预算辩论 · 2026-02-12 · 第 15 届国会
2026财年预算与全球变局
Annual Budget Statement
质询聚焦全球多边体系弱化及经济脆弱性，政府回应强调新全球秩序下经济韧性和AI投资的重要性，核心争议在于如何应对地缘政治紧张与经济不确定性。
关键要点
- • 全球多边体系弱化
- • 经济增长依赖AI投资
- • 地缘政治紧张加剧
强调经济韧性与AI发展
加强AI相关投资与风险管理
"Growth in the major economies held up, supported in part by strong investment in artificial intelligence (AI)-related activities."
参与人员（1）
完整译文（中文）
Hansard 英文原文译文 · 翻译日期：2026-05-02
议长先生：请安静。书记员现在开始宣读动议通知。
下午3时30分
总理兼财政部长（黄循财先生）：议长先生，我提议，“议会批准政府2026年4月1日至2027年3月31日财政年度的财政政策。”
这是我们新一届政府的第一个预算案。正值我们进入新加坡建国60周年后的新阶段。
我们在全球深刻变革的时期开启这一新阶段。近八十年来，世界受益于一个支持稳定与经济合作的国际秩序。该体系在很大程度上依赖于美国的领导。它保障了全球安全，倡导开放市场，并帮助建立了促进全球共享繁荣的机构和规则，包括亚洲地区。
这一时代现已结束。美国正在重新评估，并在某些领域撤销其曾经帮助建立的关键体系元素。曾经推广的贸易规则被搁置。全球机构被绕过，长期存在的规范变得不那么可靠。
累积效应是多边体系的削弱。各国对共同规则保护其利益的信心减弱。因此，更多国家诉诸单边行动，一些国家变得更加胆大妄为。
与此同时，曾经管理争端和紧张局势的护栏正在侵蚀。世界变得更加充满竞争、更加分裂，最终更加危险。
在此背景下，去年普遍预期美国解放日关税将引发全球经济急剧放缓。
幸运的是，我们最坏的担忧未成现实。许多企业迅速调整——提前生产和进口以应对关税措施。随后达成的贸易协议以及全球供应链的转变帮助减轻了关税的实际影响。
因此，主要经济体的增长保持稳定，部分得益于人工智能（AI）相关活动的强劲投资。
简而言之，尽管压力增加，全球经济表现出比预期更强的韧性，国际体系继续运作。
然而，今年我们可能没有那么幸运。2026年仅第一个月的事件规模和影响已非同寻常，全球地缘政治紧张局势加剧。随着压力增加和容错空间缩小，全球体系的韧性将面临更严峻考验。
全球经济也出现明显且日益增长的脆弱迹象。许多主要经济体公共债务上升，将对金融稳定构成压力，并影响长期增长前景。同时，金融市场的高风险行为推高了资产估值，使其易受突然调整影响。任何此类调整都将削弱信心，并波及实体经济活动。
这些外部发展直接影响我们。去年，全球经济的韧性结合我们自身的经济实力，实现了超出预期的5%增长。强劲的外部需求推动了包括电子和生物医药制造在内的关键产业集群。这些收益带动了更广泛经济的溢出效应。
部分积极势头将延续至今年。但在全球不确定性加剧的情况下，我们预计2026年经济前景更为温和。增长预计为2%至4%；通胀为1%至2%。
尽管存在不确定性，我们仍可充满信心地前进——这种信心基于坚实的基础。
几十年来，我们系统性地加强经济基础：深化能力，投资人才，随着技术演进重塑产业。
我们已建立起作为可靠和值得信赖枢纽的声誉——稳定、安全、治理良好——这些品质为企业和投资者高度重视，尤其是在世界变得更加分裂和不确定的今天。
所有这些赋予新加坡重要且切实的竞争优势。
但过去的成功不足以支撑未来。在深刻变化的世界中，停滞不前不是选项。我们不能等待条件变得更有利，也不能依赖为前一时代设计的策略。
因此，本届政府有完整议程，更新策略并强化社会契约。2026年预算是这项努力的第一步，旨在确保我们在变化世界中的未来。它为我们如何共同导航下一发展阶段奠定基础。
本预算将：推进更新的经济策略；利用人工智能（AI）作为战略优势；建设有韧性且具技能的劳动力；为家庭提供更多支持和保障；保护安全与可持续性；并更新强化新加坡精神。
我将依次谈及这些内容。
尽管去年经济表现良好，一些企业仍面临成本压力和运营挑战。我们将支持企业，帮助其保持竞争力。
我将提供2026评估年度40%的企业所得税回扣。去年至少雇用一名本地员工的活跃公司，每家将获得最低1500新元的收益。每家公司的总收益上限为3万新元。[详见附录B-1。]
这将提供短期缓解，同时我们继续推进重组和转型工作。
在这个变化的世界中，增长将更为艰难。我们必须目标更高，行动更快，并准备承担经过计算的风险。这就是政府召集经济策略审查（ESR）的原因。ESR委员会上月分享了中期更新，我们将果断采取行动落实其建议。
我们的目标是在未来十年实现2%至3%区间的高端增长。但增长本身不足够。增长必须转化为新加坡人的优质就业和收入提升。让我分享我们的实现路径。
首先，我们必须在变化的全球环境中以不同方式适应和连接。一些国家转向内向，寻求减少对外依赖。但对新加坡而言，这不是选项。要繁荣，我们仍需与世界连接——与他国贸易并融入全球流动。
重要的是，全球化并未结束。没有哪个国家能独自成功。大多数主要产品仍依赖全球分工，结合多国专业知识和材料，并依赖全球市场实现规模。这一基本现实未变。变化的是我们所知的全球化。经济流动变得更具选择性，合作更具战略性，韧性与效率同等重要。
因此，新加坡必须适应这些新模式——保持开放，但以更智能、多元和有韧性的方式连接。这就是为何我们与志同道合的伙伴建立新型合作。
去年，我们启动了未来投资与贸易伙伴关系，汇聚志同道合的伙伴，在技术、贸易便利化和供应链韧性等领域合作。本月，欧盟-新加坡数字贸易协定生效——这是一项具有强有力数字贸易规则的里程碑协议。今年晚些时候，我们将与新西兰签署首个关键物资贸易协定，确保危机时期两国关键贸易流的连续性。
我们还将加强与拉丁美洲、非洲和中东等快速增长市场的接触。我们将设立新大使馆，强化地面外交和经济存在，更好利用这些地区的新兴机遇。
在邻近地区，我们正与邻国合作深化区域一体化。这包括合作推进柔佛-新加坡特别经济区，以及印度尼西亚的巴淡、民丹和卡里蒙自由贸易区项目。
简言之，我们将加倍努力实现全球多元化和区域整合。但仅有连接还不够。它必须转化为企业能够捕捉和把握的真实机会。
许多新加坡企业已在这样做。一个例子是罗特里工程。该公司1972年成立，最初为新加坡的炼油厂和石化厂提供电气安装服务。但它并未局限于国内市场。随着时间推移，它在东南亚建立了领先的能源基础设施服务地位。现在，它正进一步拓展并加深在中东的存在。[详见附录I-1。]
但海外经营并不容易，尤其对中小企业而言。企业面临陌生的法规、不同的商业惯例和激烈的本地竞争。因此，我们将加大支持力度，帮助新加坡企业走向海外。
我们将提高支持企业国际化的资助计划的支持比例——中小企业最高可达70%，非中小企业最高可达50%。
我们还将增强市场准备援助资助，支持企业不仅进入新市场，还能深化现有海外市场的活动。
在国际化双重税务扣除计划下，企业对选定合格活动自动享有200%的税务扣除，最高限额为15万新元。我们将允许更多合格活动享受此自动扣除，并将上限提高至40万新元。
我们将通过提高贸易和固定资产贷款的最高贷款额度，增强企业融资计划的灵活性，以满足企业不同的融资需求。我们还将为开展重大海外项目、需要更高资本支出的企业提供更多支持。
贸易与工业部长将在供应委员会上分享更多相关变化。
第二，我们将打造关键增长集群的领导力。这意味着在新加坡锚定全球价值链的关键环节，尤其是高知识含量和强溢出效应的活动。我们的目标不仅是承载这些活动，更是塑造这些产业的发展方向和价值创造地点。
我们在半导体领域已有所作为。半导体的关键前沿是先进封装。尽管名称为“先进封装”，但其高度复杂且技术要求极高。传统上，更快的芯片通过在单芯片上集成更多晶体管实现。但这成本日益增加，且接近物理极限。因此，关注点转向先进封装，它通过高度精密的制造技术将多个芯片集成于单一封装中，提升性能和能效。
新加坡二十多年前即开始投资先进封装研发，远早于其成为全球重点。这些投资现已见效。这也是主要半导体公司持续重金投资新加坡的原因，不仅限于制造，还包括研发、创新和供应链合作。
我们在航空航天和生物医药科学等关键产业也观察到类似趋势。技术是支撑我们打造这些集群领导力战略的关键推动力。新加坡必须成为前沿技术的研发、测试和商业化基地。这就是为何我们将在研究、创新与企业（RIE2030）计划下投资370亿新元。这体现了我们对研究和创新的持续承诺，约占国内生产总值（GDP）每年1%。
同时，我们必须现实面对。与更大经济体相比，我们的公共研发支出绝对金额始终有限。我们无法超越他们的支出。相反，我们的投资必须严谨、聚焦且具战略性，针对新加坡具备明显优势且能产生实质影响的领域。
在脱碳解决方案和量子技术等新兴领域存在潜力。例如，在量子领域，我们早期做出了有意的押注。2007年，我们在新加坡国立大学（NUS）成立了量子技术中心。当时量子研究多为理论阶段。但我们耐心投资基础能力建设，相信这些终将转化为变革性应用。
这种远见正在回报。如今，量子计算正迅速从理论走向现实，影响深远。主要科技企业正大力投资建设商业规模的量子计算机。新加坡吸引了部分顶尖企业。全球领先的量子计算公司Quantinuum已在此设立运营，并将在新加坡托管其最新量子计算机，使我们成为美国之外首个托管该系统的国家。这将为我们的研究人员和企业，包括一些本土初创企业，提供直接访问尖端量子计算和参与重要项目的机会。
我们还吸引顶尖全球人才和合作伙伴。诺贝尔奖得主、超导系统先驱John Martinis教授共同创办了一家量子计算初创企业，正与科学技术研究局（A*STAR）和新加坡国立大学的研究人员合作，利用最先进的半导体工艺开发新型组件以提升量子计算机性能。他们选择新加坡，正是因为我们在先进制造、半导体和前沿量子研究的独特优势组合。
这些例子展示了我们如何在关键增长领域打造领导力，塑造创新和价值创造的地点。这样，我们增强了新加坡的战略韧性和相关性，同时为新加坡人创造更多就业和更好机会。
第三，我们将强化企业生态系统。企业融资是该生态系统的关键部分。多年来，我们稳步加强这一领域。在风险投资和种子资金方面取得良好进展。与十年前相比，初创企业更易获得早期资本。
但许多企业在成长阶段仍面临挑战。这并非新加坡独有。全球范围内，成长阶段资本趋紧。因此，许多企业，尤其是深科技企业，难以筹集规模更大、期限更长的资金以实现扩张。
因此，我们将加大力度催化新加坡的成长资本。在Startup SG Equity计划下，政府提供初始资本以催化并引入私人资金支持有前景的初创企业。迄今，该计划主要聚焦早期资金。我们将进一步推进。我将预留10亿新元增强Startup SG Equity，并扩大其覆盖范围至成长阶段企业。
此外，我们将采取更系统的方法强化成长资本生态系统。我们将成立由齐鸿达部长领导的新工作组，密切与业界合作，制定策略，定位新加坡为成长资本领先中心。
当企业准备上市时，我们希望他们将新加坡视为首选上市地。此前我们设立了Anchor Fund以吸引和锚定高质量上市，现已见到新加坡交易所（SGX）上市活动回暖的积极迹象。因此，我将启动第二轮15亿新元的Anchor Fund。与首轮一样，这将是政府与淡马锡的共同投资。
我们还将继续强化更广泛的股票市场。去年，金融管理局（MAS）推出股票市场发展计划，旨在发展基金管理业并增加投资者对新加坡股票的参与。业界反响积极。MAS已向九家资产管理公司分配近40亿新元。为延续势头，我将为该计划追加15亿新元资金，来自金融业发展基金。
同时，我们正在落实股票市场审查小组的其他建议，包括简化上市规则和要求，方便高增长公司上市，以及建立连接SGX与纳斯达克的双重上市桥梁。这些措施将增强我们公开股票市场的深度和活力，为企业从新加坡成长和扩张提供更多路径。
深厚且充满活力的市场是关键一环。我们还必须确保有强劲的优质企业管道，选择在新加坡建设、成长和扎根。有些将是本地成长企业，另一些则是有潜力的海外企业。
经济发展局传统上专注于吸引跨国企业投资。未来，它将加大力度吸引具备成长潜力、可能成为未来行业领导者的高增长企业。通过早期锚定此类企业，我们可以打造新的增长引擎，并随着这些企业从新加坡成长和扩张，为经济捕获更大价值。
这种全面的方法——从培育本土初创企业，到催化私人资本和吸引有前景的全球公司——将强化我们的企业生态系统。它将使各类规模和不同成长阶段的公司，都能获得成功所需的资本和合作伙伴关系。重要的是，这将为新加坡人创造更多获得优质工作和发展职业的机会。
在一个变化的世界中，成功的决定性因素将是我们如何利用新技术——其中最重要的是人工智能（AI）。
人工智能正以惊人的速度发展。我们正达到一个阶段，系统可以自行编写代码，并通过迭代学习不断改进。其潜力巨大——提升生产力，开启新发现，并以我们刚刚开始理解的方式改变生活。
