1.54m Singaporeans to get GST Vouchers and other Budget Benefits

About 1.54 mil­lion Singa­por­eans will receive let­ters from Min­istry of Fin­ance inform­ing them of their eli­gib­il­ity for GST vouch­ers and other budget bene­fits by 1 July 2016.

For indi­vidual Singa­por­ean aged 21 and above whose assess­able income for Year of Assess­ment 2015 is less than $26,000 and who does not own more than one prop­erty, you will get $500 on 1 August 2016 if the annual value if home is $13,000 and below; or $250 if the annual value of home is from $13,001 to $21,000.

For Pion­eer Singa­por­ean, they will also get up to $800 top-up per year to their medis­ave based on the cri­teria below.

Pion­eer Gen­er­a­tion Medis­ave Top-up
Born in Age in 2016 Amount of Medis­ave top-up per year
1945 — 1949 67 — 71 $200
1940 — 1944 72 — 76 $400
1935 – 1939 77 — 81 $600
1934 or earlier >= 82 $800


For Non-Pioneers, they will also get up to $200 top-up per year to their medis­ave till 2018 based on the cri­teria below.

5-Year Medis­ave Top-up (2014 – 2018)
Annual Value of Home as at 21 Dec 2015 Up to $13,000 Above $13,000 or owns more than property
Singa­pore Cit­izens born in 1959 and earlier who are not Pioneers $200/year $100/year
One-off addi­tional medis­ave top-up for those age 65 and above in 2016 and who does not own more than one property. For those age 65 to 74, to get addi­tional $250.


For those age 75 to 84, to get addi­tional $350.


For those age 85 and above, to get addi­tional $450.


For those age 65 to 74, to get addi­tional $150.


For those age 75 to 84, to get addi­tional $250.


For those age 85 and above, to get addi­tional $350.



For house­holds stay­ing in HDB flats, gov­ern­ment will give up to $260 deduc­tion in util­it­ies bills in equal instal­ments over 4 months in July 2016, Octo­ber 2016, Janu­ary 2017 and April 2017. Each house­hold will also get up to 3 months of S&CC rebate.


House­hold bene­fits for 2016
Flat Type 1 And 2-Room 3-Room 4-Room 5-Room Executive/Mulit-Generation
GSTV – U-Save $260 $240 $220 $200 $180
S&CC rebate (months) 3 2 2 1.5 1

Ref­er­ence : https://www.gstvoucher.gov.sg

New Personal Accident insurance for riding bicycle and personal mobility device

NTUC Income has just launched a new insur­ance plan, Per­sonal Mobil­ity Guard, to cover acci­dental death or per­man­ent dis­ab­il­ity, med­ical expenses and per­sonal liab­il­it­ies due to acci­dents while rid­ing a bicycle or a per­sonal mobil­ity device.

The table of bene­fits are as follows:

Bene­fit Sum Insured
Per­sonal acci­dent (per policy year) $200,000
Med­ical Expenses for injury due to an acci­dent (Per accident) $2,500 (Excess : $100 per accident)
Per­sonal Liab­il­ity (per policy year) $1,000,000

The yearly premium is $96, inclus­ive of GST. You will enjoy 30% off if you sign up before 30 June 2016.

Source : http://www.income.com.sg/insurance/home-lifestyle-insurance/personal-mobility-guard

NTUC Income #StartRetiring Consumer Promotion

NTUC Income has launched “#StartRe­tir­ing Con­sumer Pro­mo­tion” from 1 April 2016 to 31 May 2016.

Cus­tom­ers who suc­cess­fully sub­mit their Reg­u­lar Premium Life Policies includ­ing any applic­able rider(s) between 1 April and 31 May 2016 (inclus­ive of both dates), and their policies issued not later than 31 July 2016, will be entitled to a gift as set out in the rel­ev­ant tiers below.

Min­imum monthly premium Premium pay­ment term of 10 years and above Premium pay­ment term of 5 to 9 years Premium pay­ment term of 3 to 4 years
$1,800 Cap­ita­Voucher






$1,200 Cap­ita­Voucher




PHILIPS Air Pur­i­fier worth $279
$500 Cap­ita­Voucher


PHILIPS Slow Juicer worth $229 N.A.
$250 Cap­ita­Voucher


N.A. N.A.


