Deputy Prime Minister and Minister for Finance Lawrence Wong delivered Singapore’s 2024 Budget statement in Parliament today.
Deputy Prime Minister Lawrence Wong announced several financial measures to support Singaporeans and businesses, likely marking his final Budget before the country’s leadership transition.
Key highlights include increased payouts to ease cost-of-living pressures, efforts to enhance preschool affordability, and the introduction of a new SkillsFuture Level-Up Programme to assist mid-career workers.
Here are the main takeaways:
- Financial Assistance:
- Singaporeans will receive additional government payouts, including Community Development Council (CDC) and Goods and Services Tax (GST) vouchers.
- All households will receive an extra S$600 in CDC vouchers, split between June and January 2025.
- Adult Singaporeans meeting certain criteria will receive a cost-of-living “special payment” of between S$200 and S$400.
- A one-time MediSave bonus of between S$100 and S$300 will be given to those aged 21 to 50 in December.
- National servicemen, including those enlisting by Dec 31, 2024, will receive S$200 in LifeSG credits in November.
- A 50% personal income tax rebate, capped at S$200, will benefit middle-income workers in 2024.
- Low-wage workers earning S$3,000 or less per month will qualify for the Workfare Income Supplement Scheme from January 2025, providing cash payouts and CPF top-ups.
- Support for Families:
- Measures to make preschools more affordable, include lowering monthly childcare fee caps and increasing subsidies for lower-income families.
- Additional support for families in public rental flats through new ComLink+ Progress Packages, including Child Development Account top-ups.
- Reduction of maximum monthly fees at special education schools to S$90, down from S$150.
- Lowered fee caps at all special student care centers to reduce out-of-pocket expenses.
- Property Taxes:
- Homeowners will pay less property tax as the annual value (AV) bands for owner-occupied properties are raised in 2025.
- The lowest AV band threshold will be raised from S$8,000 to S$12,000, with corresponding adjustments to other bands.
- Single Singaporeans aged 55 and above can receive a refund of the additional buyer’s stamp duty (ABSD) paid on a second property if they sell their first property within six months, effective immediately.