Election Deposits Can Also Be Paid Through Electronic Funds Transfer
Our electricity and water prices may be on the rise, but Singaporeans now have a new reason to rejoice.
The government has proposed lowering the election deposit by a whopping 7%, from $14,500 to $13,500!
To put things into perspective, that’s like having it GST-free!
Why so ex in the first place?
The new election deposit is based on a Member of Parliament (MP)’s fixed monthly allowance, rounded to the nearest $500.
Since the current fixed monthly allowance is $13,750, the election deposit has been “rounded down to just $13,500”, revealed The Election Department in a factsheet today (10 Sep).
Previously in the 2015 General Election, the deposit was based on 8% of an MP’s annual allowance, which was $14,500.
The election deposit is a mandatory fee for all candidates contesting a General Election.
Candidates who receive more than 12.5% of their constituency’s vote will have their deposits refunded while those who receive less than 12.5% will have their deposit forfeited.
Go big or go home eh?
Electronic payment also can
Could this be a deliberate attempt to encourage candidates to use e-payment services such as PayLah! and Paynow? Only time will tell.
Regardless, the proposed changes will likely lead to the discontinuation of candidates paying via cash payment.
Other payment options such as bank draft and certified cheque will still be available.
Election deposit rates in other countries
Contrary to popular belief, Singapore’s not the only country that has implemented mandatory election deposits for its candidates.
In most cases, governments implement election deposits to reduce the number of candidates who stand no chance of winning a seat.
Here’s a list of other countries that have similar legislation;
- Australia: Max of S$1,962
- Hong Kong: Max of S$8,790
- Japan: Max of S$37,297
- Malaysia: Max of S$4,994
- U.K.: Max of S$8,926
See, we are not even the most expensive! Complain for what sia?
$1000 discount = encouraging candidates to run for elections?
Could the $1000 election deposit discount pave the way for other independent candidates to contest in future elections?
Also, if any of you are keen to participate in the coming election as a result of this discount, please sound out in the comments.
Featured image from YouTube.