SINGAPORE: Deputy Prime Minister Lawrence Wong on Friday (Feb 16) announced several financial measures to help both Singaporeans and businesses in his Budget speech.
These included more payouts to alleviate cost-of-living concerns, moves to make preschools more affordable and a new SkillsFuture Level-Up Programme to help mid-career workers.
Here are six key takeaways from the Budget speech:
1. Financial aid
Singaporeans will get more government payouts such as Community Development Council (CDC) and Goods and Services Tax (GST) vouchers.
All households will receive another S$600 in CDC vouchers. Half of this will be given out at the end of June and the other half in January 2025.
Adult Singaporeans who live in Singapore, do not own more than one property and have assessable incomes of up to S$100,000 will receive between S$200 and S$400 in a cost-of-living “special payment”.
Those aged between 21 and 50 will receive a one-time MediSave bonus of between S$100 and S$300 in December.
All past and present national servicemen, including those enlisting by Dec 31, 2024, will receive S$200 in LifeSG credits in November.
A personal income tax rebate of 50 per cent will kick in, in the year of assessment 2024. This will be capped at S$200 to mainly benefit middle-income workers.
And low-wage workers who earn S$3,000 a month or less will qualify for the Workfare Income Supplement Scheme from January 2025. The scheme provides cash payouts and Central Provident Fund (CPF) top-ups as an incentive to keep working and saving for retirement. The current qualifying monthly salary is S$2,500.
