Singapore Budget 2025 Highlights
On 18 February 2025, Prime Minister and Finance Minister, Mr Lawrence Wong delivered the 2025 Budget.
Prime Minister Lawrence Wong emphasised that Budget 2025 was "for all Singaporeans", with comprehensive support initiatives aimed all facets of Singaporean society.PM Wong also addressed cost-of-living concerns, supporting families and seniors, strengthening the workforce through skills development. Some key takeaways from the Budget 2025 include the following:
Strong Economic Growth:
Singapore's government recently announced a robust economic surplus of approximately SGD 6.4 billion (around HKD 37 billion) for the previous year. This growth, at an impressive rate of 4.4%, has been driven by a significant increase in corporate tax revenues, particularly benefiting from favourable conditions in certain sectors
Budget Initiatives for Citizens:
To ease the cost of living for its citizens, the Singaporean government will be distributing CDC voucher (Community Development Council) worth about SGD 800 (approximately HKD 4,635) to all households. This initiative aims to support approximately 1.3 million families.
Additional benefits include:
- Children under 12: SGD 500 (about HKD 2,896) in Child LifeSG credits
- Youth aged 13-20: SGD 500 (about HKD 2,896) for education-related expenses
- Citizens aged 21-59: SGD 600 (approximately HKD 3,477) in vouchers to celebrate the nation's 60th anniversary
- Seniors aged 60 and above: SGD 800 (around HKD 4,636) in vouchers
For households living in public housing with no more than one property, there is also a potential utility rebate of up to SGD 760 (about HKD 4,400).
Support for Businesses:
The government is committed to assisting businesses as well. A 50% corporate tax rebate will be available, along with cash support of at least SGD 2,000 (about HKD 12,000) for companies hiring local employees.
These measures reflect the government's proactive approach to fostering a resilient economy and supporting its citizens during uncertain times.