但这种承诺也带来了深刻的担忧。工人担心人工智能会取代工作岗位。社会担心错误信息、偏见以及强大技术的伦理使用。这些焦虑是真实存在的，我们必须正面应对。
但恐惧不能成为新加坡的回应。如果我们让不确定性使我们瘫痪，我们将在快速前进的世界中落后。因此，我们必须以清晰和决心行动。
人工智能是一个强大的工具，但它仍然只是工具。它必须服务于我们的国家利益和人民。我们将定义人工智能在新加坡的发展和使用方式。我们将制定明确规则，确保其负责任和安全地应用。我们将确保其利益广泛惠及社会各界。
如果善加利用，人工智能将成为新加坡的战略优势。它可以帮助我们克服结构性限制——有限的自然资源、快速老龄化的人口和紧张的劳动力市场。
为此，我们必须有计划、有纪律地投资，不是简单地跟随他人，而是发挥新加坡的优势。我们的优势不在于构建最大的前沿模型，而在于有效、负责任且快速地部署人工智能。新加坡可以成为一个值得信赖的中心，让公司和研究人员聚集，共同开发、测试和部署有影响力的人工智能解决方案——比许多更大的国家更快、更协调地完成这些工作。
这已经在发生。如今，超过60家公司，包括谷歌和微软，已在这里设立了人工智能卓越中心。这些投资为新加坡人创造了越来越多的优质工作岗位，涵盖人工智能研究、工程和部署。
但要充分实现人工智能的潜力，我们必须超越个别试点和孤立实验。我们必须在国家层面组织起来，并以速度和规模推进。
因此，我们将启动一系列新的国家人工智能任务。这些任务将推动人工智能引领的关键经济部门转型，突破新加坡和世界的可能边界。我们将聚焦四个领域：先进制造、连接性、金融和医疗保健。[请参见附录C-1。]
例如，在先进制造领域，我们旨在加速创新，打造世界一流的工厂，能够在全球竞争。
在连接性和物流领域，人工智能可以帮助自动化机场和海港运营，更高效地运输货物，强化新加坡作为全球领先枢纽的地位。
这些不是抽象的愿望。每项人工智能任务都将以明确的目标和切实的成果为基础。
实现这些目标需要我们以不同方式工作。我们将审查法规并创建沙盒，使公司能够安全、负责任地测试人工智能创新。在政府内部，我们将更好地协调研发、监管和投资促进工作，使各机构协同合作，朝着同一方向努力。
所有这些都需要协调的国家努力。因此，我们将成立新的国家人工智能理事会，由我担任主席，提供战略方向，推动新加坡的人工智能议程。
为了让人工智能真正改变我们的经济，公司也必须全面采用它。许多公司声称正在使用人工智能，但端到端的人工智能转型要求极高。它需要组织数据、重建系统、重新设计流程和岗位，并对工人进行再培训。即使是全球大型公司也在努力应对这一挑战。但成功者将获得决定性的竞争优势。
少数领先的新加坡公司，如星展银行和Grab，已经在人工智能转型上采取果断行动。我们希望鼓励更多公司这样做。因此，我们将启动新的人工智能冠军计划，支持有志于利用人工智能全面转型业务的企业。支持将根据每家公司量身定制，包括企业转型和劳动力培训。随着这些公司的成功，它们将为行业树立标杆，激励其他企业跟进。
除此之外，我们将加强对所有企业，尤其是中小企业的支持，帮助它们采用人工智能并从中获得实际利益。
我们将基于企业创新计划，该计划为企业在研发、创新和能力建设等合格支出提供400%的税收扣除。我们将扩大该计划，将人工智能支出纳入合格活动，适用于2027和2028评估年度，每个评估年度上限为50,000新元。
我们还将加强现有支持计划。生产力解决方案补助金（PSG）已帮助企业采用数字解决方案。越来越多的这些解决方案将具备人工智能功能。
以HarriAnns为例，这是一家以新鲜制作娘惹糕点闻名的餐饮公司。它始于1940年代，由谢玉英女士创立，后来发展成中峇鲁熟食中心的一个摊位。1980年代，她的儿子接管了业务。如今，第三代经营该公司，已扩展到新加坡的八家咖啡馆。在PSG的支持下，公司采用了具备人工智能功能的餐厅管理系统，实现了点餐和结账自动化，简化了运营——更快地服务顾客，同时增加了收入。
我们将扩大PSG，支持更广泛的数字和人工智能解决方案，使每家企业，无论规模大小，都能获得帮助其更智能工作、更有效竞争的工具。
为了建设充满活力的人工智能经济，设立一个聚焦点非常有帮助——一个汇聚人工智能创始人、从业者、研究人员和创新者的场所，促进更多合作与互动。
我们已启动名为Lorong AI的试点项目。这是一个专门的共享办公空间，作为我们人工智能社区的聚会中心。我们将基于此试点，在One-North建立更大的人工智能园区。这将是一个新的集群，催生创意，促成合作，并将人工智能项目转化为企业和公共服务的实际解决方案。
正如我们支持企业一样，我们也必须为工人提供同样甚至更多的支持。
人工智能将改变我们的工作方式。一些任务将被自动化。新角色将出现。许多现有工作将演变。我知道这给工人带来真实的焦虑。变化的速度令人不安，尤其是当生计受到威胁时。
但我们不会允许技术变革以牺牲工人为代价。我们将推进人工智能——因为我们必须这样做。同时，我们将提供强有力的支持，帮助工人适应和进步——因为我们会照顾好自己的人。
政府将在整个转型过程中支持我们的工人。没有人需要独自面对变化。我们将帮助新加坡人掌握新技能，适应新角色，并利用人工智能作为提高工作效率和效能的工具。对于受影响的岗位，我们将谨慎管理转型，并与全国职工总会（NTUC）及工会密切合作，帮助工人转向新的领域和机会。
我们的承诺明确：每一位愿意适应和学习的新加坡人，都将继续在这里获得优质工作和良好生活。[掌声]
要在这一新现实中取得成功，我们必须为未来劳动力和现有员工做好准备。对于下一代，我们将加强所有高等院校（IHLs）学生的人工智能素养。同样重要的是，我们的高等院校将继续强调扎实基础，使学生学会明智使用人工智能，而非走捷径，并具备严谨思维和深厚学科能力。
在职场上，我们将帮助工人利用人工智能接管例行任务，使他们能将时间和精力集中于更高价值的活动——需要判断力、创造力和人类洞察力的工作，这些是机器无法替代的。
以会计行业为例。如今，会计师可以利用人工智能自动化大量数据整合、准备和簿记工作。这使他们能够提升价值链，花更多时间在客户咨询、法务工作和复杂分析上，这些领域专业知识和信任尤为重要。
为了支持工人顺利过渡，我们将帮助他们建立实用的人工智能能力。由于人工智能已重塑许多白领和认知工作，我们将从会计和法律职业开始，逐步扩展到其他领域。
除了这些特定行业，每位新加坡人都可以主动学习和掌握人工智能相关技能。如今，许多人工智能聊天机器人，如ChatGPT或Gemini，已广泛可用且易于使用。对许多人来说，它们只是更智能的搜索引擎。但人工智能远不止于搜索。通过正确的指导和提示，这些工具能做更多事情——帮助用户分析信息、生成创意和解决问题。
良好使用人工智能需要学习、实践和适当支持。
技能未来网站上已有丰富的人工智能相关课程，从全在线选项到兼职和全日制课程。但我们知道，导航这些选项并识别最相关课程并不总是容易。因此，我们将重新设计技能未来网站，使人工智能学习路径更清晰、更易访问，让新加坡人能快速找到符合其工作需求和熟练程度的课程。
学习必须超越理论，转化为实践应用。虽然大多数人工智能工具在基础层面免费，但访问更高级模型需要付费订阅。为进一步鼓励学习，我们将为参加指定人工智能培训课程的新加坡人提供六个月的高级人工智能工具免费访问权限。这将使他们能够练习、试验并应用所学知识。
多个部委——数字发展与信息部、教育部（MOE）、人力部（MOM）和贸易及工业部（MTI）——参与这些跨部门工作。部长们将在供应委员会上提供更多细节。
先生，新加坡不会对周围快速变化被动应对。我们将适应，我们将竞争，我们将继续自信前行。通过将人工智能作为战略优势，我们将塑造自己的未来，确保在这个变化的世界中占据一席之地。
新加坡人，尤其是我们的工人，是我们一切工作的核心。最终，重要的不是我们宣布的政策，而是它们在人们生活中带来的成果。这就是为什么我们仔细跟踪结果，评估我们的努力是否真正产生了影响。
本周早些时候，财政部发布了一份关于收入增长、不平等和社会流动趋势的偶发性报告。报告显示，过去十年，我们在普遍工资增长和缩小收入差距方面取得了良好进展。这些改善不是偶然发生的。如果完全依赖市场力量，它们不会自行出现。事实上，在许多发达经济体中，随着增长放缓，不平等现象愈发根深蒂固。
新加坡也面临同样的基本压力。这就是为什么政府一直并将继续抵制这些趋势，努力确保增长成果得到广泛和公平分享。每位新加坡人，无论起点如何，都应有公平机会追求抱负，实现自身潜力。
因此，在本次预算中，我们将继续加强对低薪工人的支持。
本地合格薪金（LQS）规定了雇佣外籍工人的企业必须支付给本地全职员工的最低薪金。我们将把本地全职员工的LQS从1,600新元提高到1,800新元。[请参见附录D-1。]
为帮助企业分担部分成本，我们将加强渐进式工资补贴计划（PWCS）。今年的PWCS共资助比例将从20%提高到30%。
我们还将把PWCS延长两年，至2028年。从明年起，获得PWCS支持的最低加薪额将从100新元提高到200新元。这将更好地鼓励和奖励投资于员工的企业。
这些措施建立在我们与全国职工总会（NTUC）及三方伙伴共同制定的渐进式工资模式（PWM）基础上。PWM不仅仅是简单的最低工资，而是将加薪与技能、生产力和职业发展挂钩——并且正在取得成效。
我们还将继续加强对PWM的培训支持。去年，我宣布为参加长期培训课程的工人提供工作技能支持（Workfare Skills Support）额外支持。我们将进一步提升该计划的基础层次，增加提升技能工人的小时津贴。
我们还将通过技能未来（SkillsFuture）为所有新加坡人支持终身学习做更多工作。
十多年前我们启动技能未来时，培训环境截然不同。当时，我们的高等院校主要专注于就业前培训。但我们知道这已不再足够。因此，2016年我们在教育部下成立了技能未来新加坡，旨在将终身学习融入教育体系。
如今，我们已实现这一目标。各阶段职业的在职成人都能在高等院校获得多样化的高质量培训选择。所有自治大学、理工学院和工艺教育学院（ITE）都将终身学习纳入其使命。例如，我们最大的两所大学——国立大学（NUS）和南洋理工大学（NTU）——已将终身学习作为教学组织的重要组成部分，为校友和成人学习者提供灵活路径，修读模块化课程，获得可累积学分，并逐步构建成认可的资格证书。
新加坡人也越来越接受终身学习。去年，超过60万人在技能未来支持下，参加了由高等院校和私人培训机构提供的培训。
虽然技能未来新加坡在教育部下专注于技能培训，我们也有人力部下的劳动力新加坡（Workforce Singapore），负责与雇主接触并帮助求职者找工作。多年来，我们努力加强这两个机构之间的协调。
但在技术变革加速和工作转换更频繁的时代，需要更强的对接，我们的系统必须更无缝协作。因此，就业和技能重塑（ESR）委员会建议政府审视我们为新加坡人组织就业和技能支持的方式。
我们已认真考虑这一建议，并将采取果断措施。我们将合并技能未来新加坡和劳动力新加坡，成立一个新的法定机构，由教育部和人力部共同监管。该新机构将成为技能培训、职业指导和就业匹配服务的一站式平台。
对工人和求职者而言，这意味着支持将更加无缝——从职业规划、技能获取，到就业匹配和转型。对雇主而言，支持将更为整合——涵盖劳动力规划、岗位重设计、招聘和劳动力发展。
教育部长和人力部长将在供应委员会上分享更多信息。
这不仅是组织结构的变革，更是不断强化我们的终身学习和职业支持体系，使新加坡人能够持续适应、成长，实现全部潜力。在变化常态的世界中，我们必须成为一个永不停止学习、永不停止努力进步的社会。
我们还将加强对特定劳动力群体的支持。
2024年，我们启动了技能未来升级计划，帮助中年工人进行技能重塑。该计划反响良好：已有超过6万名40岁及以上的新加坡人受益于实质性培训课程。
Jeffrey Loh先生是众多受益成人学习者之一。他在担任空乘18年后，渴望重新技能培训，追求与兴趣相符的新机会。因此，他报名参加了新加坡科技学院的数字产品管理课程。大部分学费由技能未来补贴和学分抵扣。他还在三个月课程期间获得了中年培训津贴，帮助支持日常开销。如今，Jeffrey在樟宜机场集团担任值班航站楼经理，表现良好。
我们将继续完善升级计划。从下个月起，中年培训津贴将扩展至参加兼职培训者。我们还将扩大覆盖范围，纳入更多行业相关课程。
另一个重要群体是我们的年长员工。我们将支持长者，使他们能够继续有意义地贡献社会。这包括帮助他们为晚期职业生涯做好规划，并支持他们更新技能。我们还将装备雇主设计适合不同年龄的工作岗位和多代同堂的工作环境。
人力部已召集三方高级就业工作组，全面研究这些问题。他们的建议将于今年晚些时候公布。与此同时，我们将把高级就业津贴延长至2027年底，以支持继续雇用年长员工的雇主。
在创造更好工作岗位和提升新加坡人技能的同时，我们也必须保持对全球技能和人才的开放。外国专业人士和工人加强了我们的团队，促进知识转移，并使公司得以发展。这反过来又为新加坡人创造了更多更好的机会。
