Singapore Budget 2025

Budget 2025 was unveiled on Tuesday by Prime Minister Lawrence Wong. This Budget, “for all Singaporeans” and “shaped together with all Singaporeans” was certainly a generous one with a little something for everybody. And with special attention being paid to sports, the arts, and hawker culture! 

Here are three big takeaways from Singapore Budget 2025.

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SG60 goodles galore

Last week, we asked YOU via a quick poll on our LinkedIn post what initiatives you were most excited to hear about in Singapore Budget 2025. Perhaps unsurprisingly, topping our wish list was “cold hard cash”.

Well, the government sure delivered. These include: 

• Cold hard cash: 
  
  • In August, eligible Singaporeans will receive between S$450 or S$850 in cash under the GST Voucher scheme announced at Singapore Budget 2025.
  • In December, eligible Singaporeans will receive between S$100 and S$600 in December from the previously announced Assurance Package
• SG60 Vouchers: S$600 for all Singaporeans between the ages of 21 and 59; and $800 for all Singaporeans aged 60 and above 
• Personal income tax rebates for resident tax-paying individuals: Up to S$200 in tax rebates for YA 2025! 
• Credits for the Singaporean and permanent resident sportsmen and women(SG60 ActiveSG Credit top-up worth S$100) 
• Broadening access to the arts for Singaporeans (S$100 for all Singaporeans aged 18 and above via the SG Culture Pass)

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Looking for places to spend those credits? Businesses are offering an array of deals and discounts to celebrate SG60 as Singapore counts down to the nation’s birthday in August this year. Find updates on the SG60 site.

Households can also look forward to a range of handouts including S$800 in Community Development Council vouchers for groceries and eats; up to S$760 in U-Save vouchers for eligible HDB households to offset utility costs and S$400 in climate vouchers!

Did you know? You can find out the estimated benefits your household can receive with this calculator! It’s been updated with the latest benefits announced. 

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Skill up and glow up 

Are you a mid-career Singaporean still contemplating that skills upgrade? The SkillsFuture Level-Up Programme has received a number of upgrades that may move the needle for you. First, the SkillsFuture Credit (mid-career) has been topped-up to S$4,000 to further offset out-of-pocket course fees for certain courses. Second, training allowance eligibility has been extended to include those who are only able to commit to training on a part-time basis!

Upskilling is an incredibly important investment in yourself that will pay dividends for years to come. Need a little boost? Consider a loan that works for you, like the GXS FlexiLoan. It’s designed to give you control with no early repayment fees and loan interest that is calculated on a daily basis. Make 2025 the year you scale up and glow up.  

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Boosts for businesses!

Hello bosses! To help with rising business costs, the Prime Minister who is also Singapore’s Finance Minister announced a 50 per cent rebate for corporate income tax for companies. As long as you are active and had employed at least one local worker in 2024, you could receive a cash grant of S$2,000. The total benefit you can receive, including both cash grant and rebate, will be capped at S$40,000. 

Meanwhile, if you are a high-growth local enterprise, you could potentially tap the brand new S$1 billion Private Credit Growth Fund which is designed to give companies more financing options. More details will be announced by the minister for trade and industry. 

By the way, if you are an aspiring entrepreneur or even a freshly-minted entrepreneur, stay tuned next week because we have a series aimed at those who are new to the field of entrepreneurship! In the meantime, check out what other entrepreneurs and entrepreneurial-types have shared with us over the years here. 

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Psst! Here’s something else you should know.

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