essential and “critical to (Singapore’s) progress”.
Part of the revenue collected from the GST hike will go towards taking care of the elderly and other actions needed to ensure a secure, collective future for all Singaporeans.
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Featured Image: YouTube (Prime Minister’s Office, Singapore)