💰Your Singapore Budget 2024 Summary

Singapore’s Budget 2024 in a Nutshell

Finance Minister Lawrence Wong presented Budget 2024, a comprehensive plan addressing immediate cost-of-living challenges for both households and businesses while also focusing on bolstering economic competitiveness, supporting young families, and ensuring workforce adaptability.

Here's a breakdown of Budget 2024 in a nutshell:

1. Cost-of-living support: 
   To alleviate the strain of rising living expenses, an additional S$1.9 billion will be injected into the GST Assurance Package.
   
   This includes various measures such as increased vouchers, cash payments for eligible Singaporeans, and additional rebates for utilities and service charges.
   

2. Business support: 
   Recognising the pressures of escalating operational costs, a S$1.3 billion Enterprise Support Package is introduced.
   
   It encompasses a 50% corporate income tax rebate, enhanced financing schemes, and an extension of SkillsFuture credits to assist companies in up-skilling their workforce.
   

3. Investment incentives: 
   In response to global competition for investments, Singapore will introduce a Refundable Investment Credit to attract companies engaging in significant economic activities like manufacturing expansion or research and development initiatives.
   

4. SkillsFuture for mid-career workers: 
   A new SkillsFuture Level-Up Programme aims to empower workers aged 40 and above with retraining opportunities through subsidies, top-ups in SkillsFuture Credits, and monthly training allowances.
   

5. Wage adjustments: 
   Starting July 1, an increase in the Local Qualifying Salary and minimum hourly rates for full-time and part-time workers respectively is implemented to ensure fair wages and address income disparities.
   

6. Housing support: 
   Young couples awaiting Build-To-Order flats will receive financial aid to rent public flats through a new voucher scheme, easing their housing burdens during the waiting period.
   

7. CPF system tweaks: 
   Several adjustments to the Central Provident Fund (CPF) system include higher contribution rates for specific age groups, an increase in the Enhanced Retirement Sum, and consolidation of accounts for seniors to optimise retirement savings.
   

8. Tax rebates and reliefs: 
   To mitigate cost-of-living concerns, a 50% personal income tax rebate is introduced for the year 2024, alongside an increase in the income threshold for dependant-related tax reliefs.
   

9. Property tax changes: 
   Amendments to property tax rates, including adjustments to Annual Value bands and ABSD refund provisions for eligible seniors downsizing properties, aim to optimise housing affordability and market dynamics.

These multifaceted initiatives collectively aim to strengthen Singapore's socio-economic fabric by providing targeted support to individuals and businesses, fostering resilience, and ensuring inclusivity across different segments of society.

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