Singapore Budget 2009, CPF Rates and Savings Account Rates

Singapore Budget 2009, CPF Rates and Savings Account Rates

Minister for Finance, Mr. Tharman Shanmugaratnam will deliver the Budget Speech for the Financial Year 2009 in Parliament on Thursday, 22 January 2009.

Singapore Savings Account Rates readers can watch the delivery of the Singapore Budget 2009 Speech via live webcast on Budget Day, in addition to the simultaneous live telecast over Channel NewsAsia (with Chinese translation on dual sound mode) and over radio on 938Live.

What will be revealed on 22 January in the Singapore Budget 2009?

Of interest to our readers would be a few issues that could result from measures to be announced in Singapore Budget 2009.

CPF Rates
Will there be any downward revision to the CPF contribution rates (ordinary, medisave, special and retirement accounts) with the announced convening of the National Wages Council, notwithstanding the assurance given by Minister Lim Boon Heng?

Savings Account Rates
Will there be any Singapore Budget 2009 initiatives that will impact (positively or negatively) the balance sheets of banks and financial institutions, that in turn may affect the Singapore savings account deposits rates?

Recession Relief
Will Singapore Budget 2009 be enough to mitigate the pain of a deepening global recession, given the published announcement that the Singapore economy may shrink 2% in 2009?

Savings Guarantees
Will there be an extension of the government guarantees on Singapore savings account deposits in banks and financial institutions beyond 2010 if the global credit crisis persists?

Some answers, hopefully desirable, may soon be revealed in Singapore Budget 2009.

Singapore Budget 2009 is out.

Read more about our views on the budget...

In the meantime, life must go on. Keep reading Singapore Savings Account Rates to make your bank savings deposits work hard for you.