New Singapore Shares Scheme announced
Sunday, 19th August 2001
The New Singapore Shares is a scheme announced by Goh Chok Tong, the then Prime Minister of Singapore, during the National Day Rally 2001. It is part of a new social compact the government is trying to forge with Singaporeans. Goh has called for a new social compact during the National Day Rally 2001 highlighting three key principles. The new social compact refers to a new set of principles for different parts of the society, both the government and the people, to work together for the common good of the country. The three key principles outlined include: (1) to provide heavy subsidy for housing, education and health care making them affordable to all; (2) to distribute some of the Budget surpluses back to its people during good performing years through asset-enhancement schemes and rebates; and (3) to pay specific attention to the needs of the lower-income group. The total cost of the New Singapore Shares scheme is S$2.7 billion. This scheme is reported to benefit 2.1 million Singaporeans aged 21 and above.