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Deputy Prime Minister and Finance Minister Heng Swee Keat released Singapore's Budget statement for the financial year 2020 (FY20) yesterday, which would see an overall deficit of $10.9 billion. The last time our budget had almost as large a deficit was wheWhy should I care? A working adult's take on Budget 2020
Deputy Prime Minister and Finance Minister Heng Swee Keat released Singapore's Budget statement for the financial year 2020 (FY20) yesterday, which would see an overall deficit of $10.9 billion. The last time our budget had almost as large a deficit was when the government earmarked substantial funds for the construction of Changi Airport's Terminal 5 in FY15, where the projected deficit was $6.7 billion. Then, the government had its eye on the future. This time however, the Budget was aimed at relieving the potential economic and financial pain stemming from the ongoing international health emergency, Covid-19. One may be immediately lost amidst the numerous packages (stabilisation and support, care and support, and a host of others) as well as enhancements to existing policies. We approached Singaporean finance professional Chiam Sheng Shi, 30, to comment on how the Budget could affect a regular citizen or PR. His comments may be well-placed, given how he holds a CFA and is also the personal finance lead at robo-advisory firm, Endowus. THE CHALLENGES THAT SINGAPORE FACES Read more