Parliament yesterday approved a $106 billion Budget meant to help Singapore overcome the immediate effects of the coronavirus outbreak, while also tackling longer-term issues the country faces such as climate change.
"How we respond to moments of challenge and crisis is a test of our individual resilience and the strength of our character," said Mr Heng, who is also Finance Minister."Even more, it is a test of our social cohesion and solidarity." But united, Singapore can overcome not only the Covid-19 outbreak, but also longer-term challenges such as ageing, technological disruption, social inequality and climate change.
Responding, Mr Heng said a broad-based tax like the GST is an appropriate and responsible way to pay for major societal needs such as healthcare spending, noting that the $6 billion Assurance Package announced this year will provide a"bigger and thicker cushion" that will effectively offset the eventual GST hike for lower-income Singaporeans by 10 years.
Quoting a Chinese saying that one generation plants the trees and the later generation enjoys the shade, he said Singapore's reserves are today like a tree with lush foliage because of the founding generation of leaders who had the foresight to save the nation's surpluses and invest them for the long term.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
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.
COVID-19: ICC tournament axed this year; could have featured Liverpool, Man UnitedSINGAPORE — Fans of top European football clubs will not be able see them in action at the National Stadium this July, after the International Champions Cup organisers confirmed that it will not take place in Asia this summer.
Source: YahooSG - 🏆 3. / 71 Read more »
Covid-19: President, ministers and other political office holders to take one-month pay cutSINGAPORE — All ministers and other political office holders will take a one-month pay cut to show solidarity with Singaporeans amid the Covid-19 crisis, said Deputy Prime Minister Heng Swee Keat on Friday (Feb 28).
Source: TODAYonline - 🏆 1. / 99 Read more »
Italy urges tourists not to stay away as confusion surrounds COVID-19 casesROME: Italy on Thursday (Feb 27) urged tourists spooked by the coronavirus not to stay away, but efforts to reassure the world it was managing the ... Don’t be fooled, Italy has found COVID19 cases only because they’re actively looking for them (10k tests), while other countries decided not to look for it (e.g. only hundreds of tests in US, France, Germany). Italy should not be the victim of its own honesty and transparency! Crazy idea
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Commentary: COVID-19 crisis reveals the extraordinary promise of bioengineeringFrom tackling the spread through open-source platforms to delivering food using robots, the COVID-19 outbreak has shone a light on engineering’s ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
3 new COVID-19 cases in Singapore, including 12-year-old student from Raffles Institution: MOHSINGAPORE: Three new COVID-19 patients were reported in Singapore on Thursday (Feb 27), the Ministry of Health (MOH) in a daily update, including ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
COVID-19: ComfortDelGro Taxi CEO urges more financial aid for cabbiesSINGAPORE — The chief executive of transport group ComfortDelGro's taxi business on Thursday (27 February) called on the government to provide more financial aid for taxi drivers who are adversely affected by the COVID-19 outbreak.
Source: YahooSG - 🏆 3. / 71 Read more »