同时，我们将继续确保我们的外籍劳动力补充强大的新加坡核心。按照这一方针，我们将完善和更新外籍劳工政策，以反映不断变化的情况。
我们将从2027年1月起，将就业准证（EP）新申请人的最低合格薪金从5,600新元提高至6,000新元。这是为了随着本地工资的上涨，保持EP持有人的质量。对于薪资水平较高的金融服务业，我们将把最低合格薪金从6,200新元提高至6,600新元。较年长EP申请人的合格薪金也将同步提高。续签申请的调整将推迟一年，于2028年生效，以给予企业更多调整时间。[请参阅附件D-2。]
同样，我们将提高S准证持有人的合格薪金。从2027年1月起，S准证新申请人的最低合格薪金将从3,300新元提高至3,600新元。金融服务业的标准将从3,800新元提高至4,000新元。较年长S准证申请人的合格薪金也将同步提高，续签申请的调整将于2028年生效。
我们还将调整工作准证的征费。对于海事和加工行业，基础技能工人的征费将分别提高100新元和150新元。对于制造业和服务业，我们将简化现有的分级征费结构。具体细节见预算附件。
为了给企业调整时间，这些变动将于2028年生效。人力部长将在供应委员会上作进一步说明。
我刚才概述的广泛劳动力措施反映了新加坡的整体方针：保持对增强经济的技能和专业知识的开放，同时确保新加坡人始终处于劳动力和政策的核心位置。我们将帮助新加坡人自信地适应变化，安心地跨越职业转型，建立有意义且充实的职业生涯。
议长先生，家庭是社会的基石，是每个人的第一道支持线。通过“前进新加坡”计划，近年来我们在支持新加坡人及其家庭方面取得了重大进展——从父母、长者、照顾者到残疾人士。我们还加大了组屋供应，确保公共住房对夫妻和家庭依然可负担且易于获得。
在本次预算中，我们将进一步采取措施，为家庭提供更多支持和更大保障。
许多年轻夫妇希望成为父母。我们希望创造合适的条件，使他们感到自信并准备好组建家庭。结婚和生育的决定是非常个人的。但对于那些希望迈出这一步的人，政府将提供更多支持。
年轻夫妇最关心的问题之一是养育家庭的成本。历届预算中，我们不断加强支持，帮助父母应对这些开支。
例如，我们推出了大家庭计划，支持拥有或希望拥有三个及以上子女的家庭。对于第三个及以后的子女，该计划将提供最高16,000新元的额外福利。
在去年的预算中，我们宣布为每名12岁及以下的新加坡籍儿童提供500新元的Child LifeSG积分，帮助父母分担日常家庭开支。今年，我们将为每名12岁及以下的新加坡籍儿童再提供500新元的Child LifeSG积分。[请参阅附件E-1。]
我们将继续保持学前教育和学生照顾的可负担性，以支持儿童关键的早期发展阶段。
多年来，我们降低了学前教育的费用上限并增加了补贴。如今，双职工家庭的托儿费用已与小学及课后学生照顾费用相当。低收入和中等收入家庭还可获得基于收入的补贴，进一步减少自付费用。
我们将进一步加强这些措施。从明年初起，我们将通过将月家庭收入门槛提高至15,000新元，扩大基于收入的学前补贴覆盖范围。这将惠及超过60,000个家庭。符合条件的家长，包括之前已符合条件者，也可获得更多的婴幼儿照护和托儿补贴。[请参阅附件E-2。]
我们还将加强学生照顾支持。我们将把学生照顾费用援助的月家庭收入门槛提高至6,500新元，使更多家庭符合资格。除这些提升外，我们正在对学生照顾领域进行全面审查，研究如何更好地满足有小学年龄儿童家庭的照护需求。
我们将继续帮助低收入家庭，特别是有幼儿的家庭，迈向更大的稳定、自立和社会流动。我们采取以家庭为中心的支持方法。在ComLink+计划下，每个家庭配备一名专职家庭教练，协助制定个性化行动计划并协调支持。
为了认可和强化家庭自身的努力，我们推出了进步奖励计划。这不仅是经济援助，更是一种社会契约，家庭教练与家庭共同设定明确目标，如获得稳定工作、储蓄购房或确保子女定期入学和上学。当这些里程碑达成时，家庭将获得额外的奖励金。
以胡女士和哈菲兹先生为例。他们已自行采取重要步骤稳定财务。所需的是持续的指导和支持以继续前进。在家庭教练的支持和他们自身的努力下，过去一年他们取得了良好进展。通过进步奖励计划，他们的财务状况改善，现已更接近拥有自己的四房组屋。
ComLink+计划围绕对家庭的密切和持续支持展开。它依赖专职家庭教练、家庭服务中心的个案工作者以及直接与家庭合作的志愿者，帮助他们稳步前进。
随着时间推移，我们已加强基层能力，现在准备提升ComLink+进步奖励计划。首先，我们将为所有承诺与家庭教练合作并积极进步的ComLink+家庭提供每季度500新元的新奖励金。其次，我们将增强家庭在实现稳定就业和子女良好学前出勤等具体目标时获得的额外奖励金。第三，我们将更多以现金形式发放这些奖励金，同时继续为他们的公积金账户预留资金。这将帮助家庭满足即时需求，同时建立长期财务保障。
通过这些提升，拥有两个子女的ComLink+家庭在子女学前阶段每年可获得约10,000新元的现金和中央公积金补充金。我们希望这能为他们提供必要支持，稳定财务，保障自己和子女的更好生活。[掌声][请参阅附件E-3。]
社会及家庭发展部长将在供应委员会上提供更多细节。
我们还将为残疾人士及其家庭和照顾者提供更多支持。国务部长吴佩明正领导一个工作组，审视如何在残疾人士及其家庭的不同生命阶段提供更有意义的支持。这包括扩大社区设施容量，保持服务的可负担性，以及支持特殊教育学校毕业生获得有意义的就业并在社区中安居。
我们期待工作组的建议。加强对残疾人士的支持是政府的重点工作，也是我们所有人的共同责任。因此，政府准备拨出额外资源推进这些工作。
随着人口老龄化，我们也将为长者提供更多支持，使他们能够有尊严、安全和安心地老去。
我们最近提升了CareShield Life的赔付金额，给予长者更大的长期护理费用保障。我们还增加了CareShield Life保费补贴，以缓解保费上涨的影响。我将向长期护理支持基金注资4亿新元，用于支付额外补贴。
随着寿命延长，退休保障成为许多新加坡人关注的另一大问题。我们的目标明确：持续工作并缴纳公积金的新加坡人，应能自信地满足基本退休需求。多年来，我们不断完善公积金制度以实现这一目标。我们推出了银发援助计划，帮助经济条件较差的长者；推出“前进计划”，为临近退休的“年轻长者”提供额外保障。
在本次预算中，我们将采取进一步措施加强退休支持。
首先，我们将为50岁及以上且公积金退休储蓄低于基本退休金额的新加坡人提供最高1,500新元的公积金补充金。余额较低者将获得更大补充金，以确保支持精准到位。[请参阅附件E-5。]
其次，我们将推进2027年为年长员工计划中的下一步公积金缴纳率提升。这将帮助年长员工在晚年工作阶段积累更多退休储蓄。政府还将继续向雇主提供公积金过渡补贴，覆盖2027年雇主缴纳增加部分的一半。[请参阅附件E-4。]
第三，我们将为希望进一步增值储蓄的公积金会员提供更多投资选择。
目前，公积金系统提供稳定、无风险的利率，帮助新加坡人积累退休资金。凭借额外利息，公积金会员的余额年收益率可达6%，且无风险。
部分公积金会员，尤其是退休时间较长者，愿意承担更多风险以获取潜在更高回报。但经验表明，大多数人难以成功挑选和交易个股，持续战胜市场非常困难。
对于散户投资者，更合理的做法是通过低成本基金实现广泛且多元化的投资。但即便如此，风险依然存在。因为有人可能在市场高点投资，却在市场低迷时退休，正是他们最需要资金的时候。
因此，公积金咨询小组早前建议引入终身退休投资计划。这本质上是一种生命周期投资方法，设有预定义的退休滑行路径。换言之，会员年轻时承担更多风险，更多投资于股票；临近退休时，投资自动调整至更安全资产。
我们认真研究了这一建议。目前市场上已有此类生命周期投资产品，但通常费用较高。因此，政府将不完全依赖市场，而是在新计划下帮助塑造和开发此类产品，供公积金会员选择。
今年晚些时候，公积金局将与业界接触，邀请潜在供应商表达兴趣。关键要求是保持低费用。我们将选定两到三家可信供应商，简化会员选择。政府原则上也准备提供有限时支持，启动该计划。参与新投资计划将是自愿的，公积金会员可选择是否加入。
同时，我们将加强帮助会员了解该选项是否适合他们，特别是年轻且退休时间较长、能更好应对短期市场波动的会员。
我今天已阐述了大致框架，但仍有许多细节需完善，人力部和公积金局将在准备好时分享更多信息。
政府将继续采取必要措施，帮助新加坡人应对生活成本压力，直至不再需要。
尽管近年来通胀有所缓解，我们知道许多新加坡人仍面临焦虑和压力。因此，今年我们将继续提供额外支持。
首先，我将发放生活成本特别补贴，现金金额为200至400新元，面向评估收入不超过10万新元且不拥有超过一套物业的新加坡成年人。[请参阅附件E-6。]
其次，将有额外的U-Save回扣，帮助家庭支付水电费。符合条件的组屋家庭今年度将获得常规U-Save回扣的1.5倍，最高可达570新元。[请参阅附件E-7。]
第三，我将在2027年1月为所有新加坡家庭提供额外500新元的社区发展理事会（CDC）购物券。[掌声]与之前几轮CDC购物券类似，一半可在参与超市使用，另一半可在参与的社区商户和小贩处使用。
议长先生，我们将继续审视和完善社会支持体系——涵盖教育、住房、医疗和退休，以及不同群体，包括家庭、父母、长者、残疾人士和照顾者。我们将稳步且负责任地推进，确保新加坡保持包容和团结，成为我们都引以为豪的家园。[掌声]
接下来，让我谈谈安全挑战以及我们的长期可持续性问题。
世界从未远离冲突。但近年来，局势变得更加危险。仅2024年，全球就发生了61起国家间武装冲突，是二战以来的最高纪录。
冲突并非局限于遥远地区。离我们较近的地方，我们目睹了东南亚国家联盟（ASEAN）成员国近年来最严重的武装冲突之一。柬埔寨和泰国之间长期存在的边界争端升级为公开军事对抗——无人机、火箭发射器甚至战斗机被投入使用。平民受伤、流离失所，生命丧失。
这些事态令人深感忧虑。它们反映了谈判空间的缩小、使用武力的意愿增强以及误判风险加大，其后果极易跨越国界。
历史给我们上了沉重一课：如果新加坡面临危机，没有人会来救我们。我们必须独自承担防卫和生存的责任。这就是为什么我们必须保持警惕，准备应对更广泛的安全挑战。
自独立以来，我们持续投资保障新加坡的和平与稳定。这使我们能够采用新技术，打造新加坡武装部队（SAF）和内务部队的可信且强大的能力。
我们周围近期的冲突也凸显了战争性质的变化。无人航空系统已成为现代冲突的常见特征。它们不仅用于侦察，还用于精确打击、电子战和协调作战。无人机成本更低、获取更便捷且日益先进，使得即使较小的行为体也能以新方式投射力量。
我们将认真研究这些发展。我们将果断投资于对新加坡防卫至关重要的能力。这包括加强我们在所有领域部署、反制和协同操作无人系统的能力。
除了物理战场，数字领域已成为日益激烈的争夺战场。我们看到国家支持和非国家行为体在网络空间的攻击急剧增加，范围从针对个人的诈骗到对关键信息系统的高度复杂攻击。
新加坡是一个有吸引力的目标。我们曾遭受恶意网络行为者的攻击，包括敌对的信息战和蓄意破坏国家安全的企图。
多年来，我们加强了防御。成立了网络安全局；在内务部科学技术局建立专业团队；并组建了武装部队的数字与情报服务部。这些努力使我们能够侦测、阻断并抵御多次攻击。但威胁形势持续演变，攻击变得更频繁、更协调、更复杂。因此，我们将继续加强网络安全态势，通过深化能力、改善跨机构协调和更好保护最关键系统来应对。
仅仅防御政府系统已不再足够。许多私营部门公司在提供基本服务中发挥着关键作用，它们的系统同样脆弱。攻击者常利用规模较小或防护较弱的公司作为薄弱环节，进而入侵更大的系统，造成广泛的破坏。然而，许多公司缺乏应对这些高级网络威胁的资源或专业知识。
因此，我们将深化与业界的合作伙伴关系，特别是关键信息系统的所有者，以提升我们的准备度，加强集体网络防御能力。
这一切都凸显了持续投资于安全的重要性。目前，我们预计国防开支将维持在约占GDP的3%。但如果需要，我们准备增加开支。重要的是，我们的安全工作不仅限于国防部，还包括对关键基础设施和内务部队的安全投资。综合来看，我们预计未来几年整体安全相关支出将上升，以应对更加复杂的威胁环境，保障新加坡的安全。
除了眼前的安全威胁，我们还必须面对一个长期挑战——气候变化日益加剧的影响。我们已经感受到其影响：气温升高、降雨加剧以及极端天气事件更频繁。
不幸的是，全球气候行动的动力有所减缓。去年11月在巴西举行的第30届缔约方会议上，各国未能就具体的脱碳路线图达成一致。同期，国际海事组织推迟了净零框架的采纳，因为成员国未能达成共识。
一些政府正在缩减其气候目标。但对新加坡而言，退缩不是选项。我们将继续尽责，不仅应对气候风险，也保障我们的长期韧性和竞争力。
碳税是我们气候战略的关键支柱。它发出明确的价格信号，鼓励减排。这已产生影响，企业加大对低碳解决方案的投资，提高能源效率。
