Enhancements to SkillsFuture, healthcare, and retirement support in a transformative Budget
Deputy Prime Minister and Finance Minister Lawrence Wong shared that Singapore’s Budget 2024 aims to address immediate concerns while introducing significant policy shifts designed to position the country for the future. Key measures focus on fostering growth, enhancing job opportunities, and empowering workers, particularly through an extensive enhancement to the SkillsFuture initiative.
DPM Wong emphasized that Budget 2024 marks the first phase of the Forward Singapore agenda, a roadmap aimed at addressing Singapore’s long-term challenges. While this year’s Budget introduces critical measures, Wong affirmed that further steps would follow to refine and adapt policies over time. This year’s initiatives include more CDC vouchers, cash payouts for lower- and middle-income groups, and a corporate income tax rebate for businesses.
One of the key focuses of the Budget is providing stronger support for families and seniors. In line with the government’s goals, initiatives such as lowering pre-school fee caps and introducing a new voucher scheme to assist young couples in renting flats before their Build-To-Order flats are ready are designed to help Singaporeans. Additionally, healthcare and retirement support for seniors have been strengthened, including the launch of the Age Well SG initiative, a $3.5 billion initiative designed to support seniors in staying active and receiving better community care.
As Singapore enters a period marked by global uncertainty and conflict, DPM Wong expressed confidence that the country would emerge stronger, as it has in the past, through unity and collaboration. He also noted that the national Healthier SG scheme and other policies aim to ensure a more senior-friendly environment as people live longer lives.
For workers and businesses, Budget 2024 includes critical enhancements to the SkillsFuture program. Singaporeans aged 40 and above will receive a $4,000 top-up to their SkillsFuture credits, enabling them to pursue various training programs to upgrade their skills. DPM Wong stressed that it’s vital for workers to embrace continuous learning, especially as the job market evolves.
Furthermore, measures to support businesses, including the 50% corporate tax rebate, will help companies cope with rising costs. The Budget encourages businesses to invest in training and upskilling their workers to improve productivity, thus benefiting both employers and employees in the long run.
DPM Wong concluded by expressing optimism that, with these measures, Singaporeans would gain the confidence to build a better future even in challenging times. The Budget is seen as an important step in navigating the road ahead.
