Lawrence Wong Highlights Support Measures for Seniors and Larger Families in Upcoming Budget
In a press conference following his first National Day Rally (NDR), Prime Minister Lawrence Wong reaffirmed that the government’s key priorities in the upcoming Budget 2025 would include addressing the needs of seniors and tackling the cost of living, two issues that remain at the forefront of public concern in Singapore. These priorities were highlighted as part of his broader agenda, which also included initiatives on parenthood, education, and employment, announced during his NDR speech.
PM Wong emphasized that providing care for Singapore’s rapidly growing senior population is a significant challenge that the government is committed to addressing. He acknowledged that the aging population, which includes not only seniors in their 70s and 80s but also “young seniors” in their 50s, requires long-term solutions for care and housing. These “young seniors” are often caught between caring for their elderly parents and supporting their own children, creating a “sandwich generation” that requires additional support.
The government’s efforts to support seniors will focus on improving long-term care services, affordable housing, and other essential services to ensure a dignified and comfortable life for this demographic. PM Wong reiterated that helping seniors also indirectly assists their children, who often bear the dual responsibility of caregiving and supporting their own families.
Another key priority highlighted by PM Wong is tackling the rising cost of living, particularly for larger families with more young children. The cost of living remains a pressing concern for many Singaporeans, with PM Wong noting that this issue has been raised frequently during his engagements with the public. These concerns include both day-to-day expenses, such as groceries and food, as well as larger costs like housing. PM Wong pointed out that while groceries and food prices are recurring concerns, the rising cost of housing is also a significant burden for many households, especially those looking to purchase their first home.
To address these challenges, the government has already implemented broad-based support measures, such as Community Development Council (CDC) vouchers, and is exploring ways to provide targeted support for different segments of society. PM Wong confirmed that the government would continue to evaluate whether broader or more targeted measures would be more effective in providing relief to those most in need.
In response to questions about the smaller quantum of CDC vouchers for 2025, PM Wong, who also serves as the finance minister, stated that the government has not yet finalized the details of the 2025 Budget. He encouraged the public to await the upcoming Budget announcement for further details on potential increases in support.
PM Wong also referenced the easing of Singapore’s inflation, with core inflation slowing to 2.5% in July 2024, indicating some relief from the high inflation rates experienced in 2023. He acknowledged that 2023 was a challenging year for many Singaporeans, as inflation remained high while economic growth was weak, leading to real wage declines for many workers. The government will closely monitor income and inflation indicators in 2024 and 2025 to ensure that the appropriate support measures, whether broad-based or targeted, are included in the 2025 Budget.
With these plans in mind, the government is positioning itself to continue providing necessary support to seniors, families, and all segments of society, while addressing the evolving economic challenges that lie ahead.