我们此前已公布本十年的碳税轨迹。今年及明年碳税已提高至每吨45新元，计划到2030年达到每吨50至80新元。对于组屋家庭，我之前提到的额外U-Save回扣将缓冲碳税影响。对企业，我们将延长能源效率补助和企业融资计划下的绿色贷款支持，帮助企业投资节能和可持续方案。
虽然新加坡将继续负责任地参与气候行动，但我们认识到单靠自身行动无法决定全球结果。因此，我们将谨慎调整步伐，作为负责任的全球公民尽力减排，同时考虑其他国家的行动，避免自身竞争力受损。
因此，2027年以后，我们将根据国际形势，审慎评估新加坡的碳税轨迹。新加坡已拥有亚洲最高的碳税率。如果全球气候动力持续减弱，我们可能需要将2030年的碳税定位于50至80新元区间的较低端。
展望更远，我们实现净零的路径将高度依赖技术突破和持续的国际合作。没有这些，对于资源有限的小国新加坡来说，单独推进将愈发困难。我们的净零转型进展可能因此不均衡，但我们的努力将是可信、前瞻且符合全球现实的。
即便在这些不确定性中，我们仍持续取得具体进展。例如，在清洁能源方面，我们持续推动太阳能部署，已提前实现2030年两吉瓦峰值的目标。因此，我们将把2030年的目标提高到三吉瓦峰值。此后，我们将继续最大化所有可行表面的太阳能部署，并逐步设定更远期的更高目标。
我们也在推进从区域进口低碳电力的计划，处于不同发展阶段。虽然并非所有计划都会实现，但实现的将有助于减少碳足迹，增强能源韧性。
重要的是，我们积极探索进一步多元化能源结构的可能性，包括氢能、地热能或民用核能。我们正在建设核能能力，以评估其对新加坡的安全性和可行性。我们已与美国和法国启动合作，并正与韩国等其他伙伴讨论类似安排。
在交通领域，我们致力于到2040年实现100%清洁车辆。已有激励措施鼓励电动车的早期采用，全国范围内的充电基础设施也在扩展。
我们还在绿色化航空和海运业。在航空方面，我们支持可持续航空燃料的需求，目标是今年新加坡起飞航班使用1%的可持续燃料。
在航运方面，我们与业界合作，在裕廊岛开发低碳氨燃料加注方案。如果成功，新加坡将成为全球首批商业供应氨燃料用于国际航运的国家之一。
先生，未来几年将充满不确定性，从地缘政治紧张到网络威胁和气候风险。我们将正面应对这些挑战，一一克服。正是这样，我们才能稳健果断地前进，为后代建设一个更安全、更可持续的家园。
新加坡最大的优势不仅在于我们的政策和规划，更在于人民的精神。一次又一次，我们逆境而上——这不是偶然，而是因为我们团结一致，尤其是在最严峻的时刻，无论是分离、金融危机还是当前的地缘政治不确定性。
全球范围内，我们看到极化加剧，群体间相互对立的趋势。许多社会变得更加分裂和难以治理。我们不能让这种情况发生在新加坡。因此，在本预算中，我们将继续投资于更新和加强将我们团结在一起的纽带。
我们今天的共同纽带坚固，但这不是一夜之间形成的，也非偶然。它们是代代相传，耐心而有意识地建立起来的。
我们的艺术和文化遗产在这一过程中发挥着重要作用。它们帮助我们理解来处，表达当下的自我，并想象未来的可能。多元文化是我们身份的核心部分。我们珍视并拥抱各自独特的文化传统和遗产，同时继续构建共同的基础和统一的新加坡人身份。
我们的文化和遗产机构体现了这一理念——庆祝每个社区的丰富多彩，同时表达我们独特的新加坡身份。我们将继续加强这些机构。今年晚些时候，我们将开放翻新的马来文化中心。我们将与新加坡华族文化中心合作，扩大其影响力和参与度。印度文化中心刚刚庆祝了十周年，我们将进一步支持其推广和项目。
体育是另一种强大的力量，将新加坡人凝聚在一起。通过体育，我们学习韧性、团队合作以及在逆境中坚持的决心。我们将继续推进体育设施总体规划，让新加坡人更容易获得负担得起且优质的体育设施。
未来几年，我们将开放新的榜鹅区域体育中心、大巴窑综合发展项目、花拉公园和中段的体育设施，以及翻新的后港和女皇镇体育中心。我们还将扩大双用计划，让新加坡人方便地使用学校体育设施。我们将配合更多体育项目，促进各年龄和能力的新加坡人通过共同参与凝聚在一起。
在我们共同纽带的基础上，我们必须继续培养强烈的团结感。这体现在捐赠、志愿服务和日常善举中。这些行动打破隔阂，拉近彼此距离，提醒我们大家同舟共济。它们构成了“我们优先”社会的基础。政府将尽力鼓励和支持这一点。
目前，我们对符合条件的公共机构（IPCs）和合资格机构的捐赠提供250%的税务扣除。我们将把该计划延长三年，至2029年底。
除了金钱捐赠，许多新加坡人同样宝贵地贡献时间和技能，通过志愿服务。企业若能方便员工参与社区服务，这种奉献精神将更加强大。因此，文化、社区及青年部（MCCY）与社会服务理事会紧密合作，鼓励企业将捐赠、志愿服务和社会责任实践融入运营。
为支持这些努力，政府此前推出了企业志愿者计划，员工志愿服务或被派遣至IPCs时可享250%税务扣除。我们将把该计划延长三年，至2029年底。
新加坡人还通过发起基层倡议满足社区需求。政府通过“我们的新加坡基金”支持这些努力。自2016年设立以来，该基金支持了800多个基层项目，涵盖社区建设、体育、城市管理和数字准备等领域。
例如，“小手大心SG”是由7岁和9岁的Kaizen与Kay及其父母发起的倡议，邀请他人参与每月社区服务项目。首个项目聚焦消防安全意识，他们设计海报并与义顺镇议会合作，在组屋电梯大堂展示，还带领其他儿童及家庭参观义顺消防局，向值班官员赠送关怀包和手工礼物。
他们还有更多项目计划，包括海滩清理、支持长者、捐赠学习用品给儿童以及写感谢卡给外籍劳工。这是一个极佳的例子，展示任何人，无论年龄大小，都能挺身而出，做出改变。
去年，“我们的新加坡基金”收到超过250份申请。同时，我们也听取了关于基金改进的反馈，包括需要更大额度的资助、更长的资助期限和更广泛的资格范围。
因此，我们将推出新的5000万新元新加坡伙伴基金，旨在催化基层倡议，帮助它们建立持续的能力和影响力。新基金将提供不同层级和期限的资助，包括最高100万新元的多年度大型项目补助。
我们还将继续与青年合作，开辟更多渠道让他们塑造新加坡的未来。青年小组让年轻新加坡人与政府合作，关注他们关心的问题。首轮有120名青年参与四个小组。今年晚些时候，我们将启动下一轮青年小组，鼓励更多年轻人挺身而出，发挥影响。
文化、社区及青年部代理部长将在供应委员会上分享这些举措的更多细节。
先生，我们的先辈明白，新加坡的成功最终取决于团结，不仅是共享繁荣，更是共同承担责任。这种信念体现在我们的誓言中，开头即是“我们”，并确认我们是“一体的人民”。
这种团结感帮助我们度过不确定时期，走到今天。如果我们继续投资彼此——加强纽带，关心身边人，把共同利益放在首位，我们就能自信地面对未来，建设一个持久繁荣的新加坡。[掌声]
现在，让我谈谈我们的财政状况。我们审慎的财政政策仍是新加坡的核心优势之一。我们以纪律和谨慎管理公共财政，确保收入足以覆盖支出，每一元都负责任地使用，惠及当代和未来世代。
我们上届政府所做的调整为新加坡奠定了健康稳健的财政基础。我们拥有公平、累进且基于共同责任的税收和转移体系。这赋予我们前进的能力和信心。
今年，我将调整车辆税。
目前，购车者通过额外注册费（ARF）缴税。为鼓励车辆及时更新，使车辆更安全、污染更少，我们为10年内注销的车辆提供优惠额外注册费（PARF）回扣，按缴纳的ARF比例计算。电动车（EV）污染较传统汽油车少。随着电动车普及，鼓励早期注销的PARF回扣需求减少。
因此，我将把PARF回扣降低45个百分点，并将回扣上限从6万新元降至3万新元。此调整适用于下一次配额投标获得准证的所有车辆。
接下来，为抑制烟草消费，我将自今日起对所有烟草产品实施20%的烟草消费税上调。税改详情见附录。[请参阅附录H-1]
先生，让我总结我们的财政状况。2025财年，我们预计收入增加，部分原因是我之前提到的经济表现好于预期。
另一个主要驱动因素是企业所得税收入增长。2024财年，企业所得税占GDP的4%，远高于往年。我在上次预算中提及此事。根据最新估计，2025财年企业所得税收入将进一步增加。
我们还看到资产相关收入如车辆配额溢价和印花税增加，受私家车和房地产需求强劲推动。因此，我预计2025财年将实现151亿新元盈余，占GDP的1.9%。2026财年预计盈余为85亿新元，占GDP的1%。
我们的方针仍是保持预算长期平衡，跨越经济周期的起伏。[请参阅附录H-2]
展望本预算之外，我们的公共财政依然稳健有韧性。在收入方面，我们将推进基于“税基侵蚀和利润转移”（BEPS）第二支柱的补充税实施。这将使在新加坡运营的大型跨国企业的有效税率达到15%。因此，我们预计从2027财年起企业税收将增加。
同时，我们的支出需求将在多个方面增长。
首先，在对外关系和安全方面。我们需要加大投资，扩大海外伙伴关系，提升能力，以保障新加坡安全，应对新兴威胁。
其次，在经济领域。即使有BEPS计划，许多国家仍推出慷慨激励措施，吸引重大投资回流或本地化。这是当今竞争格局的现实。为保持吸引力和竞争力，我们必须更新和强化投资促进工具。这也是为何本预算中文经贸部支出大幅增加，并可能在未来几年保持高位的原因之一。
第三，在社会需求方面。我们已预见医疗保健支出增加，并通过提高消费税率予以支持。但医疗保健并非唯一社会需求。我们还需加强家庭保障，提升社会流动性，增强退休保障，让新加坡人能自信安心地面对人生各阶段。
最后，我们必须为长期挑战做准备。我们已通过专项基金预留资源，应对重大未来需求，包括能源转型和海岸保护的关键基础设施投资。本预算中，我们将进一步充实相关基金，支持樟宜机场发展及长期经济战略。
因此，我们预计收入和支出将持续增长。政府将谨慎管理这增长，确保支出有收入支持，并符合中期保持预算平衡的目标。
先生，我们稳健的公共财政使我们能够果断行动，投资于最重要的领域。这使新加坡处于与许多受债务和赤字压力限制、被迫做出艰难取舍的国家截然不同的位置。
相比之下，新加坡政府本届任期开始时财政基础坚实。因此，我们能够有意义且负责任地投资于惠及所有新加坡人的政策和项目——无论是现在还是未来。
议长先生，新加坡从其谦卑且动荡的起点走过了漫长的道路。
我最近参观了由建国者纪念馆主办的国家美术馆展览。展览带我们回到1950年代至1970年代的新加坡，追溯我们的先驱们如何在多样性和不确定性中锻造共同的身份认同。展览中有一项回顾了当时文化部在我们获得自治权后不久举办的“Aneka Ragam Rakyat”或“人民文化音乐会”。在其中一次音乐会上，李光耀先生向群众发表讲话，称新加坡人不是“仅仅的旁观者”，而是“积极参与者”，共同建设属于所有人的国家。
的确，新加坡之所以走得如此之远，正是因为一代又一代的新加坡人挺身而出。他们承担责任，贡献所能，尽己所能塑造我们的集体未来。这种精神今天依然存在，尤其是在我们的青年中。
以Ayuni Nur Izyanti Md Zuraimi为例。Ayuni在15岁时发现了自己对志愿服务的热情。她与四位朋友一起创办了一个名为“You(th) Can Do It”的非营利组织，通过Telegram将青年人与不同组织的志愿机会连接起来。现年19岁的她正在淡马锡理工学院学习医学生物技术，仍然定期与朋友们一起做志愿者，辅导来自弱势家庭的小学生，并为老年人打扫住所。
还有Shantini D/O Subramaniam。Shantini从小就帮助照顾患有脑性瘫痪、依赖电动轮椅的弟弟。这段经历使她深刻地致力于服务他人。她11岁时开始在斯里纳拉亚纳使命护理院做志愿者。如今23岁的她在国大护理系学习，领导“关怀之心计划”的运营，这是一个通过结伴计划和社区外展支持临终关怀患者的志愿者项目。
还有Josef Tan Kai Heng。他在ITE西部学院学习电气工程期间首次积极参与社区服务，志愿加入Heartware Network。两年前，他加入一个非营利组织，志愿教授外籍劳工数字技能。现年19岁的他是新加坡理工学院计算机工程学生，依然深切致力于这一事业，坚信为新加坡发展贡献良多的外籍劳工也应有机会提升技能和进步。
这些故事形式各异，但精神一致。它们提醒我们，国家建设从来不是少数人或单一代人的工作，而是普通新加坡人选择以各自方式挺身而出、做出改变的累积努力。
如今，这种共同责任感比以往任何时候都更为重要。我们不能仅仅做旁观者。我们必须成为积极参与者，彼此关照，加强社会纽带，为属于我们所有人的新加坡贡献力量。
这正是2026年预算案的信念基础。这是一个支持当代新加坡人、为明天社会做准备、使我们能够自信应对这个变化世界的预算。我们将共同确保一个更强大、更公平、更光明的未来。
议长先生，我请求动议。［掌声］
下午5时01分
议长先生：问题是，“议会批准政府2025年4月1日至2026年3月31日财政年度的财政政策。”
根据议事规则第89条第（一）款，辩论现休会。首相，辩论将于何日恢复？
黄循财先生：2026年2月24日星期二，议长先生。
议长先生：照此办理。领袖。
英文原文
SPRS Hansard 原始记录 · 抓取日期：2026-05-02
Mr Speaker : Order. The Clerk will now proceed to read the Notice of Motion.
