Budget focuses on cost-of-living support, equality, and safeguarding Singapore’s future amidst global uncertainties.
SINGAPORE: Deputy Prime Minister and Finance Minister Lawrence Wong unveiled Singapore’s Budget 2024 in Parliament on Friday (Feb 16), emphasizing cautious optimism for the year ahead. While inflation is expected to ease, economic growth is projected to range between 1 and 3 per cent.
“SGBudget 2024 is about taking steps to build our shared future together,” Mr. Wong stated, outlining key goals to tackle household and business challenges, foster growth and mobility, and provide assurance to families and seniors.
Highlights of Budget 2024
Enhanced Assurance Package
The Assurance Package will receive an additional S$1.9 billion, with S$600 in Community Development Council (CDC) Vouchers distributed in two tranches—June 2024 and January 2025—to 1.4 million Singaporean households.
Cost-of-Living Special Payment
To address ongoing cost-of-living concerns, a one-time cash payment of S$200 to S$400 will be given in September 2024. This payment targets Singaporeans aged 21 and above, with assessable incomes of up to S$100,000 and no more than one property. Around 2.5 million Singaporeans are expected to benefit.
U-Save Rebates
Approximately 950,000 Housing and Development Board (HDB) households will receive up to S$950 in U-Save rebates, spread across April, July, October 2024, and January 2025. These rebates aim to offset rising utility bills, particularly for families in three- and four-room flats.
Service and Conservancy Charges (S&CC) Rebates
Eligible Singaporean households will receive up to four months of S&CC rebates, further alleviating cost pressures.
A Commitment to Support Amid Uncertainty
Mr. Wong acknowledged the volatile global landscape and assured citizens of continued government support. “Let me assure everyone, we will always have your backs,” he declared, pledging increased assistance to low-income households, families with children, and seniors.
He reiterated the Budget’s broader goals: fostering growth, enabling social mobility, and uniting Singapore in the face of global challenges.
“This year’s Budget will keep Singapore moving forward, equip our citizens to realize their fullest potential, and give more assurance to our families and seniors amidst a more troubled world,” Mr. Wong wrote on Facebook ahead of the announcement.
