One day after Finance Minister Tharman Shanmugaratnam ntroducing the Budget for FY2009, National Solidarity Party (NSP) took to Speakers’ Corner to share its view on the budget.

Following is an excerpt of some of the key points made by its leaders.

Mr Steve Chia Kiah Hong

  • Government not clear and not transparent in budget revenue like land sales.
  • Current government has enough surplus to fund this budget.  President should not have approved drawing from past reserve.
  • Job Credit, a job subsidy scheme, should have a wage ceiling of $3000 for Singaporeans and $2000 for non-Singaporeans.
  • Need a retrenchment hardship allowance sheme for the unemployed in this economic downturn.




Mr Yip Yew Weng

  • $10 billion of Resilience Package help companies and banks, only $2.6 billion additional support to Singaporean households.
  • Employer may exploit Job Credit scheme, NSP proposes paying directly to CPF to prevent fraud.
  • Not many benefit from personal income tax rebate.
  • Giving tax breaks and rebates that may not see public transport fare reduced.
  • Possibe off-budget measures in second half of the year.



Mr Sebastian Teo

  • Further employer contribution to Skill Development Fund is not necessary.
  • Government can afford both GST rebate and GST cut to stimulate economy
  • Property tax rebate for industrial and commercial properties benefit GLC companies.
  • Need scheme to help retrenched to pay for housing loan and cash problems.

Mr Goh Meng Seng

  • Package not enough to re-ignite the system.
  • Need to tackle unemployment problem.
  • Need restore investors confidence and address minibond issue.



Photo from the gathering



Read also:

Budget 2009 – Singapore’s Limits
The Budget
Economic growth fell well below expectations
Reserves are for a rainy day


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