The qual­i­fy­ing policies are as follows:

  8. VIVOCARE 100
  11. VIVOLIFE 125/180/350
  19. ITERM

Terms and Con­di­tions can be found at http://www.income.com.sg/promotions/life-insurance/start-retiring-promotion#main

New Silver Protect to cover early stage cancer, fractures, hospice care and death

NTUC Income has launched another great term insur­ance plan “Sil­ver Pro­tect” spe­cially for those from 50 years to 74 years old to cover the following:-

  • Early stage can­cers — 25% of the sum assured upon dia­gnosis of an early stage can­cer. Sum assured will not be reduced by this payout.
  • Advanced stage can­cers — 100% of the sum assured upon dia­gnosis of an advanced stage can­cer. If there was no claim made for an early stage can­cer bene­fit, addi­tional 25% of the sum assured will be paid. All future premium pay­ments will be waived.
  • Acci­dental frac­tures — Up to 20% of the sum assured in the event of an acci­dental frac­ture. The amount of bene­fit pay­able is depend­ent on the site of the fracture.
  • Hos­pice care in the event of ter­minal can­cer — Up to 15% of the sum assured for hos­pice and pal­li­at­ive care in the event of ter­minal cancer.
  • Acci­dental death — 100% of the sum assured in the event of acci­dental death. If due to a restric­ted activ­ity, 30% of the sum assured will be paid instead.
  • Non-accidental death — $5,000 in the event of death not due to an acci­dent. If it hap­pens within one year from the cover start date, 100% of the total premi­ums paid will be refun­ded instead.

The sum assured offered are $50,000, $80,000 for $100,000 and renewal is guar­an­teed every 10 years till age 84. NTUC Income may provide cover even if you have exist­ing non-cancer related med­ical conditions.

New Cancer Waiver Rider (Guaranteed Acceptance) from NTUC Income

NTUC Income has just launched a new Can­cer Premium Waiver (GIO) (WPV10), which is a non-participating, reg­u­lar premium rider that waives future premi­ums on the policy for the remain­ing term of the rider upon dia­gnosis of the insured with any one of the major can­cers after one year from the cover start date and dur­ing the term of the rider.

In addi­tion, applic­a­tion for this rider is hassle-free and accept­ance is guar­an­teed. There is no need for any med­ical check-up*.

This rider is avail­able to spe­cified GIO plans and can be attached to both first and third-party policies at policy inception.

The list of GIO plans Can­cer Premium Waiver (GIO) rider is attach­able to:
1.       Lim­ited Pay RevoSave (ANRP)
2.       Lim­ited Pay RevoSave 3-Pay-10 (ANRV)
3.       Lim­ited Pay RevoSave 5-Pay-10 (ANRE)
4.       FlexRe­tire (FRR)
5.       Revo­Se­c­ure (RVGG)
6.       VivoC­ash (VCGL)

* If Insured had con­sul­ted a doc­tor for, suffered symp­toms of, was invest­ig­ated for, was dia­gnosed with, or received med­ical treat­ment for any caner, includ­ing carcinoma-in-situ, before the cover start date, no bene­fit will be paid under the Can­cer Waiver Rider, and the rider will be terminated.

2016 Kick Start Your Future with NTUC Income Promotion with $1000 cashback

From now till 31 Decem­ber 2016, the first 3,300 new applic­a­tion of Reg­u­lar Premium Life Policies includ­ing any applic­able rider(s) with a min­imum annual premium of S2,000, you will get $1,000 cash­back in the form of a cheque which will be mailed to you within 45 days, one year after the Qual­i­fy­ing Policy is issued.

You are eli­gible to apply if you are a Singa­pore Cit­izen or Per­man­ent Res­id­ent who has gradu­ated from any of the Junior Col­leges or Cent­ral­ised Insti­tute Course, Inter­na­tional Bac­ca­laur­eate Dip­loma Pro­gramme, Singapore’s Insti­tute of Tech­nical Edu­ca­tion, Poly­tech­nics or local or over­seas Uni­ver­sit­ies in 2012 or later. You must sub­mit evid­ence of hav­ing gradu­ated from such insti­tu­tions or programmes.

