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Earlier this month we took to the streets to better understand what keeps Singaporeans up at night and what they were hoping for from Singapore Budget 2024. Singaporeans we spoke to told us that top concerns that have kept them up at night are the increasing cost of living, job security and wage growth and that they were looking forward to programmes and incentives aimed at these concerns.
And we must say, the Budget did not disappoint!
So, what does this mean for you? We break down this Budget, one that the Deputy Prime Minister and Finance Minister Lawrence Wong has stressed as an important one as it is the first instalment of the Forward Singapore plans.
Adulting is still hard - but some help was thrown into the mix
Cost of living is a real issue. The good news is, the Singapore government is helping with some handouts that all Singaporeans can enjoy. This includes S$600 in Community Development Council (CDC) vouchers for all Singaporean households and a Cost-of-Living Special Payment of up to S$400. This may not sound like much but it can help defray the cost of your next meal or grocery run!
Something else we can look forward to is the personal income tax rebate of 50 per cent for the year of assessment 2024; this rebate is capped at S$200. Equally important is a one-time Medisave Bonus of up to S$300 for all adult Singaporeans aged 21 to 50.
The enhanced Assurance Package and income tax rebate will help to ease the pressure of the increasing cost of living. But as one Singaporean we spoke with said, help with inflation is nice, but we need to stay ahead of the curve by upskilling!
Level up!
It’s long been drilled into us that upskilling is incredibly important. This was “levelled up” at this year’s Budget with a whole range of programmes.
Are you a graduate from the Institute of Technical Education aged 30 and below? The Singapore government is rolling out a new ITE Progression Award for those keen to upskill themselves through a diploma programme. Under this two-part ITE Progression Award, ITE graduates will receive a top-up of S$5,000 to their Post-Secondary Education Account when they enrol in a diploma programme. Better yet, they will receive S$10,000 in their Central Provident Fund (CPF) upon graduation, giving them a headstart to buy a home or save for retirement. Now that’s win-win.
Or perhaps you’re a mid-career Singaporean aged 40 and above? The Finance Minister also unveiled the SkillsFuture Level-Up Programme, for mid-career Singaporeans who are looking at selected training programmes or pursuing a full-time diploma.
By the way, upskilling is a great investment in yourself. For those who need a little booster, consider a loan that works for you. GXS FlexiLoan is designed to give consumers control, with no early repayment fees and loan interest that is calculated on a daily reducing principal basis without compounding interest because we believe loans shouldn’t feel like shackles but help you soar.
Smiles for SMEs
Measures such as the new Enterprise Support Package will help to ease the pressure on cash flow for the almost 300,000 small- and medium-sized businesses in Singapore and help them to stay the course amid continued uncertainties.
Beyond supporting businesses in the here and now, a significant part of the Budget was focused on future-proofing industries! In particular, the Finance Minister highlighted sectors including the finance sector, research and development (particularly in the areas of advanced manufacturing, sustainability, the digital economy, and healthcare) and artificial intelligence. The Minister also added that more will be done to support the arts and that an investment of S$100 million will be made over the next four years to support Our SG Arts Plan.
Singaporeans will be heartened to know that Budget 2024 addressed a large swathe of their concerns. The enhanced Assurance Package aims to ease the pressure of the increasing cost of living while the SkillsFuture Level-Up Programme is surely a welcomed boon for Singaporeans above 40 as they look toward upskilling and progressing in their careers.
At GXS Bank we are especially passionate about overlooked and underserved segments of society. Our CEO, Charles Wong, noted that efforts to support small businesses such as the Enterprise Support Package will help to ease the pressure on cash flow for the almost 300,000 small-and medium-sized businesses in Singapore amid continued economic uncertainties.
“In this environment, financial institutions can supplement these efforts to ease the financial squeeze that Singaporeans may feel, especially those who are self-employed and do not earn a fixed monthly income. With more than 70,500 platform workers in Singapore and with an emphasis on continual learning and upskilling, it is important that they have access to financial support so that these entrepreneurs can develop personally and professionally to advance in their chosen career paths.”
Looking for tips on how to save better? Jump into the Money Matters category at Betterzine or check in with us at betterzine@gxs.com.sg. We’d love to hear from you.
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