3.30 pm
The Prime Minister and Minister for Finance (Mr Lawrence Wong) : Mr Speaker, I move, "That Parliament approves the financial policy of the Government for the Financial Year 1 April 2026 to 31 March 2027."
This is our first Budget in this new term of Government. It comes as we enter a post-SG60 phase in our nation building journey.
We begin this next phase at a time of profound global change. For nearly eight decades, the world benefited from an international order that supported stability and economic cooperation. The system rested, in large part, on the leadership of the United States (US). It underwrote global security, championed open markets and helped form the institutions and rules that enabled shared prosperity across the world, including here in Asia.
That era has now come to an end. The US is re-assessing, and in some areas undoing, key elements of the very system it once helped to build. Trade rules that were once promoted are being set aside. Global institutions are being bypassed and long-standing norms are becoming less reliable.
The cumulative effect is a weakening of the multilateral system. Countries everywhere have less confidence that common rules will protect their interests. As a result, more states are resorting to unilateral action and some are becoming emboldened to do so.
At the same time, the guardrails that once managed disputes and tensions are eroding. And so, the world is becoming more contested, more fragmented and ultimately more dangerous.
Against this backdrop, last year, there was widespread expectation that the US Liberation Day tariffs would trigger a sharp global slowdown.
Fortunately, our worst fears did not materialise. Many firms adjusted quickly – front-loading production and imports to get ahead of the tariff measures. Subsequent trade deals, together with shifts in global supply chains, helped to reduce the actual impact of the tariffs.
As a result, growth in the major economies held up, supported in part by strong investment in artificial intelligence (AI)-related activities.
In short, despite mounting stresses, the global economy proved more resilient than anticipated and the international system continued to function.
This year, however, we may not be so fortunate. Events in just the first month of 2026 have already been of exceptional scale and consequence. They have increased geopolitical tensions worldwide. As pressures build and the margin for error narrows, the resilience of the global system will be tested far more severely.
There are also clear and growing signs of fragility in the global economy. Rising public debt in many major economies will strain financial stability and weigh on longer-term growth prospects. At the same time, heightened risk-taking in financial markets has pushed up asset valuations, leaving them vulnerable to abrupt corrections. Any such adjustment would dampen confidence and spill over into real economic activity.
These external developments have a direct bearing on us. Last year, the resilience of the global economy, combined with our own economic strength, resulted in better-than-expected growth of 5%. Strong external demand boosted key industry clusters, including electronics and biomedical manufacturing. These gains generated spillovers across the broader economy.
Some of the positive momentum will continue into this year. But amidst heightened global uncertainties, we expect a more moderate outlook for 2026. Growth is therefore projected at 2% to 4%; with inflation at 1% to 2%.
Despite these uncertainties, we can move forward with confidence – confidence grounded in fundamentals.
Over the decades, we have systematically strengthened our economic foundations: deepening capabilities, investing in our people and reshaping our industries as technologies evolve.
We have built a reputation as a reliable and trusted hub – stable, secure, and well-governed – qualities that businesses and investors have come to value highly, more so now than before, precisely because the world has become more fractured and uncertain.
All these give Singapore an important and tangible competitive advantage.
But past success alone will not carry us forward. In a profoundly changed world, standing still is not an option. We cannot wait for conditions to turn more favourable. Nor can we fall back on strategies designed for a previous era.
We therefore have a full agenda in this term of Government to refresh our strategies and strengthen our social compact. Budget 2026 is the first step in this effort, to secure our future in a changed world. It lays the groundwork for how we will navigate our next phase of development – together, as one people.
In this Budget, we will: advance our refreshed economic strategy; harness artificial intelligence (AI) as a strategic advantage; build a resilient and skilled workforce; give families more support and greater assurance; protect our security and sustainability; and renew and strengthen our Singapore spirit.
I will touch on each of these in turn.
While our economy did well last year, some businesses continue to face cost pressures and operating challenges. We will support our businesses and help them stay competitive.
I will provide a 40% Corporate Income Tax rebate in the Year of Assessment 2026. Every active company that employed at least one local employee last year will receive a minimum benefit of $1,500. The total benefit for each company will be capped at $30,000. [ Please refer to Annex B-1 . ]
This will provide short-term relief, as we press on with our restructuring and transformation efforts.
Growth will be harder in this changed world. We must aim higher, move faster and be prepared to take calculated risks. This is why the Government convened the Economic Strategy Review (ESR). The ESR committee shared their mid-term update last month and we will move decisively to act on their recommendations.
Our ambition is to secure growth at the higher end of the 2% to 3% range over the next decade. But growth itself is not enough. Growth must translate into good jobs and rising incomes for Singaporeans. Let me share how we will achieve this.
First, we must adapt and connect differently in a changed global environment. Some countries are turning inward, seeking to reduce their external dependence. But for Singapore that is not an option. To prosper, we still need to be connected to the world – trading with others and integrating ourselves into global flows.
Importantly, globalisation has not ended. No country can succeed on its own. Most major products still depend on a global division of labour, combining expertise and materials from many countries, and on access to global markets to achieve scale. This fundamental reality has not changed. What has changed is globalisation as we knew it. Economic flows are becoming more selective, partnerships more strategic and resilience now matters as much as efficiency.
So, Singapore must adjust to these new patterns – staying open, but connecting in smarter, more diversified and more resilient ways. That is why we are forging new forms of cooperation with partners who share our commitment.
Last year, we launched the Future of Investment and Trade Partnership, bringing together like-minded partners to cooperate in areas like technology, trade facilitation and supply chain resilience. This month, the EU-Singapore Digital Trade Agreement entered into force – a landmark agreement with robust rules for digital trade. Later this year, we will sign a first-of-its-kind Agreement on Trade in Essential Supplies with New Zealand – to ensure the continuity of critical trade flows between our two countries in times of crisis.
We will also step up engagement with fast-growing markets, including in Latin America, Africa and the Middle East. We will establish new embassies and strengthen our diplomatic and economic presence on the ground to take better advantage of emerging opportunities in these regions.
Closer to home, we are working with our neighbours to deepen regional integration. This includes cooperating on projects like the Johor-Singapore Special Economic Zone, and the Batam, Bintan and Karimun Free Trade Zones in Indonesia.
In short, we will redouble our efforts to diversify globally and to integrate regionally. But connectivity alone is not enough. It must translate into real opportunities that our businesses can capture and seize.
Many Singapore companies are already doing this. One example is Rotary Engineering. It started in 1972 offering electrical installation services to oil refineries and petrochemical plants here in Singapore. But it did not confine itself to our domestic market. Over time, it built a leading presence in Southeast Asia delivering energy infrastructure services. Now, it is venturing further afield and deepening its presence in the Middle East. [ Please refer to Annex I-1 . ]
But doing business overseas is not easy, especially for smaller firms. Companies face unfamiliar regulations, different business practices and intense local competition. So, we will do more to support Singapore companies as they venture abroad.
We will enhance the support levels for grant schemes that support companies to internationalise – up to 70% for small and medium enterprises (SMEs), and up to 50% for non-SMEs.
We will also enhance the Market Readiness Assistance grant to support companies not just to access new markets, but to deepen activities in existing overseas markets as well.
Under the Double Tax Deduction for Internationalisation scheme, companies automatically enjoy a 200% tax deduction for selected qualifying activities, capped at $150,000. We will allow more qualifying activities to be eligible for such automatic tax deduction claims and raise the cap to $400,000.
We will enhance the Enterprise Financing Scheme by increasing the maximum loan quantum for trade and fixed asset loans. This will give companies more flexibility to cater to their different financing needs. We will also provide more support for companies pursuing significant overseas ventures that require higher capital outlay.
The Minister for Trade and Industry will share more about these changes at the Committee of Supply.
Second, we will build leadership in key growth clusters. That means anchoring critical segments of global value chains here in Singapore, especially activities with high knowledge content and strong spillovers. Our goal is not just to host such activities, but to shape how these industries develop and where they create value.
We are already doing this in some areas like semiconductors. A key frontier in semiconductors is Advanced Packaging. Despite what the name suggests – Advanced Packaging – this is highly complex and technologically demanding. Traditionally, faster chips have been built by packing more transistors onto a single chip. But this is becoming more costly, and we are approaching physical limits. As a result, attention has shifted to Advanced Packaging, which integrates multiple chips into a single package, using highly precise manufacturing technologies. This delivers better performance and energy efficiency.
Singapore began investing in Advanced Packaging research and development (R&D) more than two decades ago, well before it became a global priority. These investments are now bearing fruit. They are one reason why major semiconductor companies continue to invest heavily in Singapore, not just in manufacturing, but also in R&D, innovation and supply chain partnerships.
We see a similar pattern in other key industries like aerospace and biomedical sciences. Technology is the critical enabler underpinning our strategy to build leadership in these clusters. Singapore must be a place where frontier technologies are developed, tested and commercialised. That is why we will invest $37 billion under the Research, Innovation and Enterprise, or RIE2030 plan. This reflects our sustained commitment to research and innovation, amounting to around 1% of gross domestic product (GDP) each year.
At the same time, we must be realistic. In absolute dollars, our public R&D spending will always be modest compared to the sums deployed by much larger economies. We cannot outspend them. Instead, our investments must be disciplined, focused and strategic, directed at areas where Singapore has clear strengths and where our efforts can make a real difference.
There is potential in emerging areas like decarbonisation solutions and quantum technology. In quantum, for example, we made an early and deliberate bet. In 2007, we established the Centre for Quantum Technologies at the National University of Singapore (NUS). Much of quantum research then was still theoretical. But we invested patiently in building foundational capabilities, believing that these would one day translate into transformative applications.
That foresight is paying off. Today, quantum computing is moving rapidly from theory to reality, with far-reaching implications across many fields. The major technology players are investing heavily in capabilities to build commercial-scale quantum computers. And Singapore is attracting some of the best. Quantinuum, one of the world's leading quantum computer companies, has established operations here and will be hosting its latest quantum computer in Singapore, making us the first country outside America to host this system. This will give our researchers and companies, including a few home-grown startups, direct access to cutting-edge quantum compute and opportunities to work on meaningful projects.
We are also attracting top global talent and partnerships. Nobel Laureate Prof John Martinis, a pioneer in superconducting systems, co-founded a quantum computing startup, which is collaborating with our researchers at the Agency for Science, Technology and Research (A*STAR) and NUS. They are developing novel components to advance the performance of quantum computers, using state-of-the-art semiconductor processes. They chose Singapore because of the unique combination of our strengths – in advanced manufacturing, semiconductors and frontier quantum research.
These examples show how we can build leadership in key growth areas, and shape where innovation and value creation take place. In doing so, we strengthen Singapore's strategic resilience and relevance, while creating more jobs and better opportunities for Singaporeans.
Third, we will strengthen our enterprise ecosystem. Enterprise funding is a key part of this ecosystem. Over many years, we have worked steadily to strengthen this area. In venture and seed funding, we have made good progress. Compared to a decade ago, it is now much easier for startups to access early-stage capital.
But many firms continue to face challenges at the growth stage. This is not unique to Singapore. Globally, growth stage capital has tightened. As a result, many firms, especially in deep tech, find it harder to raise the larger and longer-term funding that is needed to scale.
We will therefore do more to catalyse growth capital in Singapore. Under the Startup SG Equity scheme, the Government provides initial capital to catalyse and crowd in private funding for promising startups. To date, the scheme has focussed mainly on early-stage funding. We will now go further. I will set aside $1 billion to enhance Startup SG Equity, and expand its scope to cover growth-stage companies.
Beyond this, we will take a more systemic approach to strengthening our growth capital ecosystem. We will convene a new workgroup led by Minister Chee Hong Tat, working closely with the industry, to develop strategies to position Singapore as a leading centre for growth capital.
When enterprises are ready to list, we want them to see
Singapore as their listing venue of choice. We had earlier set up the Anchor Fund to attract and anchor high-quality listings, and we are now seeing encouraging signs of renewed listing activity on the Singapore Exchange (SGX). I will therefore launch a second $1.5 billion tranche of the Anchor Fund. As with the first tranche, this will be a co-investment between the Government and Temasek.
We will also continue to strengthen our broader equities market. Last year, MAS launched the Equity Market Development Programme, to develop our fund management industry and increase investor participation in Singapore equities. Industry response has been encouraging. MAS has allocated close to $4 billion to nine asset managers. To build on this momentum, I will expand the programme, with a $1.5 billion top-up to the Financial Sector Development Fund.
At the same time, we are implementing the other recommendations of the Equities Market Review Group. This includes streamlining listing rules and requirements to make it easier for high-growth companies to go public, and establishing a dual-listing bridge connecting the SGX and Nasdaq. These measures will enhance the depth and vibrancy of our public equities market and provide more pathways for enterprises to grow and scale from Singapore.
Deep and vibrant markets are one part of the equation. We must also ensure a strong pipeline of high-quality companies that choose to build, grow and anchor themselves in Singapore. Some will be locally grown enterprises. Others will be promising enterprises from abroad.
The Economic Development Board has traditionally focused its investment promotion efforts on multi-national enterprises. Going forward, it will step up efforts to attract high-growth companies with the potential to become future industry leaders. By anchoring such companies early, we can build new engines of growth and capture greater value for our economy as these enterprises grow and expand from Singapore.
This comprehensive approach – from nurturing homegrown startups, to catalysing private capital and attracting promising global companies – will strengthen our enterprise ecosystem. It will enable companies of all sizes and at every stage of growth, to access the capital and partnerships they need to succeed. Importantly, this will create more opportunities for Singaporeans to secure good jobs and grow their careers.
In a changed world, a decisive factor for success will be how we harness new technologies – foremost amongst them, AI.
AI is advancing at remarkable speed. We are reaching a stage where systems can write their own code and improve through iterative learning. The potential is immense – to raise productivity, unlock new discoveries and transform lives in ways that we are only beginning to understand.
