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SINGAPORE – Deputy Prime Minister and Finance Minister Lawrence Wong announced more support measures and payouts to help households, workers and businesses deal with inflation in the Budget speech on Tuesday.

Here are some highlights from his speech: 1. Assurance Package top-ups and payouts ST PHOTO: BENJAMIN SEETOR A total of $3 billion will be pumped into the Assurance Package. The package will cost $9.6 billion, up from $6.6 billion.

Payouts will come in the form of a new Cost-of-Living Special Payment of between $200 and $400 for each eligible adult Singaporean. An additional senior bonus of between $200 and $300 will be given to each eligible Singaporean aged 55 and above.

Cash payouts will be increased by between $300 and $650 for eligible Singaporeans, bringing the total amount received by each adult Singaporean to between $700 and $2,250 over five years.

Singaporean households will also receive $300 in Community Development Council (CDC) vouchers in January 2024, up from the $200 the Government had earlier announced.

READ FULL STORY: Sporeans to get more in GST voucher, cash payouts to cope with rising costs 2. Housing measures and grants PHOTO: ST FILE Families with young children, as well as married couples aged 40 and younger buying their first home will get more support in their house hunt.

This group of home seekers will get an additional ballot chance for their first Build-To-Order flat application. This will be implemented later in 2023.

For those buying resale flats, the Central Provident Fund Housing Grant will, with immediate effect, be increased from $50,000 to $80,000 for eligible families purchasing four-room or smaller resale flats for the first time, and from $40,000 to $50,000 for those buying five-room or larger flats.

READ FULL STORY: Higher grant for first-time HDB resale flat buyers; additional BTO ballot chance for some 3. Higher taxes for high-value property, luxury cars and tobacco PHOTO: ST FILE Buyers stamp duty for residential properties: The portion of the propertys value in excess of $1.5 million, and up to $3 million, will be taxed at 5 per cent, up from the current 4 per cent. The portion in excess of $3 million will be taxed at 6 per cent, up from the current 4 per cent.

Luxury cars: Buyers of vehicles with open market value (OMV) of more than $40,000 will pay higher marginal additional registration fee (ARF) rates than they do today. For the highest OMV tier, the revised ARF rates will be 320 per cent, up from 220 per cent today.

Tobacco: Excise duty across all tobacco products will increase by 15 per cent from Tuesday.

READ FULL STORY: Help to weather inflation, more progressive property and vehicle taxes 4. CPF monthly salary ceiling to rise PHOTO: ST FILE The CPF monthly salary ceiling will be increased from $6,000 to $8,000 in 2026 to keep pace with rising salaries.

The increases will be phased in over four years, starting from 2023, to allow employers and employees to adjust to the changes.

READ FULL STORY: CPF monthly salary ceiling to be raised to $8,000 by 2026 5. Baby Bonus boost ST PHOTO: FELINE LIM The Baby Bonus cash gift will be increased by $3,000 for all eligible Singaporean children born on Feb 14, 2023 and after. This means first and second children will receive $11,000, up from $8,000. For the third child onwards, the gift will be $13,000, up from $10,000.

Parents can expect up to $9,000 in payouts in the first 18 months of the childs life. Subsequently, $400 will be paid out every six months starting from when the child is two years old until the child turns 6.

Government-paid paternity leave will be doubled from two weeks to four weeks for eligible working fathers of Singaporean children born on or after Jan 1, 2024.

The one-off Baby Support Grant of $3,000 will be extended to children born from Oct 1, 2022 to Feb 13, 2023. It was previously for children born from Oct 1, 2020 to Sept 30, 2022.

READ FULL STORY: $3k more in baby bonus, more financial support for childrens early years 6. More support for workers ST PHOTO: LIM YAOHUI The Government will continue to provide wage offsets until 2025 to employers who hire senior workers.

It will extend the Part-time Re-employment Grant until 2025 to encourage employers to offer part-time re-employment, other flexible work arrangements, and structured career planning to senior workers.

It will pilot the role of Job-Skills Integrators in precision engineering, retail and wholesale trade sectors. These integrators, which can be existing institutions, will engage enterprises to understand the manpower and skills gaps in the sector and work with training providers to close these gaps.

To encourage firms to employ former offenders, the Government will introduce the Uplifting Employment Credit to provide wage offsets for a limited time.

READ FULL FULL STORY: Jobs-Skills Integrators to ensure training leads to good job prospects 7. Tax deductions for donations extended PHOTO: ST FILE The 250 per cent tax deduction for donations to Institutions of a Public Character, or registered charities, and eligible institutions which was announced in Budget 2021 will be extended for three years to the end of 2026.

To further support social service agencies that serve seniors, there will be a $1 billion top-up to the Community Silver Trust that allows the Government to match donations dollar for dollar.

