Households
Individuals
Businesses
Workers
Parents
Seniors
HOUSEHOLDS
BUSINESSES
SINGAPORE BUDGET 2024
AGAINST the stark realities of a less stable operating environment, Budget 2024 is about taking concrete steps to build a shared future together, Finance Minister Lawrence Wong said in this year's Budget Statement on Feb 16. This includes tackling immediate challenges, while equipping Singaporeans for longer-term obstacles, to ultimately "forge a stronger and more united nation".
The Business Times takes a look at the different types of support groups of Singaporeans can expect from Budget 2024. BY ELYSIA TAN
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SOURCE: MINISTRY OF FINANCE
PRODUCED BY: ELYSIA TAN, JANICE HENG BTVISUAL: HANNAH KWAH, GARETH CHUNG VIDEO: YEN MENG JIIN
Property owners
S$6b top-up to GST Voucher Fund
S$1.9b in Assurance Package enhancements
CDC Vouchers
Cost-of-Living Special Payment
Additional U-Save rebates (one-off)
Additional service and conservancy charges (S&CC) rebates (one-off)
Updates to thresholds for healthcare, related social support subsidy schemes
S$600
S$200 - S$400
S$220 to S$380
2 to 4 months
disbursements at end-June 2024 and January 2025
for adult Singaporeans with assessable income of up to S$100,000, who do not own more than one property
for eligible HDB flats
INDIVIDUALS
Personal income tax rebate of 50% for YA2024, capped at S$200
One-time MediSave Bonus of up to S$300 (aged 21 to 50)
S$200 in LifeSG credits for all past and present NSMen,
including those enlisting in 2024
S$1.3b Enterprise Support Package
50% corporate income tax rebate capped at S$40,000, for YA2024
S$2,000 minimum cash payout (for companies with at least one local employee in 2023)
Enhancements to Enterprise Financing Scheme
Permanently raise maximum working capital loan quantum to S$500,000
Extend enhanced maximum trade loan quantum, government risk-sharing of project loans to Mar 31, 2025
SkillsFuture Enterprise Credit extension to Jun 30, 2025
SkillsFuture Enterprise Credit extension to Jun 30, 2025
BUSINESSES
Enhancements to Partnerships for Capability Transformation scheme
Expanded to support partnerships in capability training, internationalisation, corporate venturing
Enhancements to Energy Efficiency Grant
BUSINESSES
SMEs
Two-year extension, scope expansions for Enterprise Financing Scheme green loans
Property developers
Developers must sell at least 90% of each development within the prescribed sale timeline
Lower Additional Buyer's Stamp Duty clawback rate
WORKERS
Mid-career
SkillsFuture Level-Up Programme
S$4,000 SkillsFuture Credit (Mid-Career) top-up from May 2024
S$1b top-up to fund Progressive Wage Credit Scheme
Raise co-funding to maximum of 50%, from 30% Raise wage ceiling to S$3,000 from S$2,500 in 2025
Expanded to more sectors, including manufacturing, construction, maritime, and data centre and their users
Tiered support – up to S$30,000 or S$350,000, depending on sustainability plans
Subsidies to pursue another full-time diploma
Training allowance of 50% of average income over latest available 12-month period, capped at S$3,000 monthly, for up to 24 months
WORKERS
Lower-income
Enhanced Workfare Income Supplement scheme from 2025
Increase qualifying income cap to S$3,000, from S$2,500
Raise maximum annual Workfare payouts to S$4,900,
from S$4,200
Raising Local Qualifying Salary from July 2024
To S$1,600, from S$1,400 for full-time workers
To S$10.50 per hour, from S$9 per hour, for part-time workers
WORKERS
ITE graduates
ITE Progression Award for younger ITE graduates pursuing diploma qualification
S$5,000 top-up to Post-Secondary Education Accounts upon enrolment
S$10,000 top-up to CPF Ordinary Account upon completion
With disabilities
More employment support
Expanded spaces in sheltered workshops, day activity centres for skills training
PARENTS
One-year Parenthood Provisional Housing Scheme (Open Market) Voucher
Measures to improve pre-school afforability
Monthly full-day childcare fee caps cut to S$640 for anchor operators, S$680 for partner operators in 2025; another reduction in 2026
Enhanced existing pre-school subsidies to include lower-income families with non-working mothers
Roll-outs of ComLink+ progress packages from H2 2024
One-off S$500 top-up to CDA upon pre-school enrolment, S$200 top-up per quarter of good attendance
Cash and CPF payouts for working adults, to encourage sustained employment
PARENTS
S$2b top-up to Edusave Endowment Fund
Dependant-related personal income tax reliefs raised to S$8,000 from S$4,000, from YA2025
Changes to special education school fees
Monthly maximum fees cut to S$90, from S$150
Reduce fee caps at special student care centres
SENIORS
CPF changes for stronger retirement adequacy from 2025
Raise CPF contribution rates by further 1.5%-point (aged above 55 to 65)
Provide a one-year CPF Transition Offset, to cover half of employer contributions increases
Enhancements to Silver Support Schemes from 2025
Raise qualifying per capita household income threshold to S$2,300, from S$1,800
Increase quarterly payments by 20%
Raise the Enhanced Retirement Sum to 4 times the Basic Retirement Sum
SENIORS
Changes to Matched Retirement Savings Scheme from 2025
Extend to those above 70 years old
Raise annual matching cap to S$2,000, from S$600
Set lifetime matching cap, at S$20,000
S$8.2b Majulah Package for those born in 1973 or earlier
For those who live in property with annual value of S$25,000 or less, and own no more than one property
Earn and Save Bonus of up to S$1,000 per year for as long as they work (for seniors earning up to S$6,000 per month)
For all seniors
Tiered MediSave Bonus of S$750 or S$1,500
S$1,000 to S$1,500 one-time Retirement Savings Bonus (for those with retirement savings below the Basic Retirement Sum)
PROPERTY OWNERS
Raising owner-occupier residential property tax thresholds from Jan 1, 2025
Increase lower band to S$12,000, from S$8,000
Raise highest band to over S$140,000, from over S$100,000
Corresponding adjustments to bands in between
Adjustments to Additional Buyer's Stamp Duty (ABSD) from Feb 16, 2024
ABSD concession on private property downgrades extended to single Singapore citizens aged 55 and above
First property must be sold within 6 months after purchasing lower-value replacement private property
for eligible HDB households
for eligible HDB households
SENIORS
Changes to Matched Retirement Savings Scheme from 2025
Extend to those above 70 years old
Raise annual matching cap to S$2,000, from S$600
Set lifetime matching cap, at S$20,000
New Age Well SG national programme
S$3.5b set aside for initiatives – expansion of Active Ageing Centres, development of assisted living options, upgrades to residential estates and commuter infrastructure – over the next 10 years