But with this promise comes deep concerns. Workers worry that AI will displace jobs. Societies worry about misinformation, bias and the ethical use of powerful technologies. These anxieties are real and we must confront them squarely.
But fear cannot be Singapore's response. If we allow uncertainty to paralyse us, we will fall behind in a world that is moving rapidly ahead. So, we must act with clarity and resolve.
AI is a powerful tool, but it is still a tool. It must serve our national interests and our people. We will define how AI is developed and used in Singapore. We will set clear rules to ensure it is applied responsibly and safely. And we will ensure that its benefits are shared widely across society.
Harnessed well, AI will be a strategic advantage for Singapore. It can help us overcome our structural constraints – our limited natural resources, rapidly ageing population and tight labour market.
To do this, we must invest deliberately and with discipline, not by simply following what others do, but by playing to Singapore's strengths. Our advantage does not lie in building the largest frontier models. It lies in deploying AI effectively, responsibly and at speed. Singapore can be a trusted hub where companies and researchers come together to develop, test and deploy impactful AI solutions – and do so faster and more coherently than many larger countries.
This is already happening. Today, more than 60 firms, including Google and Microsoft, have set up AI Centres of Excellence here. These investments have created a growing number of good jobs for Singaporeans, in AI research, engineering and deployment.
But to fully realise AI's potential, we must go beyond individual pilots and isolated experiments. We must organise at a national level and move with speed and scale.
We will therefore launch a new set of national AI Missions. These missions will drive AI-led transformation in key sectors of our economy and push the boundaries of what is possible, for Singapore and for the world. We will focus on four sectors: advanced manufacturing, connectivity, finance and healthcare. [ Please refer to Annex C-1 . ]
For example, in advanced manufacturing, we aim to accelerate innovation and build best-in-class factories that can compete globally.
In connectivity and logistics, AI can help to automate airport and seaport operations, move goods more efficiently, and strengthen Singapore's position as a leading global hub.
These are not abstract aspirations. Each AI Mission will be anchored in clear objectives and tangible outcomes.
Delivering this will require us to work differently. We will review regulations and create sandboxes, so that companies can test AI innovations safely and responsibly. Within the Government, we will better align our R&D, regulatory and investment promotion efforts so that agencies act in concert and pull in the same direction.
All this will require a coordinated national effort. We will therefore establish a new National AI Council, which I will chair, to provide strategic direction and to drive Singapore's AI agenda.
For AI to truly transform our economy, companies must also adopt it comprehensively. Many firms say they are using AI. But end-to-end transformation with AI is very demanding. It requires organising data, rebuilding systems, redesigning processes and jobs, and retraining workers. Even the major global companies are grappling with this. But those that succeed will gain a decisive competitive advantage.
A few leading Singapore companies like DBS and Grab are already moving decisively on AI transformation. We want to encourage more to do so. So, we will launch a new Champions of AI programme to support firms with the ambition to use AI to comprehensively transform their business. Support will be tailored to each company, and will include enterprise transformation and workforce training. As these companies succeed, they will set benchmarks for their industries and inspire others to follow.
Beyond this, we will strengthen support for all enterprises, especially our SMEs, so they adopt AI and benefit from it in practical ways.
We will build on the Enterprise Innovation Scheme, which provides businesses with 400% tax deductions on qualifying expenditures in activities like R&D, innovation and capability development. We will expand the scheme to include AI expenditures as a qualifying activity, for the Years of Assessment 2027 and 2028, capped at $50,000 per Year of Assessment.
We will also strengthen our existing support schemes. The Productivity Solutions Grant (PSG) already helps companies to adopt digital solutions. Increasingly, these solutions will be AI-enabled.
Take HarriAnns, an F&B company known for its freshly made nonya kueh. It began in the 1940s, started by Mdm Chia Nguk Eng, and later grew into a stall at Tiong Bahru Food Centre. In the 1980s, her son took over the business. Today, the third generation runs the company, and it has expanded to eight cafes across Singapore. With support from the PSG, it adopted an AI-enabled restaurant management system to automate ordering and billing, and streamline operations – serving customers faster and growing its revenues in the process.
We will expand the PSG to support a wider range of digital and AI-enabled solutions, so that every firm, regardless of size, can access tools that help them work smarter and compete more effectively.
To build a vibrant AI-enabled economy, it helps to have a focal point – one that brings together AI founders, practitioners, researchers and innovators, and catalyses more collaborations and interactions.
We have started a pilot initiative called Lorong AI. It is a dedicated co-working space that serves as a convening hub for our AI community. We will build on this pilot and establish a larger AI park at One-North. This will be a new cluster to catalyse ideas, forge collaborations and translate AI initiatives into practical solutions for businesses and public services.
Just as we support enterprises, we must do the same and more, for our workers.
AI will change how we work. Some tasks will be automated. New roles will emerge. Many existing jobs will evolve. I know this creates real anxiety for workers. The pace of change can be unsettling, especially when livelihoods are at stake.
But we will not allow technological change to come at the expense of our workers. We will press ahead with AI – because we must. At the same time, we will put in place strong support to help our workers adapt and progress – because we will take care of our own.
The Government will stand with our workers throughout this transition. No one will have to navigate the changes alone. We will help Singaporeans acquire new skills, adapt to new roles, and use AI as a tool to be more productive and effective at work. Where jobs are impacted, we will manage the transitions carefully, and work closely with the National Trades Union Congress (NTUC) and our unions to help workers move into new areas and opportunities.
Our commitment is clear: every Singaporean who is willing to adapt and learn will continue to secure a good job and make a good living here in Singapore. [ Applause. ]
To succeed in this new reality, we must prepare both our future workforce and those already working today. For the next generation, we will strengthen AI literacy for students across all our Institutes of Higher Learning (IHLs). Just as importantly, our IHLs will continue to emphasise strong foundations, so that students learn to use AI wisely, not as a shortcut, and are equipped with rigorous thinking and deep disciplinary skills.
At the workplace, we will help workers use AI to take over routine tasks, so that they can focus their time and energy on higher-value activities – work that requires judgement, creativity and human insight, and that cannot be replaced by machines.
Take accountancy as an example. Today, accountants can use AI to automate large parts of data consolidation, preparation and book-keeping. This allows them to move up the value chain, spending more time on client advisory, forensic work and complex analysis, where professional expertise and trust matter most.
To support workers through this transition, we will help them build practical AI capabilities. Because AI is already reshaping many forms of white-collar and cognitive work, we will start with the accountancy and legal professions, and progressively extend them to other fields.
Beyond these specific sectors, every Singaporean can take the initiative to learn and pick up AI-related skills. Today, many AI chatbots, like ChatGPT or Gemini, are widely available and easy to use. For many, they are just smarter versions of a search engine. But there is much more to AI than just doing a search. With the right guidance and prompts, these tools can do a lot more – helping users analyse information, generate ideas nd solve problems.
Using AI well requires learning, practice and the right support.
There is already a wide range of AI-related courses on the SkillsFuture website, from fully online options to part-time and full-time programmes. But we know it is not always easy to navigate the options and identify what is most relevant. So, we will redesign the SkillsFuture website to make AI learning pathways clearer and easier to access so that Singaporeans can quickly find courses that match their work needs and proficiency levels.
Learning must go beyond theory. It must translate into hands-on applications. While most AI tools are free at the basic level, access to more advanced models requires a paid subscription. To further encourage learning, we will provide Singaporeans who take up selected AI training courses six months of free access to premium AI tools. This will allow them to practise, experiment and apply what they have learnt.
Several Ministries – the Ministry of Digital Development and Information, the Ministry of Education (MOE), the Ministry of Manpower (MOM) and the Ministry of Trade and Industry (MTI) – are involved in these cross-cutting efforts. And the Ministers will provide more details at the Committee of Supply.
Sir, Singapore will not be passive in the face of rapid changes around us. We will adapt. We will compete. We will continue to move forward with confidence. By harnessing AI as a strategic advantage, we will shape our own future and secure our place in this changed world.
Singaporeans, and especially our workers, are at the centre of everything we do. Ultimately, what matters is not just the policies we announce, but the outcomes they deliver in people's lives. That is why we track results carefully and assess whether our efforts are making a real difference.
Earlier this week, MOF released an Occasional Paper on income growth, inequality and social mobility trends. It shows that over the past decade, we have made good progress with broad-based wage increases and smaller income gaps. These improvements did not happen by chance. Left entirely to market forces, they would not have occurred on their own. Indeed, in many advanced economies, as growth slows, inequality becomes more entrenched.
Singapore faces these same underlying pressures. That is why the Government has and will continue to lean against these trends, and strive to ensure that the fruits of growth are shared widely and fairly. Every Singaporean, regardless of where they start in life, should have a fair chance to pursue their aspirations and realise their full potential.
So, in this Budget, we will continue to strengthen support for lower-wage workers.
The Local Qualifying Salary (LQS) sets the minimum salary that local employees must be paid in firms that hire foreign workers. We will raise the LQS for full-time local employees from $1,600 to $1,800. [ Please refer to Annex D-1 . ]
To help businesses defray some of the cost, we will enhance the Progressive Wage Credit Scheme (PWCS). We will raise the PWCS co-funding support for this year, from 20% to 30%.
We will also extend the PWCS for two more years, to 2028. From next year, we will raise the minimum wage increase to qualify for PWCS support from $100 to $200. This will better encourage and reward the firms that invest in their workers.
These measures build on the Progressive Wage Model (PWM), which we have developed together with NTUC and our tripartite partners. The PWM goes beyond a simple flat minimum wage and instead links pay increases to skills, productivity and career progression – and it is delivering results.
We will also continue to strengthen training support for the PWM. Last year, I announced additional support under the Workfare Skills Support for workers who take up long-form training courses. We will go further to enhance the basic tier of the scheme and increase the hourly allowance for workers who upgrade their skills.
We will also do more to support lifelong learning for all Singaporeans through SkillsFuture.
When we first started SkillsFuture more than a decade ago, the training landscape looked very different. At that time, our IHLs were still largely focussed on pre-employment training. But we knew this was no longer sufficient. That was why we set up SkillsFuture Singapore in 2016 under MOE to embed lifelong learning within our education system.
Today, we have achieved this objective. Working adults at all stages of their careers can access a wide range of high-quality training options across our IHLs. All our autonomous universities, polytechnics and Institutes of Technical Education (ITE) have internalised lifelong learning as part of their mission. For example, NUS and the Nanyang Technological University (NTU), our two largest universities, have made lifelong learning an integral part of how they organise their teaching and learning. They offer flexible pathways for alumni and adult learners to take modular courses, earn stackable credits and progressively build these into recognised qualifications.
Singaporeans, too, are increasingly embracing lifelong learning. Last year, more than 600,000 individuals took up training with SkillsFuture support, offered by IHLs and private training providers.
While SkillsFuture Singapore under MOE focused on skills training, we also had Workforce Singapore under MOM to engage employers and help jobseekers find jobs. Over the years, we have worked to strengthen coordination between these two agencies.
But in an era of faster technological change and more frequent job transitions, stronger alignment is needed, and our systems must work more seamlessly together. Hence, the ESR committee recommended that the Government review how we organise jobs and skills support for Singaporeans.
We have carefully considered this recommendation and will take a decisive step forward. We will merge SkillsFuture Singapore and Workforce Singapore into a new statutory board jointly overseen by MOE and MOM. This new agency will be a one-stop shop for skills training, career guidance and job matching services.
For workers and jobseekers, that means support will be more seamless – from career planning, to skills acquisitions, and job matching and transitions. For employers, the support will be more integrated – covering workforce planning, job redesign, hiring and workforce development.
The Minister for Education and the Minister for Manpower will share more at the Committee of Supply.
This goes beyond making an organisational change. It is about continually strengthening our system of lifelong learning and career support, so Singaporeans can continue to adapt, grow and realise their full potential. In a world where change is constant, we must remain a society that never stops learning and never stops striving to do better.
We are also strengthening support for specific segments of our workforce.
In 2024, we launched the SkillsFuture Level-Up Programme to help mid-career workers undergo a skills reboot. The take-up has been encouraging: over 60,000 Singaporeans aged 40 and above have already benefitted from substantial training courses.
Mr Jeffrey Loh is one of the many adult learners who has benefited from the programme. After 18 years as an air steward, he was keen to reskill and pursue new opportunities aligned with his interests. So, he enrolled in a Digital Product Management course at the Singapore Institute of Technology. Most of his course fees were offset by SkillsFuture subsidies and credits. He also received the Mid-Career Training Allowance during the three-month course, which helped support his daily expenses while he trained. Now, Jeffrey is doing well in a new role as a Duty Terminal Manager with Changi Airport Group.
We will continue to enhance the Level-Up programme. From next month, the Mid-Career Training Allowance will be extended to those who take up not just full-time, but also part-time training. We will also expand coverage to include more industry relevant courses.
Another important group is our senior workers. We will support our seniors so they can continue to contribute meaningfully. This includes helping them plan ahead for their later-stage careers and supporting them in refreshing their skills. We will also equip employers to design age-friendly jobs and multi-generational workplaces.
MOM has convened a Tripartite Workgroup on Senior Employment to study these issues comprehensively. Their recommendations will be released later this year. In the meantime, we will extend the Senior Employment Credit to end-2027, to support employers who continue to employ senior workers.
As we create better jobs and upskill Singaporeans, we must also remain open to global skills and talent. Foreign professionals and workers strengthen our teams, transfer knowledge and enable companies to grow. This in turn creates more and better opportunities for Singaporeans.
At the same time, we will continue to ensure that our foreign workforce complements a strong Singaporean core. In line with this approach, we will refine and update our foreign worker policies to reflect evolving conditions.
We will raise the Employment Pass (EP) minimum qualifying salary for new applicants from $5,600 to $6,000 from January 2027. This maintains the quality of the EP holders, as local wages rise. For the financial services sector, which has higher salary norms, we will raise the minimum qualifying salary from $6,200 to $6,600. The qualifying salaries for older EP applicants will be raised in tandem. For renewal applications, the changes will apply a year later in 2028, to give businesses more time to adjust. [ Please refer to Annex D-2 . ]
Likewise, we will raise the qualifying salaries for S Pass holders. From January 2027, the minimum qualifying salary for new S Pass applicants will be raised from $3,300 to $3,600. For the financial services sector, this will be raised from $3,800 to $4,000. Qualifying salaries for older S Pass applicants will be raised in tandem, with renewal applications affected one year later, from 2028.
We will also adjust Work Permit levies. For the Marine and Process sectors, levies for basic skilled workers will be raised by $100 and $150, respectively. For the Manufacturing and Services sectors, we will simplify the current tiered levy structure. The details are in the Annex to the Budget.
To give businesses time to adjust, these changes will take effect from 2028. The Minister for Manpower will share more at the Committee of Supply.
The wide range of workforce measures I have outlined reflects Singapore's overall approach: to stay open to skills and expertise that strengthen our economy, while ensuring that Singaporeans remain firmly at the centre of our workforce and our policies. We will help Singaporeans adapt to change with confidence, move across career transitions with assurance, and build meaningful and fulfilling careers.
Sir, families are the bedrock of society and the first line of support for every individual. Through Forward Singapore, we have made significant moves in recent years to support Singaporeans and their families – from parents, to seniors, caregivers and persons with disabilities. We have also ramped up the supply of HDB flats to ensure that public housing remains accessible and affordable for couples and families.
In this Budget, we will make further moves to give families more support and greater assurance.
Many young couples hope to become parents. We want to create the right conditions, so they feel confident and ready to start a family. The decision to get married and have children is deeply personal. But for those who wish to take the step, the Government will do more to support them along the way.
One of the biggest concerns for young couples is the cost of raising a family. Over successive Budgets, we have strengthened support to help parents manage these expenses.
For example, we introduced the Large Families Scheme to support families who have, or aspire to have, three or more children. For every third or subsequent child, the scheme will provide up to $16,000 in additional benefits.
At last year's Budget, we announced $500 in Child LifeSG Credits for each Singaporean child aged 12 and below, to help their parents defray their day-to-day household expenses. This year, we will provide another $500 in Child LifeSG Credits to families for each Singaporean child aged 12 and below. [ Please refer to Annex E-1 . ]
We will continue to keep preschool and student care affordable, to support the critical early years of a child's development.
Over the years, we have reduced preschool fee caps and increased subsidies. Today, childcare fees for dual-income families are comparable to primary school and after-school student care fees. Lower- and middle-income families also receive means-tested subsidies, which further reduce out-of-pocket expenses.
We will enhance these further. From the start of next year, we will extend means-tested preschool subsidies to more families, by raising the monthly household income threshold to $15,000. This will benefit more than 60,000 families. Eligible parents, including those who previously qualified, can also receive more in infant care and childcare subsidies. [ Please refer to Annex E-2 . ]
We will also strengthen support for student care. We will raise the monthly household income threshold for Student Care Fee Assistance to $6,500, so that more families can qualify. Beyond these enhancements, we are undertaking a holistic review of the student care sector to study how to better meet the caregiving needs of families with primary school-aged children.
We will continue to help lower-income families, especially those with young children, move towards greater stability, self-reliance and social mobility. We take a family-centric approach to support such families. Under ComLink+, each family is paired with a dedicated family coach, who works with them to develop personalised action plans and to coordinate support.
To recognise and reinforce the families' own efforts, we introduced Progress Packages. These are more than financial assistance; they are a form of social contract where family coaches work with the families to set clear goals, like securing a stable job, saving towards a home, or ensuring their children enrol in and attend preschool regularly. When these milestones are achieved, the families receive additional payouts.
Take Mdm Hurul and Mr Hafiz for example. They had taken important steps on their own to stabilise their finances. What they needed was sustained guidance and support to keep moving forward. With support from their family coach, and through their own hard work, they have made good progress over the past year. Through the Progress Packages, their financial circumstances have improved, and they are now closer to securing their own 4-room HDB flat.
ComLink+ is built around close and sustained support for families. It relies on dedicated family coaches, case workers from Family Service Centres and volunteer befrienders who work directly with families to help them make steady progress.
Over time, we have strengthened our capabilities on the ground and we are now ready to enhance the ComLink+ Progress Packages. First, we will provide a new payout of $500 per quarter for all ComLink+ families who make a commitment to work with family coaches and take active steps to make progress. Second, we will enhance the additional payouts that families receive when they make concrete progress in their goals of maintaining stable employment and good preschool attendance for their children. Third, we will provide more of these payouts in cash, while continuing to set aside monies in their CPF accounts. This will help families meet immediate needs, while also building their longer-term financial security.
With these enhancements, a family with two children under ComLink+ can receive around $10,000 per year in cash and Central Provident Fund (CPF) top-ups, while their children are in preschool. And we hope this will provide them with the necessary support to stabilise their finances and secure a better life for themselves and their children. [ Applause. ] [ Please refer to Annex E-3 . ]
The Minister for Social and Family Development will provide more details at the Committee of Supply.
We will also do more for persons with disabilities, as well as their families and caregivers. Minister of State Goh Pei Ming is leading a task force to review how we can provide more meaningful support at different life stages for persons with disabilities and their families. This includes expanding capacity in community-based facilities, keeping services affordable, and supporting graduates of special education schools to secure meaningful employment and live well in the community.
We look forward to the recommendations of the task force. Strengthening support for persons with disabilities is a key priority for the Government and a shared responsibility for all of us. So, the Government stands ready to set aside additional resources to advance these efforts.
As our population ages, we will also provide more support for our seniors so they can age with dignity, security and peace of mind.
We recently enhanced CareShield Life to provide higher payouts, giving seniors greater assurance against long-term care costs. We also increased CareShield Life premium subsidies to help cushion the impact of the higher premiums. I will top up the Long-Term Care Support Fund by $400 million to fund the additional subsidies.
With longer lifespans, retirement adequacy is another major concern for many Singaporeans. Our aim is clear: Singaporeans who work and contribute to CPF consistently should be able to meet their basic retirement needs with confidence. Over the years, we have enhanced the CPF system to achieve this. We introduced Silver Support to uplift seniors with less means and the Majulah Package to give additional assurance to our "Young Seniors" as they approach retirement.
In this Budget, we will take further steps to strengthen retirement support.
First, we will provide a CPF top-up of up to $1,500 for Singaporeans aged 50 and above, and with CPF retirement savings below the Basic Retirement Sum. Those with lower balances will receive larger top-ups, so that support is targeted at where it is most needed. [ Please refer to Annex E-5 . ]
Second, we will proceed with the next step of planned CPF contribution rate increases for senior workers in 2027. This will help older workers build up their retirement savings in their later working years. The Government will also continue to provide the CPF Transition Offset to employers, covering half of the increase in employer contributions for 2027. [ Please refer to Annex E-4 . ]
Third, we will offer more investment options for CPF members who wish to grow their savings further.
Today, the CPF system provides stable, risk-free interest rates to help Singaporeans build up their retirement nest egg. With the extra interest that CPF offers, CPF members can earn up to 6% per annum, risk-free, on their CPF balances.
Some CPF members, especially those with a longer runway to retirement, are prepared to take more risk to generate potentially higher returns. But experience shows that most people do not do well picking and trading individual stocks. It is very hard to beat the market consistently.
For retail investors, a more sensible approach is broad and diversified exposure through low-cost funds. But even then, risks remain. Because some may invest when markets are high, and retire during a downturn, precisely when they need their savings.
That is why the CPF Advisory Panel earlier recommended introducing a Lifetime Retirement Investment Scheme. This is essentially a life-cycle investment approach, with a predefined glide path to retirement. In other words, members take on more risk, with greater exposure to equities, when they are younger; and their investments are automatically rebalanced towards safer assets as they approach retirement.
We studied this recommendation carefully. Currently, such life-cycle investment products are available in the market, but they have traditionally come with high fees. So, rather than leave this entirely to the market, the Government will help shape and develop such products under a new scheme for CPF members.
Later this year, CPF Board will engage the industry and invite expressions of interest from potential providers. A key requirement will be that the fees are kept low. We will select two to three credible providers to keep choices simple for members. The Government will also be prepared, in-principle, to provide some time-limited support to kick-start the scheme. Participation in the new investment scheme will be voluntary. CPF members can choose whether to opt in.
At the same time, we will strengthen efforts to help members understand whether this option is suitable for them – in particular, for members who are younger and have a long runway to retirement, and who can better ride out short-term market fluctuations.
I have set out the broad framework today. But there are still many details to work out, and MOM and CPF Board will share more when ready.
The Government will continue to do whatever is necessary to help Singaporeans manage cost pressures for as long as it is needed.
Although inflation has eased in recent years, we know that many Singaporeans still face anxieties and pressures. So, we will continue to provide additional support this year.
First, I will provide a Cost-of-Living Special Payment, comprising $200 to $400 in cash, to Singaporean adults earning up to $100,000 in Assessable Income and who do not own more than one property. [ Please refer to Annex E-6 . ]
Second, there will be additional U-Save rebates to help households with their utilities expenses. Eligible HDB households will receive 1.5 times the regular amount of U-Save rebates, or up to $570 this financial year. [ Please refer to Annex E-7 . ]
Third, I will provide another $500 in Community Development Council (CDC) Vouchers [ Applause. ] for all Singaporean households in January 2027. Similar to previous rounds of CDC Vouchers, half can be used at participating supermarkets, while the other half can be used at participating heartland merchants and hawkers.
Mr Speaker, we will continue to review and enhance our social support system – across education, housing, healthcare and retirement, and for different groups, be it families, parents, seniors, persons with disabilities or caregivers. We will keep working at this, steadily and responsibly, so that Singapore remains an inclusive and united society and a place that we are all proud to call home. [ Applause. ]
Next, let me touch on security challenges as well as our longer-term sustainability concerns.
The world has never been free of conflict. But in recent years, it has become more dangerous. In 2024 alone, there were 61 state-based armed conflicts worldwide, the highest number recorded since the Second World War.
The conflicts are not confined to distant regions. Closer to home, we witnessed one of the most serious armed clashes involving Association of Southeast Asian Nations (ASEAN) member states in years. A long-standing border dispute between Cambodia and Thailand escalated into an open military confrontation – drones, rocket launchers and even fighter jets were deployed. Civilians were wounded, displaced and lives were lost.
These developments are deeply troubling. They reflect a shrinking space for negotiation, a greater willingness to use force, and a higher risk of miscalculation, with consequences that can easily spill across borders.
History has taught us a hard lesson: no one will come to our rescue if Singapore faces a crisis. We alone are responsible for our defence and survival. This is why we must stay vigilant and be prepared for a wider range of security challenges.
Since Independence, we have invested steadily to safeguard Singapore's peace and stability. That has allowed us to adopt new technologies, and build credible and strong capabilities in both the Singapore Armed Forces (SAF) and the Home Team.
The recent conflicts we see around us have also underscored how the nature of warfare is changing. Unmanned aerial systems are now a common feature of modern conflict. They are used not only for surveillance, but also for precision strikes, electronic warfare and coordinated operations. Drones are cheaper, more accessible and increasingly sophisticated, allowing even smaller actors to project force in new ways.
We will study these developments carefully. We will invest decisively in capabilities that are essential to Singapore's defence. And that includes strengthening our ability to deploy, counter and operate alongside unmanned systems across all domains.
Beyond the physical battlefield, the digital domain has emerged as an increasingly contested arena. We are seeing a sharp rise in attacks by both state-sponsored and non-state actors in cyberspace. They range from scams targeting individuals, to highly sophisticated attacks on critical information systems.
Singapore is an attractive target. We have faced attacks from malicious cyber actors, including hostile information campaigns and deliberate attempts to undermine our national security.
Over the years, we have strengthened our defences. We established the Cyber Security Agency; built expertise within the Home Team Science and Technology Agency; and stood up the Digital and Intelligence Service in the SAF. These efforts have enabled us to detect, disrupt and fend off many attacks. But the threat landscape continues to evolve, with attacks becoming more frequent, more coordinated and more sophisticated. We will therefore continue to strengthen our cybersecurity posture by deepening capabilities, improving coordination across agencies and better safeguarding our most critical systems.
It is also no longer sufficient to defend government systems alone. Many private sector companies play a critical role in delivering essential services and their systems are likewise vulnerable. The attackers often exploit smaller or less-protected companies as weak links to gain access to larger systems, and cause widespread disruption. Yet many companies lack the resources or expertise to deal with these advanced cyber threats.
So, we will therefore deepen partnerships with industry, especially owners of critical information systems to improve our preparedness and strengthen our collective cyber defence.
All this underscores the importance of sustained investments in our security. For now, we expect to keep defence spending at about 3% of GDP. But we are prepared to spend more if the need arises. Importantly, our security effort goes beyond the Ministry of Defence alone. It also includes investments in the security of our critical infrastructure and in the Home Team. Taken together, we expect overall security-related expenditures to rise in the coming years to keep Singapore safe and secure in a far more complex threat environment.
Beyond immediate security threats, we must also confront a longer-term challenge to Singapore and that is the growing impact of climate change. We are already feeling its effects: higher temperatures, heavier rainfall, and more frequent extreme weather events.
Unfortunately, global momentum on climate action has slowed. At the 30th Conference of the Parties in Brazil last November, countries were unable to agree on concrete decarbonisation roadmaps. At around the same time, the International Maritime Organization delayed adoption of its Net Zero framework, as member states could not reach consensus.
Some governments are scaling back their climate ambitions. But for Singapore, retreating from action is not an option. We will continue to do our part, not only to address climate risks, but also to secure our longer-term resilience and competitiveness.
A key pillar of our climate strategy is the carbon tax. It sends a clear price signal to encourage emissions reduction. This is already having an impact. Firms are investing more in low-carbon solutions, and improving energy efficiency.
