The Budget goes beyond goodies and GST hikes!
If I were to ask you what your key takeaway was from Budget 2020, what would your answer be?
For me, it is:
A quick recap of the Budget 2020 in case you missed it. The Government is EXTREMELY cognizant of the fact that the Covid-19 situation poses greater challenges to our workforce and economy. Hence, the bulk of Budget 2020 has been on safeguarding jobs for workers through various schemes announced.
For the purposes of this article, I am focusing on the key benefits that a millennial employee can expect to receive in Budget 2020.
The first two schemes are targeted at supporting the wages and increments that employees may receive at work.
The Job Support Scheme offsets 8% of local wages, up to a monthly cap of $3600, for three months. In addition, the Wage Credit Scheme co-funds wage increments of local employees earning up to $5000 monthly. These schemes are especially relevant to our Millennial workforce starting out in their careers, as they tend to be more vulnerable.
I feel ya
Next, with the Enhanced Housing Grant available, first-time flat buyers can now enjoy up to $160,000 in housing grants. I’m sure everyone can agree that buying your first home with a significant other is an exciting and yet stressful task! Hence, any help that we can get from the Government is much appreciated.
But you have to T^T
Just when you thought Budget 2020 couldn’t get any better, Minister Heng Swee Keat throws in a lifeline to young parents when he announced that subsidies for government-supported pre-school services would be increased from 50 to a whopping 80%! Maybe the Government’s cajoling for younger couples to have more babies will work now???
Before it ends, a new hero arrives to make the deal sweeter for us all! I’m talking about Labour MP Desmond Choo, who spoke up in Parliament about the very unfair gender wage gap that is STILL widely prevalent in Singapore. In case you were wondering, the adjusted pay gap is at about 6% in 2018.
Mr Desmond Choo
MP Choo said (of the gender wage gap) during his speech in Parliament, “Yet, it still runs counter to the principle that all things being equal, men and women must obtain the same pay if they are doing the same job with similar outcomes”. He goes on to argue that “men and women complement each other in the production process” in the workforce.
Another point that he made which I love?
He suggested for companies to grade women on maternity on an 8-months basis rather than 12-months. He said that planning from the start meant that women would still be able to have more level promotion path after maternity.
Thank you for making life easier for Millennial mums out there!