\n<\/p>\n
Mr Yip proposed avoiding further tax increases in the near term, given the current surplus position.<\/p>\n
Similarly, MP Shawn Loh (PAP-Jalan Besar) said the fiscal surplus should give the government more confidence to assure Singaporeans that it would not take “major revenue-raising moves” up to 2035, barring any material adverse circumstances.<\/p>\n
Nominated MP Terence Ho said that a balance must be struck between setting aside funds for rainy days, investing in infrastructure capabilities and human capital, and strengthening social support.<\/p>\n
He also suggested reframing the Community Development Council (CDC) vouchers scheme as part of a broader social support framework.<\/p>\n
Vouchers and credits can be repositioned as a social dividend, an annual sum given to citizens that signifies that they have a stake in the country and its collective wealth, said Assoc Prof Ho.<\/p>\n
“The government can determine the size of the dividend it declares each year, depending on prevailing fiscal and economic conditions,” he said.<\/p>\n
“The dividend should be universal and progressive, meaning that everyone receives something, or the less well off receive more. A social dividend would be a form of social support that complements the structural transfers, is flexible in size and sends a clear message of solidarity and inclusion.”<\/p>\n
Echoing his sentiments, Mr Loh suggested a surplus sharing mechanism in the form of more CDC vouchers if the surplus exceeds a threshold.<\/p>\n<\/div>\n