Singaporeans should watch the upcoming budget closely, specifically the type of special transfers rolled out by the government, as it could be an indication that elections are approaching, suggested a recent Credit Suisse report.
The report stated that special transfers include one-off direct transfers to households and top-ups to endowment (and CPF accounts), as well as trust funds created by the government for specific expenditure objectives.
Credit Suisse noted that these transfers “have been visibly higher in an election year”, adding that after the PAP’s weakest election win in 2011, they have been kept relatively “people friendly”.
In last year’s budget, the government introduced a massive $8 billion ‘Pioneer Generation’ package to help elderly Singaporeans reduce their healthcare costs.
To further ease the cost of living for older and lower-income households, there were also Service and Conservancy Charges (S&CC) rebates that go towards the maintenance of housing estates, and GST Voucher Special Payments to help offset GST.
The 2015 Budget will be delivered on 23 February by Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam.