Budget 2024 rolls out the first instalment of the Forward Singapore programmes.
DPM Lawrence Wong noted that the past year had not been easy, with a troubled international environment, subdued global economy and modest economic growth for Singapore.
The Government will also be rolling out strategies to improve retirement adequacy, lower healthcare costs and provide more for lower-wage workers.Budget 2024 rolls out the first instalment of the Forward Singapore programmes, said Deputy Prime Minister Lawrence Wong in Parliament on Feb 16, as he delivered his third annual Budget speech.
While the economic situation is expected to improve in 2024, there are still uncertainties, which is why he has further enhanced the Assurance Package, said DPM Wong. Businesses will also receive help to manage rising costs, such as a 50 per cent corporate income tax rebate, capped at $40,000.A key component of the Budget is a suite of measures targeted at mid-career workers.This will benefit about 1.95 million Singaporeans currently, though those younger will receive the top-up as well when they turn 40.
A key priority of the Government is to ensure a strong, innovative and vibrant economy – and it will do so by focusing on productivity and innovation, he added.There will also be investments to upgrade the Nationwide Broadband Network to enable mass market access to broadband speeds of up to 10 gigabits per second in the second half of this decade. This would be 10 times faster than the broadband speed in most homes today.
To encourage and support more young ITE graduates in upskilling efforts, a new ITE Progression Award will be rolled out for those aged 30 and below. The Enhanced Retirement Sum – the maximum amount one can put in the CPF retirement account to receive CPF payouts – will also be raised from 2025, to become four times the Basic Retirement Sum . It is currently three times the BRS.
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