[ad_1]
SINGAPORE – From Jan 1, those who subscribe to Netflix and other overseas digital services will have to pay a 7 per cent goods and services tax (GST).
Here are five other policy changes that will affect you from New Year’s Day next year.
1. Increase in Central Provident Fund (CPF) retirement sum payouts
Some CPF members will see an increase in monthly payouts in their retirement.
Payouts through the Retirement Sum Scheme (RSS), the main CPF retirement payout scheme for members born before 1958, will last up till age 90, instead of the current 95, from next year.
More than a third of members on the RSS who are currently receiving their payouts, or some 60,000 people, will see an increase in payouts, Manpower Minister Josephine Teo announced in Parliament in November.
The new rules will apply to all RSS members who turn 65 from July 1, 2020, and will take effect from Jan 1, 2020, for those who are currently receiving payouts.
Around 160,000 RSS members have passed the payout eligibility age and have started receiving payouts.
[ad_2]
Source link
