HEAD Z - FINANCIAL TRANSFERS

Head Z – Financial Transfers

The Chairman: Head Z – Financial Transfers. Mr Tharman.

Special Transfers

The Minister for Finance (Mr Tharman Shanmugaratnam): Sir, I beg to move,

That the total sum to be allocated for Head Z of the Estimates be increased by $4,611,607,000.

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Sir, the increase is for the Special Transfers announced in the Budget Statement on 22nd January 2009. Of the increase, $3.91 billion is the FY 2009 Budget provision for the Budget 2009 Resilience Package. This includes $3.38 billion in Jobs Credit to be paid out in FY 2009; $388 million as provision for the Government's share of loans lost under the Special Risk Sharing Initiative for bank credit; $100 million is the Workfare Income Supplement special payment to low-income workers; $24 million as additional rebates for HDB Rental and Service and Conservancy Charges; $7 million top up to the Public Transport Fund for low-income Singaporeans; and $80 million as additional assistance to needy families.

The remaining provision of $0.7 billion is for Transfers to the National Research Fund $400 million; Life-long Learning Endowment Fund $100 million; Eldercare Fund $100 million; and Medical Endowment Fund $100 million.

That the total sum to be allocated for Head Z of the Estimates be increased by $4,611,607,000.

That the increased sum of $14,181,655,000 for Head Z ordered to stand part of the Main Estimates.

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