What Budget 2024 means for you
Deputy Prime Minister Lawrence Wong delivered the Budget 2024 statement last Friday (Feb 16), where active ageing, upskilling and continuous learning were some of the key points discussed. Watch to find out what Budget 2024 means for you.
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00:00 Increasing GST, higher transport fares, more expensive meals,
00:03 we've all felt the impact of the rise in cost of living recently.
00:06 The schemes and measures introduced in the past budgets
00:09 were, for the most part, aimed at providing Singaporeans
00:11 with the means to bounce back from the pandemic.
00:13 The Forward SG exercise was first introduced in 2022
00:16 to help chart a course for post-pandemic Singapore.
00:19 Budget 2024 is described to be the first instalment in the Forward SG roadmap.
00:23 Delivered by DPM Lawrence Wong on Friday,
00:25 active ageing, upskilling and continuous learning
00:28 were a few of the components of the budget.
00:29 But don't worry, there's something for everybody,
00:31 including CDC vouchers and GST vouchers.
00:34 We've summarised the key points from the statement,
00:36 so skip to these time codes to find out what Budget 2024 means for you.
00:39 First, for seniors and young seniors,
00:41 HYSG is a national programme introduced last year
00:43 to support seniors in active ageing.
00:45 Minister Wong announced more active ageing centres,
00:48 a wider range of programmes, community care apartments,
00:51 and more senior-friendly amenities like bus stops with senior-friendly features.
00:55 The Majula package for seniors and young seniors will include
00:58 the Earn and Save bonus, which sees eligible seniors earning up to $6,000 a month,
01:03 getting an annual bonus of up to $1,000 if they remain employed.
01:06 The Retirement Saving bonus,
01:08 where seniors with less than the basic retirement sum
01:10 will get a one-time bonus of between $1,000 and $1,500.
01:14 Last but not least, seniors born in 1973 or earlier
01:17 will get a one-time Medisave bonus of either $750 or $1,500.
01:23 You know that lousy feeling you get when you calculate your pay after CPF deductions?
01:27 Well, for those people aged between 55 and 65,
01:29 your CPF contributions will be raised by 1.5% between 25.
01:33 So, more of that.
01:34 For those aged 55 and above,
01:36 your special accounts will be closed,
01:37 with all the money moving into your retirement account instead.
01:40 For those who are lucky enough to have maxed out your retirement account,
01:43 your savings will be moved into the ordinary account instead.
01:45 Adding on to this, the enhanced retirement sum will be increased to $426,000,
01:50 which gives you a monthly payout of about $3.3k.
01:52 And now for IT graduates and students.
01:54 On average, IT graduates earn about 50% of what university students earn,
01:59 and about 75% of what other polytechnic graduates earn.
02:02 And this is what Minister Lawrence Wong had to say during his speech.
02:04 We want to encourage and support more young ITE graduates in their upskilling efforts,
02:11 so they can excel in the profession they have trained in,
02:14 and get themselves on a better career and wage trajectory.
02:18 For Singaporean ITE graduates aged 30 and below,
02:21 they will receive a $5,000 top-up into their PSAA accounts upon their enrolment to a diploma.
02:25 Upon completion of said diploma,
02:27 they will receive a $10,000 top-up into their CPF ordinary accounts
02:30 to help them prepare for either buying a house or future retirement.
02:33 And now for mid-career workers.
02:34 Minister Wong introduced a new SkillsFuture Level Up Programme meant to support you guys.
02:38 A further $4,000 SkillsFuture Credit Top-up will be provided to those aged 40 and above,
02:43 starting from May this year.
02:45 This top-up can only be used for selected training programmes with better employability outcomes.
02:49 They will also receive subsidies to pursue another full-time diploma at polytechnics,
02:53 ITE or art institutions starting from 2025.
02:56 If they enrol at selected full-time courses,
02:58 the government will also provide a monthly training allowance equivalent to 50% of your average income
03:03 over the latest 12-month period,
03:05 capped at $3,000 per month and only for up to 24 months.
03:08 Now for all Singaporeans, this is our favourite part.
03:11 Singaporeans will receive various forms of support to help with the increase in cost of living.
03:15 First off, all Singaporean households will receive $600 in CDC vouchers,
03:20 $300 in June this year and $300 in January 2025.
03:23 Eligible households will also receive a one-time USAFE rebate between $550 to $950,
03:29 as well as a one-off 2-4 month SNCC rebate.
03:33 Finally, eligible Singaporeans will also be receiving between $200 and $2,150 in cash.
03:38 Of course, these are not the only groups to be benefiting from this year's budget.
03:41 Eligible companies can receive benefits like income tax rebates and cash payouts
03:45 while also enjoying the maximum working capital loan quantum being raised to $500K.
03:50 Those unemployed will also now be eligible for a temporary financial support scheme.
03:54 Also, the qualifying income cap for Workfare Income Supplement Scheme will be raised,
03:58 with Workfare payouts also being raised.
04:00 There will also be a 50% personal income tax rebate, capped at $200,
04:04 with dependent relief tax thresholds also doubling.
04:07 Most homeowners can also expect to pay lower property tax as annual value bands are raised.
04:11 The proposed Budget 2024 totals up to a whopping $131.4 billion,
04:16 a 6% increase from last year's budget.
04:18 For details of eligibility and other budget announcements,
04:21 head over to Asia1.com for the latest updates.
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