Budget 2024: What to Expect from DPM Lawrence Wong's Address

What to Expect from DPM Wong During His 2024 Budget Speech

Deputy Prime Minister and Finance Minister Lawrence Wong is set to unveil Singapore's Budget 2024 in Parliament on February 16th at 3:30 pm, with significant implications for various sectors and citizens.

Here's a concise breakdown of the key highlights that is worth looking out for.

1. Cost of Living Management: In response to persistent challenges of high inflation and sluggish wage growth, Budget 2024 may introduce additional support for households, building upon the substantial S$1.1 billion support package initiated last September.

2. Boosting Small Businesses: Anticipate expansions in grants and initiatives tailored for small and medium-sized enterprises (SMEs), aimed at enhancing productivity and international competitiveness, potentially facilitating overseas expansion and transformation efforts.

3. Skills-led Employment Support: Details on re-employment support for involuntarily unemployed individuals, coupled with enhancements to schemes like Workfare Income Supplement and Progressive Wage Credit Scheme, will underscore the government's commitment to upskilling and workforce resilience.

4. Clarity on Corporate Taxes: Amidst preparations for implementing a global minimum tax in line with evolving international standards, expect insights into Singapore's approach, including potential tax-related incentives to maintain competitiveness.

5. Green Transition Continuation: Measures to promote sustainability among SMEs through simplified standards and expanded schemes are likely, alongside potential tax deductions for green investments by larger firms, aligning with Singapore's commitment to environmental stewardship.

6. Enhanced Social Support: Budget 2024 may introduce measures to encourage parenthood, unveil details of the Majulah Package for the elderly, and enhance retirement adequacy schemes, reflecting a holistic approach to social inclusivity and support for diverse segments of society.

Stay tuned for DPM Lawrence Wong's address, offering vital insights into Singapore's strategic priorities and initiatives aimed at navigating challenges and fostering inclusive growth in the years ahead.

💬 Editor’s byte

I hope you found this piece of article insightful! Stay tuned for updates and takeaways from Budget 2024 once it’s been announced!

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Cheers, D from byte.

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