Budget Aims to Address Long-Term Issues, Enhance Retirement Support
Budget 2024 is expected to include targeted financial assistance for seniors and the unemployed, alongside longer-term measures to address structural challenges, such as Singapore’s ageing population and ongoing workforce transformation.
Enhanced Retirement Support
One of the key focuses of Budget 2024 will be boosting retirement adequacy, with enhancements to the Silver Support Scheme, which currently provides up to S$900 each quarter to eligible seniors. Additionally, the Matched Retirement Savings Scheme will also be detailed, further supporting individuals’ savings for retirement.
Balancing Short-Term and Long-Term Goals
Economists, including DBS economist Chua Han Teng, expect the government’s fiscal policy to strike a balance between addressing immediate needs and setting a foundation for long-term stability. The budget aims to provide financial relief in the short term while also tackling the underlying structural issues.
