Budget 2024 Summary Highlights
Support For Families
- Increased Government Payouts: Singaporean households are set to receive additional support through Community Development Council (CDC) vouchers, totaling S$600 per household. These vouchers will be distributed in two installments, with the first half in June and the second in January 2025.
- Cost-of-Living Assistance: Adult Singaporeans residing in Singapore, owning no more than one property, and with assessable incomes up to S$100,000, will benefit from a “special payment” aimed at alleviating the cost of living. The amount ranges from S$200 to S$400.
- MediSave Bonus for Young Adults: Singaporeans aged 21 to 50 will receive a one-time MediSave contribution ranging between S$100 and S$300 in December.
- Recognition for National Servicemen: Past and current national servicemen, including those enlisting by the end of 2024, will be granted S$200 in LifeSG credits come November.
- Personal Income Tax Relief: A personal income tax rebate of 50%, capped at S$200, will be introduced in the assessment year 2024 to primarily benefit middle-income earners.
- Expanded Workfare Income Supplement Scheme: Low-wage workers earning up to S$3,000 a month will be eligible for the Workfare Income Supplement Scheme from January 2025.
- Monthly childcare fee caps at government-supported preschools will be reduced in 2025, followed by further reductions the next year.
- Children from lower-income families, including those with non-working mothers, will be eligible for higher subsidies, aligning with the support given to children with working mothers.
- New ComLink+ Progress Packages will be introduced to assist lower-income families with young children, offering top-ups to the Child Development Account to ensure preschool enrolment and regular attendance.
- Financial incentives will be provided to families in ComLink+ for making progress toward long-term goals with the guidance of family coaches.
- Special education school fees will be capped at S$90 per month, a decrease from the current S$150, to support families of children with special needs.
- Fee caps at special student care centers will be lowered to alleviate the financial burden on families.
- More couples waiting for Build-to-Order flats will be eligible to rent Housing Board flats in the open market through a one-year Parenthood Provisional Housing Scheme (Open Market) voucher.
- In 2025, the reduced fee caps for childcare in Government-supported preschools will be S$640 for Anchor Operators and S$680 for Partner Operators.
- Some homeowners will see a reduction in property tax due to the increased annual value (AV) bands for owner-occupied properties starting next year, provided there are no changes in their AV and before factoring in any rebates.
- The adjustment in AV bands kicks in from January 1, 2025, elevating the lowest AV band from S$8,000 to S$12,000 and the highest from over S$100,000 to over S$140,000, with proportional adjustments to the intermediate bands.
- Additional buyer’s stamp duty (ABSD): Single Singaporeans aged 55 and above will have the opportunity to receive a refund of the paid ABSD on a second property, on the condition that they sell their first property within six months.
- SG initiatives to allocate S$3.5 billion for the next ten years to support Age Well, focusing on enabling seniors to lead active and socially connected lives.
- Seniors will benefit from “silver upgrades,” including therapeutic gardens, barrier-free ramps, senior-friendly home fittings, and bus stops designed to accommodate their needs.
- U-Save rebates up to $950 in additional one-off for eligible households for FY2024
- Service and Conservancy Charges (S&CC): Additional one-time rebates for HDB flats
Support For Businesses
- 50% corporate income tax rebate for all companies, capped at SGD 40,000.
- Minimum cash payouts of SGD 2,000 for companies hiring at least one local employee in 2023.
- Enhancement of the Enterprise Financing Scheme: maximum working capital loan quantum permanently increased to SGD 500,000.
- Extension of the SkillsFuture Enterprise Credit until June 30, 2025.
Support For Workers
- Introduction of a new Level-Up Programme aimed at supporting mid-career workers in Singapore, specifically those aged 40 and above.
- An additional S$4,000 in SkillsFuture credit will be provided in May for selected training programmes. This benefit extends to younger Singaporeans once they reach 40.
- Subsidies for further education to enable pursuit of another full-time diploma at polytechnics, Institutes of Technical Education (ITE), and arts institutions starting from the 2025 academic year.
- Monthly training allowances are available for selected full-time courses, with a maximum of S$3,000 per month.
- Temporary financial support for retrenched workers is in development, aimed at assisting them during their training period or job search, with more details to be announced later in the year.
