Jan 25, 2007
GST hike likely to be at one go: PM
Better to do it sooner and move on, says Mr Lee; he also gives strong indication of a rise in employers' CPF contribution
TAKE your medicine sooner, said Prime Minister Lee Hsien Loong yesterday. By that he meant the Goods and Services Tax (GST), which looks set to be raised at one go, rather than over two phases.
But there is also something sweet for Singaporeans, as he gave the strongest confirmation yet that their Central Provident Fund (CPF) savings would be bumped up as employers have to cough out more in contributions.
He was speaking at the inaugural Singapore Tripartism Forum, a new annual platform to strengthen ties among management, workers and the Government. Tripartism is a cornerstone of the 
So it was only fitting at the forum that issues that have been in the public mind recently, and affecting all three partners, received an extended airing.
The GST hike was a hot topic, with several participants querying the need for it.
'Is it better to take your medicine sooner or to stretch it out? And do you want to take medicine once or two times? I prefer to take my medicine early,' said Mr Lee in reply to a unionist urging that the hike be staggered.
The GST is due to go up from 5 per cent to 7 per cent. Details will be in the new Budget to be unveiled on Feb 15.
Ouch! With GST moving up 2 points, I hope your CPF or cash investments are earning as much! Click here to find out how to maximise your CPF and Cash savings for retirement
No comments:
Post a Comment