READ FULL STORY: Govt to extend 250% tax deduction for donations until 2026 More On This Topic Govt will help Sporeans tide through tough times and uncertainties, says PM Lee Singapore Budget 2023: Read more stories, views and analyses

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Post Office scandal: Victims say government’s control of redress schemes should be taken away

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Post Office scandal: Victims say government's control of redress schemes should be taken away

Post Office scandal victims are calling for redress schemes to be taken away from the government completely, ahead of the public inquiry publishing its first findings.

Phase 1, which is due back on Tuesday, will report on the human impact of what happened as well as compensation schemes.

“Take (them) off the government completely,” says Jo Hamilton OBE, a high-profile campaigner and former sub-postmistress, who was convicted of stealing from her branch in 2008.

“It’s like the fox in charge of the hen house,” she adds, “because they were the only shareholders of Post Office“.

“So they’re in it up to their necks… So why should they be in charge of giving us financial redress?”

Jo Hamilton OBE, a high-profile campaigner and former sub-postmistress
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Nearly a third of Ms Hamilton’s life has been dominated by the scandal

Jo and others are hoping Sir Wyn Williams, chairman of the public statutory inquiry, will make recommendations for an independent body to take control of redress schemes.

The inquiry has been examining the Post Office scandal which saw more than 700 people wrongfully convicted between 1999 and 2015.

More on Post Office Scandal

Sub-postmasters were forced to pay back false accounting shortfalls because of the faulty IT system, Horizon.

At the moment, the Department for Business and Trade administers most of the redress schemes including the Horizon Conviction Redress Scheme and the Group Litigation Order (GLO) Scheme.

The Post Office is still responsible for the Horizon Shortfall scheme.

Lee Castleton OBE, a victim of the Post Office Horizon scandal
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Lee Castleton OBE

Lee Castleton OBE, another victim of the scandal, was bankrupted in 2007 when he lost his case in the civil courts representing himself against the Post Office.

The civil judgment against him, however, still stands.

“It’s the oddest thing in the world to be an OBE, fighting for justice, while still having the original case standing against me,” he tells Sky News.

While he has received an interim payment he has not applied to a redress scheme.

“The GLO scheme – that’s there on the table for me to do,” he says, “but I know that they would use my original case, still standing against me, in any form of redress.

“So they would still tell me repeatedly that the court found me to be liable and therefore they only acted on the court’s outcome.”

He agrees with other victims who want the inquiry this week to recommend “taking the bad piece out” of redress schemes.

“The bad piece is the company – Post Office Limited,” he continues, “and the government – they need to be outside.

“When somebody goes to court, even if it’s a case against the Department for Business and Trade (DBT), when they go to court DBT do not decide what the outcome is.

“A judge decides, a third party decides, a right-minded individual a fair individual, that’s what needs to happen.”

Pic: AP
Image:
Pic: AP

Mr Castleton is also taking legal action against the Post Office and Fujitsu – the first individual victim to sue the organisations for compensation and “vindication” in court.

“I want to hear why it happened, to hear what I believe to be the truth, to hear what they believe to be the truth and let the judge decide.”

Neil Hudgell, a lawyer for victims, said he expects the first inquiry report this week may be “really rather damning” of the redress claim process describing “inconsistencies”, “bureaucracy” and “delays”.

“The over-lawyeringness of it,” he adds, “the minute analysis, micro-analysis of detail, the inability to give people fully the benefit of doubt.

“All those things I think are going to be part and parcel of what Sir Wynn says about compensation.

“And we would hope, not going to say expect because history’s not great, we would hope it’s a springboard to an acceleration, a meaningful acceleration of that process.”

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June: Post Office knew about faulty IT system

A Department for Business and Trade spokesperson said they were “grateful” for the inquiry’s work describing “the immeasurable suffering” victims endured.

Their statement continued: “This government has quadrupled the total amount paid to affected postmasters to provide them with full and fair redress, with more than £1bn having now been paid to thousands of claimants.

“We will also continue to work with the Post Office, who have already written to over 24,000 postmasters, to ensure that everyone who may be eligible for redress is given the opportunity to apply for it.”

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MP recalls childhood abuse as he calls for law change to make domestic abuse a specific criminal offence

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MP recalls childhood abuse as he calls for law change to make domestic abuse a specific criminal offence

An MP who decided until recently to “never speak” about the abuse he suffered as a child has shared his harrowing story so that “no kid has to go through” what he did.

Josh Babarinde describes being physically abused by his mother’s former partner from the age of four, and remembers crying himself to sleep under the covers “hearing shouts, hearing screams and things smash”.

He says he became hypervigilant growing up and felt safe at school but “like he was treading on eggshells” in his own home.

The Eastbourne MP, who is also the Liberal Democrats’ justice spokesperson, says his experience has driven his politics. He is calling on the government to stop abusers “slipping through the net” and being released from prison early.

Opening up about his story in his twenties was “difficult” but looking back, Mr Babarinde says, he is “so proud of the resilience of that kid”.

