HEAD Z - FINANCIAL TRANSFERS

Head Z – Financial Transfers

5.45 pm

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

Special Transfers

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

That the total sum to be allocated for Head Z of the Estimates be increased by $4,399,250,000.

The increase is for the Special Transfers announced in the Budget Statement of 15th February 2008. Of the increase, $1.39 billion comprises Special Transfers that are part of the surplus sharing package that was announced in the 2008 Budget Statement. This includes the $865 million for the Growth Dividends package, $300 million for top-ups to Post-Secondary Education Accounts of those aged 7-20, $220 million for top-ups to the Medisave Accounts of Singaporeans aged 51 and above and $4.25 million for additional assistance to needy families. A further component of the surplus sharing package, comprising personal income tax rebates, has been reflected in the Government's operating revenues. The remaining $3.01 billion is for transfers to National Research Fund, $800 million, Lifelong Learning Endowment Fund, $800 million, Eldercare Fund, $400 million, Medical Endowment Fund, $200 million, Community Care Endowment Fund, $200 million and funds for payouts under the

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CPF Deferment and Voluntary Deferment Bonus, $350 million and LIFE Bonus, $260 million.

That the total sum to be allocated to Head Z of the Estimates be increased by $4,399,250,000.

That the increased sum of $10,701,911,000 for Head Z ordered to stand part of the Main Estimates.

The Chairman: Order. The Leader of the House has informed me that he wishes to move a motion to take the proceedings on the Estimates for financial year 2008/2009 beyond 7.00 pm.

Thereupon Mdm Deputy Speaker left the Chair of the Committee and took the Chair of the House.