Note that regard­less of the num­ber of applic­a­tions for each gradu­ate, only one policy will qual­ify for the reward under this Pro­mo­tion. In addi­tion, poli­cy­hold­ers who have par­ti­cip­ated and suc­cess­fully qual­i­fied for the “Kick Start Your Future With Us”

Update on tax on Supplementary Retirement Scheme withdrawal

Cur­rently, an SRS mem­ber can with­draw up to $40,000 per year from his SRS account tax-free on or after reach­ing the pre­scribed retire­ment age, assum­ing that he has no other tax­able income. Over the max­imum with­drawal period of 10 years, he can with­draw up to $400,000 tax-free.
How­ever, if an SRS mem­ber passes away before com­plet­ing his SRS with­draw­als or made a full with­drawal on the grounds of ter­minal ill­ness, he would not be able to enjoy the full bene­fit from spread­ing out his SRS with­draw­als over a 10-year period. Hence, from year of assess­ment 2016, a tax exemp­tion of up to $400,000 would be gran­ted for SRS funds deemed with­drawn upon an SRS member’s demise or a with­drawn in full on the grounds of ter­minal ill­ness.

Next, from July 2015, SRS mem­bers will be able to apply to their SRS oper­at­ors to with­draw an SRS invest­ment by trans­fer­ring the invest­ment out of their SRS accounts (e.g. into their per­sonal Cent­ral Depos­it­ory (CDP) account), without hav­ing to liquid­ate their SRS invest­ments. This is only applic­able for the fol­low­ing types of with­draw­als, which qual­ify for the 50% tax concession:

  1. with­drawal on or after the stat­utory retire­ment age pre­vail­ing at the time of an SRS member’s first con­tri­bu­tion (cur­rently age 62);
  2. with­drawal on med­ical grounds;
  3. with­drawal in full by a for­eigner who has main­tained his SRS account for at least 10 years from the date of his first con­tri­bu­tion; and
  4. actual with­drawal made by an SRS mem­ber or his legal per­sonal rep­res­ent­at­ive (if he is deceased) from his SRS account, after the SRS invest­ment that is to be with­drawn had earlier been deemed with­drawn upon death or after the expiry of the 10-year with­drawal period.

All other with­draw­als from an SRS account, includ­ing pre­ma­ture with­draw­als, must be made in cash.

Singapore inflation in 2015

Infla­tion in Singa­pore fell 0.6% year-on-year in Decem­ber, com­pared to –0.8% in Novem­ber. Core infla­tion, which excludes the cost of accom­mod­a­tion and private road trans­port, rose to 0.3% from 0.2% in November.

Private road trans­port cost fell by 1.1% in Decem­ber, com­pared to the 1.7% decline in Novem­ber. Accom­mod­a­tion cost dropped by 3% in Decem­ber, same as the decline in Novem­ber. How­ever, over­all ser­vices infla­tion increased to 0.9% in Decem­ber, up from 0.7% in Novem­ber, due to a faster pace of increase in hol­i­day travel expenses and a smal­ler decline in tele­com­mu­nic­a­tion ser­vices fees. Mean­while, food infla­tion was down to 1.5% last month from 1.6% in Novem­ber, due to the mod­er­a­tion of increase in prices of pre­pared meals such as hawker food.

For the whole of 2015, infla­tion fell by –0.5%, down from 1% in 2014. This is the first decline since 2002. Core infla­tion eased to 0.5% in 2015, com­pared to the 1.9% in 2014.
Core Infla­tion is expec­ted to be between 0.5% and 1.5% in 2016 while over­all infla­tion is pro­jec­ted to aver­age between –0.5% and 0.5% in 2016, accord­ing to MAS and MTI.

Changes of CPF in 2016

CPF con­tri­bu­tion ceil­ing will be increased from $5000 to $6000 with effect from 1 Jan 2016. This will help to boost another $170 from employer and $200 from employee for those earn­ing more than $6000 monthly salary and below 55 years old. Though the take-home pay for these employ­ees will reduce by $200, the sav­ings for retire­ment will be boos­ted by these extra savings.

The CPF con­tri­bu­tion rate for employee 50 years and above will be increased from 1 Janu­ary 2016.

  • Above 50 to 55, employer CPF rate will be increased from 16% to 17%, while employee CPF rate will be increased from 19% to 20%;
  • Above 55 to 60, employer CPF rate will be increased from 12% to 13%, with no change to the cur­rent employee CPF rate of 13%;
  • Above 60 to 65, employer CPF rate will be increased from 8.5% to 9%, with no change to the cur­rent employee CPF rate of 7.5%.

