Live updates: Singapore Budget 2024

Singapore's Deputy Prime Minister and Minister for Finance, Lawrence Wong, is delivering the #SGBudget2024 speech for the Financial Year 2024 in Parliament at 3.30pm today (16 February 2024).

Stay tuned to this page for key updates as unveiled in the Budget, and to our daily e-Bulletin for the full post-Budget highlights following the statement. 

Most recent updates will appear on top. In the meantime, have a look at our coverage on what HR leaders have on their wishlist for Budget 2024.

Report by Sarah Gideon and Priya Sunil.

---

Support for lower-wage workers 

To reduce disparities in wages and uplift lower-wage workers, the Workfare and Progressive Wages will be adjusted. 

Some of the changes will include the following: 

• Increase Workfare Income Supplement scheme payouts to a maximum of $4,900 per year, and raise qualifying income cap to $3,000 from Jan '25
• Higher Local Qualifying Salary to $1,600 for full-time workers from July '24 
• Raise co-funding levels Progressive Wage Credit Scheme (PWCS) in 2024 to a maximum of 50%, and raise the PWCS wage ceiling to $3,000 in 2025

SkillsFuture enhancements including mid-career up

DPM Wong has announced enhancements to the SkillsFuture Singapore programme, in a move to support Singaporeans as they both reskill and upskill, thus equipping them for the future.

Here's what there is to note:

The SkillsFuture Level-Up Programme for Singaporeans 40 and above will be introduced. As part of this, S$40,000 worth of SkillFuture Credit (Mid-Career) will be topped up in May 2024, which can be used for selected industry-oriented training courses with better employability outcomes.

Further, the package will see the Mid-Career Enhanced Subsidy, which will be provided for another publicly-funded full-time diploma.

Finally, this will include up to S$3,000 SkillsFuture Mid-Career Training Allowance will be distributed monthly for up to 24 months, for selected full-time courses.

Investing in emerging technologies, supporting enterprises in sustainability

Acknowledging the need to harness the full potential and power of technology across key sectors, DPM Wong highlighted that more than S$1bn will be invested over the next five years into the National AI Strategy 2.0.

Additional resources will also be allocated to catalyse investments in upgrading Singapore's Nationwide Broadband Network to 10 Gbps. 

Next, to support enterprises on their sustainability journey, the Government will expand and extend the Enterprise Financing Scheme - Green for relevant sectors; and expand the Energy Efficient Grant to more sectors such as manufacturing and construction.

Supporting businesses and driving growth

The investment promotion toolkit will be enhanced whilst building on Singapore's existing strengths and upgrading the industries where there are competitive advantages

More funds will be set aside for R&D to push innovation across the entire economy.

• An investment of S$3bn will be invested in Research, Innovation & Enterprise 2025.
• Additionally, the Refundable Investment Credit scheme will be introduced.
• A top-up of S$2bn will be given to the National Productivity Fund
• A top up of $2bn will be given to the Financial Sector Development Fund
• The Partnerships for Capability Transformation scheme will be enhanced.

Additional monetary support for households & businesses

In efforts to support households and further enhance the Assurance Package, DPM Wong has announced an additional S$600 in CDC vouchers to be given out, of which S$300 will be disbursed this year and the remaining will be disbursed in January 2025.

Singaporeans can also look forward to:

• Cost-of-living special payment ranging between S$200-S$400 in cash
• Up to four months' worth of S&CC Rebates
• Up to SS$950 in U-Save Rebates
• S$600 in total CDC vouchers - of which S$300 will be distributed in end June 2024, and the remaining S$300 in January 2025

In total, the additional support under the Assurance Package will amount to S$1.9bn.

Apart from the above, DPM Wong also announced a S$bn top-up to the GST Voucher Fund, to help defray GST expenses for lower- and middle-income households.

Next, in efforts to support businesses in managing rising costs, the Enterprise Support Package will provide S$1.3bn to support companies. This will comprise 50% corporate income tax rebate, capped at S$40,000, for the Year of Assessment 2024. Noting that not all companies are profitable, the Government will provide a minimum benefit of S$2,000 in cash for companies that employed at least one local employee in 2023.

DPM Wong further announced:

• An enhancement to the Enterprise Financing Scheme, with a raise of S$500,000.
• An extension on the SkillsFuture Enterprise Credit until June 2025, giving employers an extra year to claim their credits and make full use of it in a "more challenging operating environment."

---

As noted by DPM Wong, this Budget will see the roll-out of the first installment of the Forward Singapore programmes. "We will tackle immediate challenges for households and businesses, assure better jobs, better growth, and create more paths for quality and mobility, provide more assurance for families and seniors, and forge a stronger and more united nation.

---

Photo: DPM Lawrence Wong's Facebook, February 2023