HEAD Z - FINANCIAL TRANSFERS

Column No : 614

Head Z - Financial Transfers

Special Transfers

Mr Raymond Lim Siang Keat: Mr Chairman, Sir, I beg to move,

That the total sum to be allocated for Head Z of the Estimates be increased by $3,540,000,000.

The increase is for the Special Transfers announced in the Budget Statement on 17th February 2006.

Of the increase, a sum of $2.64 billion is for the surplus sharing schemes under the Progress Package initiative: $1.43 billion for distribution of Growth Dividends to all adult citizens; $500 million for top-up to the CPF Special or Retirement and Medisave Accounts of older Singaporeans; $400 million for distribution to older, lower-income workers under the Workfare Bonus Scheme; $200 million for distribution to National Servicemen to mark the 40th Anniversary of National Service; $60 million for utilities rebates to HDB households under the Utilities-Save Scheme; and $50 million for setting up Opportunity Funds to provide education and enrichment opportunities for students from lower-income families.

Another $500 million is to be transferred to the R&D Trust Fund to be administered by the National Research Foundation. The balance of $400 million is for the Community Care Endowment Fund, ElderCare Endowment Fund, Medical Endowment Fund and LifeLong Learning Endowment Fund. Each fund will receive a transfer of $100 million.

That the total sum to be allocated to Head Z of the Estimates be increased by $3,540,000,000.

That the increased sum of $6,587,994,000 for Head Z ordered to stand part of the Main Estimates.