In addi­tion, for CPF mem­bers aged 55 and above from 1 Janu­ary 2016, the first $30,000 from the CPF accounts will earn extra 1% per annum, on top of the cur­rent 1% extra interest on the first $60,000 of their total CPF sav­ings. That is,



Total CPF balance

Interest Rate
If in Special/Retirement/Medisave Accounts If in Ordin­ary Account
First $30,000 6% 4.5%
Next $30,000 5% 3.5%
Remain­ing bal­ance above $60,000 4% 2.5%

This trans­lates to extra $300 sav­ings per year for the next 10 years before CPF Life pay­out starts at 65. Assum­ing the yearly $300 interest earned goes into the Retire­ment Account which earns 4% interest, this trans­lates to $3,745 after 10 years. With higher amount in CPF Retire­ment Account, CPF mem­bers can expect higher pay­out from their CPF Life.

The caps on con­tri­bu­tion to the vol­un­tary retire­ment sav­ings scheme, Sup­ple­ment­ary Retire­ment Scheme (SRS) will be increased from 1 Janu­ary 2016. For Singa­por­ean and Per­man­ent Res­id­ent, the cap will be increased from $12,750 to $15,300. The cap for for­eigner will be increased from $29,750 to $35,700. This will help to increase the per­sonal income tax sav­ings, as the amount put into SRS will enjoy tax relief. Moreover, retire­ment cash­flow will be improved when SRS money is allowed to be with­drawn without pen­alty from age 62 onwards.

25,000 Singapore Residents to pay extra 30% MediShield Life premium

Nation-wide hos­pit­al­iz­a­tion plan, MediShield Life, will be imple­men­ted on 1 Novem­ber 2015. Min­istry of Health has already iden­ti­fied 25,000 Singa­pore Cit­izens and Per­man­ent Res­id­ents with ser­i­ous pre-existing ill­nesses who will have to pay extra 30% extra premium for the next 10 years to cover the pre-existing ill­nesses. After which, they would pay the same premi­ums as their peers. If you belong to this group, you will receive a let­ter with details about your new MediShield Life cov­er­age, premi­ums and sub­sidies, includ­ing the Addi­tional Premi­ums. The vari­ous sub­sidies for MediShield Life premi­ums will also apply to Addi­tional Premiums.

If you cur­rently not insured with Medishield, you will also receive the let­ter soon to inform you on the premi­ums and sub­sidies. For oth­ers, you will only receive the let­ter one month before your plan is due for annual renewal from either the CPF Board (cover under MediShield) or your private insurer (cover under Integ­rated Shield Plan) with details about your premi­ums and sub­sidies for the MediShield Life com­pon­ent of your Integ­rated Shield Plan.

The broad cat­egor­ies of ser­i­ous pre-existing ill­nesses are:

Broad cat­egor­ies Indic­at­ive examples (not exhaustive)
Can­cer Lung can­cer, colorectal can­cer, breast can­cer, stom­ach cancer
Blood dis­orders Parkinson’s dis­ease, Mus­cu­lar dys­trophy, Amyotrophic lat­eral scler­osis (ALS)
Heart or other cir­cu­lat­ory sys­tem diseases Heart attack, Coron­ary artery dis­ease, Chronic ischaemic heart disease
Cerebrovas­cu­lar diseases Stroke
Res­pir­at­ory diseases Chronic obstruct­ive pul­mon­ary disease
Liver dis­eases Alco­holic liver dis­ease , Chronic hep­at­itis, Fibrosis or cir­rhosis of liver
Autoimmune/ Immune Sys­tem diseases Sys­temic lupus eryth­em­atosus, Human Immun­ode­fi­ciency Virus/ Acquired Immune Defi­ciency Syn­drome (HIVAIDS)
Renal dis­eases Con­gen­ital heart dis­ease, Con­gen­ital renal dis­ease, Bil­i­ary atresia
Psy­chi­at­ric conditions Schizo­phrenia
Chronic con­di­tion with ser­i­ous complications Hyper­tens­ive heart dis­ease, Hyper­tens­ive kid­ney dis­ease, Dia­betes with kid­ney com­plic­a­tions, Dia­betes with eye complications

Those whose pre-existing con­di­tions are less ser­i­ous or are well-controlled, such as well-controlled dia­betes, or hyper­ten­sion with no com­plic­a­tions, osteoarth­ritis, pre-cancers, fibroids or cysts or those who were hos­pit­al­ized due to a one-off event, such as an acci­dent or dengue are not sub­jec­ted to the 30% addi­tional premium.