Budget 2023: Lawrence Wong hopes S'poreans ‘understand it’s not sustainable to rely heavily on govt support year after year’ - Singapore News

He also discussed the various bonuses, payments, and additional support that Singaporeans may expect in the coming year.

SINGAPORE — Deputy Prime Minister and Finance Minister Lawrence Wong underlined that building resilience comes at a price, as he fleshed out Singapore’s Budget for 2023, whose theme is “Moving Forward in a New Era.”

DPM Wong said that $3.1 billion is expected to be drawn from past reserves for the funding of pandemic public health expenses, an amount lower than was previously thought. Instead of drawing down the amount of $52 billion from past reserves from FY2020 to FY2022, this amount has been adjusted to $40 million.

Acknowledging that many Singaporeans are feeling the pinch with higher costs of living, he said that additional support in the form of an additional $3 billion to the Assurance Package, which now totals $9.6 billion, as well as the Enhanced GST Voucher scheme, will help the majority of households to offset additional Goods and Services Tax expenses for five to ten years.

Nevertheless, he acknowledges the concern young Singaporeans face around the long waiting time for HDB flats at the same time resale home prices are also going up, announcing that young couples will get an additional ballot for their BTO applications. Notably, government-funded paternity leave will double for fathers of Singaporean children born from Jan 1, 2024. Moreover, parents’ unpaid infant care leave will also double to 12 days per year each for the first two years of the child’s life.

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