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From a GST hike to CDC vouchers: 9 things you need to know about Budget 2022

Here are 9 key takeaways from Budget 2022:

GST HIKE DELAYED TO 2023

The GST hike might be delayed to subsequent yr and carried out in two phases.

First, it would go up from 7 per cent to 8 per cent on Jan 1, 2023, after which to 9 per cent on Jan 1, 2024.

To cushion the influence, the (*9*) will present an extra top-up of S$640 million to the S$6 billion Assurance Package, giving “significant payouts” to Singaporeans, stated Mr Wong.

For occasion, all Singaporean adults will obtain S$700 to S$1,600 in money payouts over the following 5 years.

All Singaporean households can even get two tranches of Community Development Council (CDC) vouchers value S$200 every in 2023 and 2024. These can be utilized at collaborating heartland outlets, hawkers and main supermarkets.

Eligible seniors and households can even obtain particular GST voucher payouts, whereas Singaporean youngsters and seniors will get MediSave top-ups.

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