How much are you getting for Budget 2023? Try this new online calculator

SINGAPORE - Singaporeans can now look up an estimate of how much payouts and rebates they will be receiving as part of Budget 2023.

In an Instagram and Facebook post on Friday (Feb 17), Deputy Prime Minister Lawrence Wong said that with the many support measures announced in Tuesday’s Budget speech, it may not be so easy to keep track of all of them.

Mr Wong, who is also Finance Minister, said that while Singaporeans could turn to ChatGPT - an online artificial intelligence platform that has recently created a buzz worldwide - the platform may not provide a very accurate answer.

This is in the context of the fact that ChatGPT may not accurately help estimate the benefits one can get from the Budget.

[embed]https://www.instagram.com/p/CowGbx7j6ZZ/?hl=en[/embed]

Teams from GovTech and the Ministry of Finance have put together an online calculator meant to help people estimate the benefits individuals and their household members can receive under the various packages and schemes, said Mr Wong.

Budget 2023 had unveiled various enhancements to existing payouts and schemes under the Assurance Package, while also introducing new special payouts for the year.

The Assurance Package was boosted to $9.6 billion, up from $8 billion in a November 2022 update and $6.6 billion at Budget 2022. It is meant to address the impact on households from the goods and services tax hike, and was enhanced to also take into account higher-than-expected inflation.

Other moves in Budget 2023 include increased Baby Bonus Cash Gifts, doubling of government-paid paternity leave to four weeks, as well as increasing the Central Provident Fund monthly salary ceiling, among others.

Singaporeans can access the calculator at http://go.gov.sg/supportforyoucalculator

ALSO READ: Budget 2023: One-time bonus, GST and CDC vouchers among measures to cope with inflation and GST increase

This article was first published in The Straits Times. Permission required for reproduction.

Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.