I have summarize key highlights of the benefits that individuals(Singaporean) from 2015 Singapore budget:

Enhancing Central Provident Fund (CPF) Savings

(A) Higher CPF Salary Ceiling (wef 1^st Jan 2016)

To help middle-income Singaporeans accumulate more CPF savings during their working years.

• Increase the CPF salary ceiling from $5,000 to $6,000 to keep pace with income growth over the years.

Supplementary Retirement Scheme (SRS) (wef 1 Jan 2016)

• Raise the contribution cap within the Supplementary Retirement Scheme (SRS), which offers tax incentives to encourage voluntary retirement savings to complement the CPF.
• Increase in annual contribution cap for the SRS from $12,750 to $15,300 (for Singaporean/Singapore PR) and from $29,750 to $35,700 for foreigner

(B) Higher CPF interest rate for members ≥55 years (wef 1^st Jan 2016)

To boost the retirement adequacy of older workers, the Government will raise the CPF contribution rate for workers aged 50 to 65 years.

The increase in employer contributions will go to the Special Account

The increase in employee contributions will go to the Ordinary Account.

• Applicable to CPF Retirement Account balances only
• First $30K : 2% additional interest (on top of the existing 4%)
• Next $30K : 1% additional interest (on top of the existing 4%)

(C) Special Employment Credit ("SEC")

• To promote employment of older workers
• Additional SEC of up to 3% of wages for workers aged≥ 65 in 2015.

Employers who hire such Singaporean workers between 1 January 2015 and 31 December 2015 will receive an SEC of up to 11.5% of an employee's monthly wages.

(D) 1% increase in Employee's CPF contribution rate for workers aged above 50 to 55 years (wef 1 Jan 2016)

• Increased contribution will go to Ordinary Account

Silver Support Scheme (wef 1 Jan 2016)

• A new scheme targeted at bottom 20% of Singaporean aged ≥65 years
• Eligibility will depend on 3 criteria : lifetime wages, household support and housing type
• Quarterly payout ranges between $300 and $750

Support for Growing Years

(A) Top-up to the Child Development Account (CDA)

• To help families pay for pre-school fees, the Government will provide a one-off top-up to the CDA of every Singaporean child aged six years and below in 2015.

(B) National examination fees waived for Singaporean students

• Applies to PSLE, GCE 'N', 'O' and 'A', ITE and Polytechnics

(C) Top-up to Edusave Account

• Government will provide a $150 one-off top-up to the Edusave Accounts of Singaporean students aged 7 to 16 years.
• Students above the age of 16 years who are still in secondary school will also receive the top-up.

Other Measures Affecting Singaporean Households

(A) Enhance GST Voucher (GSTV) Scheme

• To help lower-income households with their cost of living.
• Increase the quantum for GSTV - Cash by $50 from 2015 onwards.

• Provide additional bonuses for seniors in 2015.

(B) Service and Conservancy Charges (S&CC) Rebate

• To help households with their general household expenses, the Government will provide S&CC rebates in 2015.

(C) Changes to petrol duty and road tax rebate

Revised petrol duty rates wef today:

• Premium grade (=>RON 97) = $0.64/litre (currently $0.44/litre)
• Intermediate grade (RON 90 - RON 96) = $0.56/litre (currently $0.41/litre)

1 year road tax rebate wef 1 Aug 2015 to 31 Jul 2016:

• 20% for petrol cars
• 60% for petrol motorcycles
• 100% for petrol commercial vehicles and taxis

(D) Enhanced concessionary foreign domestic worker levy (wef May 2015)

• Concessionary levy reduced to $60/month from $120/month for the following:
• households with Singaporean child aged below 16 years (currently below 12 years)
• elderly person aged => 65 years or disable family member
• No change for households which do not come within the above criteria, levy remains at $265/month

(E) Increase in tax rates (for income earned wef 1 Jan 2016)

• Top marginal tax rate increased to 22% from 20%
• Gradual increase in marginal tax rates for income >$160K

(F) Personal income tax rebate for middle-income tax payers

• Up to 50% rebate, capped at $1K, for income earned in 2014

(G) Deduction allowed against rental income (wef 2015)

• Individuals earning rental income can claim expenses of 15% of gross rental income instead of actual amount of deductible expenses on letting of residential properties in Singapore
• New rule excludes interest expenses which are claimed based on actual amount incurred
• Further details to be released by May 2015

(H) Continuous learning incentives/supports

• Singaporeans aged ≥25 years will receive initial $500 credit for broad range of courses supported by government agencies with subsequent top ups. Credit has no expiry date and can be accumulated (wef 2016)
• Singaporeans aged ≥40 years will get a minimum of 90% subsidy of training cost from MOE and WDA (wef 2^ndhalf 2015)
• Study award for those who wish to develop specialist skills or develop other competencies
• Yearly fellowship awards to Singaporeans to achieve mastery in their respective fields (wef 2016)
• Singaporeans will have online learning portfolio, a one-stop training needs portal (wef 2017)

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