The MP recently found his childhood diary containing Star Wars drawings alongside an entry he wrote from the bathroom. The diary, he recalls, wrote: “I’m really going to try to go (to the toilet) but I can’t. Oh my goodness, I’m gonna be in so much trouble, I’m going to get smacked so hard.”

Then an entry five minutes later: “I still haven’t done anything, I’m going to be in so much trouble.”

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He says reading the entry reminded him of how “helpless” he felt.

“It was mortifying,” he says. “An abuser takes away your sense of self-worth.”

Josh Babarinde speaking to Sky's Ali Fortescue.
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Mr Babarinde says he wants the government to ‘properly recognise domestic abuse crimes in the law’

The 32-year-old is calling on the government to change the law to make domestic abuse a specific criminal offence. The change would mean, he argues, abusers can no longer effectively disguise their history under other offences like assault.

He says the Ministry of Justice’s early release scheme, which has seen thousands of prisoners released early to ease overcrowding, has failed to exclude domestic abusers despite government promises because there is no formal categorisation for offenders.

It is impossible, he argues, to know exactly how many domestic abusers are in prison currently so perpetrators are “slipping through the net” on early release.

Read more from Sky News:
Remembering the bravery of 7/7 victims and responders 20 years on
Met Police chief calls for ‘mega’ forces in push for shake-up

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January: Rising violence against women and girls

Mr Babarinde says the uncertainty means victims and survivors are not able to prepare for their abuser’s release.

He said: “They might need to move house or move their kids to a new school, shop in different places. All of these kind of things are so important, and so that’s why that commitment the government made was so important.”

A spokesperson for the Ministry of Justice said: “Our thoughts are with all victims of domestic abuse – it takes immense courage to speak out.

“We are building a justice system that puts victims first – strengthening support, increasing transparency, and giving people the confidence to come forward and be heard.”

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CNBC Daily Open: Most people don’t start a political party after separation

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CNBC Daily Open: Most people don't start a political party after separation

US President Donald Trump, right, and Elon Musk, chief executive officer of Tesla Inc., during a news conference in the Oval Office of the White House in Washington, DC, US, on Friday, May 30, 2025.

Francis Chung | Bloomberg | Getty Images

When they find themselves without a significant other, most men finally start living: They pay attention to their personal grooming, hit the gym and discover new hobbies.

What does the world’s richest man do? He starts a political party.

Last weekend, as the United States celebrated its independence from the British in 1776, Elon Musk enshrined his sovereignty from U.S. President Donald Trump by establishing the creatively named “American Party.”

Few details have been revealed, but Musk said the party will focus on “just 2 or 3 Senate seats and 8 to 10 House districts,” and will have legislative discussions “with both parties” — referring to the U.S. Democratic and Republican Parties.

It might be easier to realize Musk’s dream of colonizing Mars than to bridge the political aisle in the U.S. government today.

To be fair, some thought appeared to be behind the move. Musk decided to form the party after holding a poll on X in which 65.4% of respondents voted in favor.

Folks, here’s direct democracy — and the powerful post-separation motivation — in action.

 — CNBC’s Erin Doherty contributed to this report.

What you need to know today

Trump confirms tariffs will kick in Aug. 1. That postpones the deadline by a month, but tariffs could “boomerang” back to April levels for countries without deals. Trump on Friday said letters with “take it or leave it” offers will go out to 12 countries Monday.

U.S. stock futures slipped Sunday. Despite the White House pushing back the return of “reciprocal” tariffs, some investors could be worried trade negotiations would result in higher-than-expected duties. Europe’s Stoxx 600 index dropped 0.48% Friday.

OPEC+ members to increase oil output. Eight members of the alliance agreed on Saturday to hike their collective crude production by 548,000 barrels per day, around 100,000 more than expected.

Elon Musk forms a new political party. On Saturday, the world’s richest man said he has formed a new U.S. political party named the “American Party,” which he claims will give Americans “back your freedom.”

[PRO] Wall Street is growing cautious on European equities. As investors seek shelter from tumult in U.S., the Stoxx 600 index has risen 6.6% year to date. Analysts, however, think the foundations of that growth could be shaky.

And finally…

Ayrton Senna driving the Marlboro McLaren during the Belgian Grand Prix in 1992.

Pascal Rondeau | Hulton Archive | Getty Images

The CEO mindset is shifting. It’s no longer all about winning

https://www.cnbc.com/2025/07/06/the-ceo-mindset-is-shifting-its-no-longer-all-about-winning.html

CEOs today aren’t just steering companies — they’re navigating a minefield. From geopolitical shocks and economic volatility to rapid shifts in tech and consumer behavior, the playbook for leadership is being rewritten in real time.

In an exclusive interview with CNBC earlier this week, McLaren Racing CEO Zak Brown outlined a leadership approach centered on urgency, momentum and learning from failure. 

— Spriha Srivastava

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