The subsidised premiums for elderly aged 74 years old and above will stay the same, but everyone under the age of 74 saw hefty premium increases in MediShield Life. The group that pays the most are aged between 21 to 30 years old, who will see their premiums double from S$74 to S$146 a year.
Singapore’s dictator Prime Minister Lee Hsien Loong is currently desperate for more tax revenues and funding due to his ambitious Terminal 5 project, that to-date has a projected cost of S$30 billion. The Singapore government is currently in undisclosed debts, estimated at S$15 billion, owing to state-owned companies and statutory boards.
The country’s finance is made worse with sovereign wealth fund company GIC reporting undisclosed losses in recent years. According to the latest financial release by GIC, the 20-year-annualised-return average was reduce from 4.1% in 2016 to 3.4% in 2018.
Several tax raises have been implemented in the past year, with notable double-digit increases in electricity tariffs at 13.7% and water prices by 30%. A new sugar tax is currently being discussed, while the GST tax has been confirmed to increase by 28.5% from 7% to 9%.