We had earlier announced our carbon tax trajectory for this decade. The tax has just been raised to $45 per tonne for this year and next, and the plan is to reach $50 to $80 per tonne by 2030. For HDB households, the additional U-Save rebates that I highlighted earlier will help to cushion the impact of the carbon tax. For businesses, we will extend the Energy Efficiency Grant and support for green loans under the Enterprise Financing Scheme. These will help firms invest in energy-efficient and sustainable solutions.
While Singapore will continue to contribute responsibly to climate action, we recognise that our actions alone cannot determine global outcomes. We will therefore calibrate our moves cautiously, doing our part to reduce emissions as a responsible global citizen, while taking into account what other countries are doing, in order not to put ourselves at a competitive disadvantage.
So, beyond 2027, we are assessing Singapore's carbon tax trajectory carefully, in light of international developments. Singapore already has the highest carbon tax rate in the whole of Asia. If global climate momentum continues to weaken, we may need to position ourselves towards the lower end of the $50 to $80 per tonne range by 2030.
Looking further ahead, our path to net zero will depend heavily on technological breakthroughs and sustained international cooperation. Without these, it will be increasingly difficult for a small, resource-constrained country like Singapore to move further on our own. The progress of our transition to net zero may therefore be uneven. But our efforts will be credible, forward-looking and aligned with global realities.
Even amidst these uncertainties, we continue to make concrete progress. For example, on clean energy, our sustained push to expand solar deployment is delivering results. We have reached our 2030 solar deployment target of two gigawatt-peak ahead of schedule. We will therefore raise the target to three gigawatt-peak by 2030. Beyond that, we will continue to maximise solar deployment across all viable surfaces and progressively set more ambitious targets further into the future.
We are also advancing plans to import low-carbon electricity from the region. They are at various stages of development. While not all will materialise, those that do will help to reduce our carbon footprint and strengthen our energy resilience.
Importantly, we are actively pursuing possibilities to further diversify our energy mix, be it through hydrogen, geothermal energy, or civilian nuclear power. We are building up capabilities in nuclear energy to be able to assess its safety and viability for Singapore. We have initiated cooperation with the US and France, and are discussing similar arrangements with other partners like South Korea.
In transport, we remain committed to achieving 100% cleaner vehicles by 2040. Incentives are in place to encourage early adoption of electric vehicles and charging infrastructure is being expanded nation-wide.
We are also greening our aviation and maritime sectors. In aviation, we are supporting demand for sustainable aviation fuel, with a target of 1% sustainable fuel use for flights departing Singapore this year.
In shipping, we are partnering industry to develop a low-carbon ammonia bunkering solution on Jurong Island. If successful, Singapore will be among the first countries in the world to supply ammonia commercially as a fuel for international shipping.
Sir, the years ahead will be beset by uncertainties, from geopolitical tensions to cyber threats and climate risks. We will face these challenges squarely and overcome them one by one. That is how we will move forward, steadily and decisively, to build a safer and more sustainable home for generations to come.
Singapore's greatest strength lies not just in our policies and plans, but in the spirit of our people. Time and again, we have defied the odds – not by chance, but by standing together as one people, especially in our most testing moments, whether it be Separation or financial crises or the current geopolitical uncertainties.
Around the world, we see growing polarisation and a tendency for groups to turn on each other. Many societies are becoming more divided and more ungovernable. We cannot let this happen in Singapore. So, in this Budget, we will continue to invest in renewing and strengthening the bonds that bind us.
Our shared bonds are strong today. But they were not formed overnight, nor by chance. They were built patiently and deliberately, generation after generation.
Our arts and heritage play a vital role in this journey. They help us understand where we came from, express who we are today, and imagine who we can become as a people. Multiculturalism is a defining part of our identity. We cherish and embrace our distinct cultural traditions and heritage, even as we continue to build common ground and a shared identity that unites us as Singaporeans.
Our cultural and heritage institutions embody this approach – celebrating the richness of each community, while expressing our distinctive Singaporean identity. We will continue to strengthen these institutions. We will open the revamped Malay Heritage Centre later this year. We will work with the Singapore Chinese Cultural Centre to expand its reach and engagement. The Indian Heritage Centre just marked its 10th anniversary, and we will provide further support to enhance its outreach and programming.
Sport is another powerful force that brings Singaporeans together. Through sport, we learn resilience, teamwork and the determination to press on even when the odds are stacked against us. We will continue to roll out the Sports Facilities Master Plan, so that Singaporeans can more easily access affordable and quality sports facilities.
In the coming years, we will open the new Punggol Regional Sport Centre, the Toa Payoh Integrated Development, sport facilities in Farrer Park and Tengah, as well as revamped sport centres in Hougang and Queenstown. We will also expand the Dual-Use Scheme, so that Singaporeans can conveniently access sports facilities in schools. We will complement these facilities with more sports programming, bringing Singaporeans of all ages and abilities together through shared participation.
On the foundation of our shared bonds, we must continue to nurture a strong sense of solidarity. We see this in giving, volunteering and everyday acts of kindness. These actions break down barriers, draw us closer, and remind us that we are all in this together. They form the foundation of a "we first" society. The Government will do our part to encourage and support this.
Today, we provide 250% tax deductions for qualifying donations to Institutions of a Public Character (IPCs) and eligible institutions. We will extend this scheme for another three years until end-2029.
Beyond financial contributions, many Singaporeans give something equally valuable – their time and skills through volunteering. This spirit of giving can be strengthened when companies make it easier for their employees to serve the community. That is why the Ministry of Culture, Community and Youth (MCCY) and the National Council of Social Service have been working closely with professional groups and industry bodies to encourage businesses to integrate giving, volunteering and socially responsible practices into their operations.
To support these efforts, the Government earlier introduced the Corporate Volunteer Scheme, which provides 250% tax deductions when employees volunteer or are seconded to IPCs. We will extend this Corporate Volunteer Scheme for another three years until end-2029.
Singaporeans also contribute by starting ground-up initiatives to meet community needs. The Government supports such efforts through the "Our Singapore Fund". Since its introduction in 2016, the fund has supported over 800 ground-up projects, from community-building and sports, to municipal and digital readiness initiatives.
One example is "Little Hands, Big Hearts SG". It is an initiative by Kaizen and Kay, aged 7 and 9, together with their parents, to involve others in monthly community service projects. Their first project focussed on fire safety awareness. They designed a poster and worked with the Nee Soon Town Council to display it at Housing and Development Board (HDB) lift lobbies. They also brought other children and their families to visit Yishun Fire Station, where they presented care packs and handmade gifts to the officers on duty.
They have more projects in the pipeline: from a beach clean-up and support for seniors, to donating school supplies to children and writing appreciation cards to our migrant workers. It is a wonderful example that shows anyone, no matter how young, can step up to make a difference.
Last year alone, the Our Singapore Fund received more than 250 applications. At the same time, we have heard feedback on how the fund can be improved, including the need for larger grant amounts, longer funding horizons and broader eligibility.
So, we will launch a new $50 million SG Partnerships Fund. This is to catalyse ground-up initiatives and help them build sustained capabilities and impact. The new fund will provide differentiated tiers of funding over different time frames, including grants of up to $1 million for larger, multi-year projects.
We will also continue to partner our youths and open up more avenues for them to shape Singapore's future. Youth Panels have enabled young Singaporeans to work with the Government on issues that matter to them. In the first round, 120 youths contributed across four Panels. We will launch the next round of Youth Panels later this year, enabling more young people to step forward and make a difference.
The Acting Minister for Culture, Community and Youth will share more details on these initiatives at the Committee of Supply.
Sir, our forefathers understood that Singapore's success would ultimately depend on unity, not just shared prosperity but also shared responsibility. This conviction is captured in our Pledge, which begins with "we", and affirms that we are "one united people".
That sense of togetherness has carried us through uncertainty and brought us this far. If we continue to invest in one another – strengthening our bonds, looking out for those around us and putting the common good first, we can face the future with confidence and build a Singapore that endures and thrives. [ Applause. ]
Now, let me touch on our fiscal position. Our prudent fiscal approach remains one of Singapore's core strengths. We manage our public finances with discipline and care, ensuring that revenues are sufficient to meet expenditures, and that every dollar is used responsibly, for the benefit of both present and future generations.
The changes we made in the last term of Government have put Singapore on a healthy and sound fiscal footing. We have a tax and transfer system that is fair, progressive and anchored on shared responsibility. That gives us the capability and confidence to move forward.
This year, I will adjust vehicle taxes.
Currently, car buyers are taxed through the Additional Registration Fee. To encourage timely renewal of the vehicle population so that it is safer and less pollutive, we provide a Preferential Additional Registration Fee (PARF) rebate for cars deregistered by their 10th year. This is sized as a percentage of the Additional Registration Fee paid. Electric vehicles (EVs) are less pollutive than conventional petrol cars. As EVs become more common, the need to encourage early deregistration through the PARF rebate is reduced.
Therefore, I will reduce the PARF rebate by 45 percentage points. I will also lower the PARF rebate cap from $60,000 to $30,000. This will apply to all cars registered with Certificates of Entitlement obtained from the next bidding exercise.
Next, to discourage the consumption of tobacco products, I will implement a 20% increase in tobacco excise duty across all tobacco products with effect from today. The details of these tax changes are in the Annex. [ Please refer to Annex H-1 . ]
Sir, let me summarise our fiscal position. For Financial Year (FY) 2025, we expect higher revenues. This is partly due to the better-than-expected economic performance, which I shared earlier.
Another key driver is the increase in our Corporate Income Tax collections. In FY2024, Corporate Income Tax contributed 4% of GDP – significantly higher than in past years. I talked about this in our last Budget. Based on the latest estimates, we expect Corporate Income Tax collections to increase further in FY2025.
We also saw higher asset-related revenue collections such as Vehicle Quota Premiums and Stamp Duty, driven by strong demand for private vehicles and properties. Therefore, I expect to end FY2025 with a surplus of $15.1 billion, or 1.9% of GDP. For FY2026, I expect a smaller surplus of $8.5 billion, or 1% of GDP.
Our approach remains to keep the budget balanced over time, and across the ups and downs of the economic cycle. [ Please refer to Annex H-2 . ]
Looking beyond this Budget, our public finances remain sound and resilient. On the revenue side, we will proceed with the implementation of the Top-up Tax under Pillar Two of Base Erosion and Profit Shifting (BEPS). This will raise the effective tax rate for large multinational enterprises operating in Singapore to 15%. So, we expect higher corporate tax collections from FY2027 onwards.
At the same time, our spending needs will grow across multiple fronts.
First, on external relations and security. We will need to invest more in expanding our overseas partnerships, and in building up deeper capabilities to keep Singapore safe and prepared for emerging threats.
Second, on the economic front. Even with the BEPS initiative, many other countries are rolling out generous incentives to re-shore and on-shore major investments. That is the reality of today's competitive landscape. To remain attractive and stay in the game, we must update and strengthen our investment promotion toolkit. That is one reason why MTI's expenditure has risen sharply in this Budget and why it is likely to remain elevated in the years ahead.
Third, on social needs. We had anticipated higher spending for healthcare and provided for it through the GST rate increase. But healthcare is not the only social need we must address. We also need to strengthen assurance for families, enhance social mobility and boost retirement adequacy so that Singaporeans can face each stage of life with confidence and peace of mind.
Finally, we must prepare for longer-term challenges. We have set aside resources through specific funds for major future needs, including critical infrastructure investments for our energy transition and coastal protection. In this Budget, we will make further top-ups to the relevant funds to support the development of Changi Airport, as well as our longer-term economic strategies.
We therefore expect both revenues and expenditures to continue rising. The Government will manage this increase carefully, ensuring that spending remains supported by revenues and consistent with our objective of maintaining a balanced Budget over the medium term.
Sir, our sound public finances give us the ability to act decisively and to invest where it matters most. This puts Singapore in a very different position from many other countries, where governments are constrained by debt and deficit pressures, and forced into difficult trade-offs over what to cut.
In contrast, we begin this term of Government in Singapore on a firm fiscal footing. We are therefore able to invest meaningfully and responsibly in policies and programmes that benefit all Singaporeans – now and in the years ahead.
Mr Speaker, Singapore has come a long way from its humble and tumultuous beginnings.
I recently visited an exhibition at the National Gallery organised by the Founders' Memorial. It takes us back to Singapore in the 1950s to the 1970s, and traces how our pioneers forged a shared identity amid diversity and uncertainty. One display revisits the Aneka Ragam Rakyat, or the People's Cultural Concerts, organised by the then Ministry of Culture shortly after we attained self-government. At one of these concerts, Mr Lee Kuan Yew addressed the crowd and described Singaporeans as "not mere spectators", but "active participants" in building a nation that belonged to all.
Indeed, Singapore has come so far only because generations of Singaporeans stepped forward. They took responsibility, contributed what they could and did their part to shape our collective future. That same spirit is alive today, especially amongst our youths.
Take for example Ayuni Nur Izyanti Md Zuraimi. Ayuni discovered her passion for volunteering at 15. Together with four friends, she started a non-profit called You(th) Can Do It . It connects youths with volunteer opportunities across different organisations via Telegram. Now 19 and studying Medical Biotechnology at Temasek Polytechnic, she continues to volunteer regularly with her friends, tutoring primary school students from disadvantaged families, and cleaning the homes of senior citizens.
There is also Shantini D/O Subramaniam. From a young age, Shantini helped care for her brother who has cerebral palsy and relies on a motorised wheelchair. That experience instilled in her a deep commitment to serve others. At just 11, she began volunteering at the Sree Narayana Mission Nursing Home. Today, at 23 and studying nursing at NUS, she leads the operations for Project Caring Hearts, a volunteer initiative that supports palliative patients through befriending programmes and community outreach.
Then there is Josef Tan Kai Heng. He first became active in community service while studying Electrical Engineering at ITE College West, volunteering with the Heartware Network. Two years ago, he joined a non-profit group as a volunteer to teach migrant workers digital skills. Now 19 and a Computer Engineering student at Singapore Polytechnic, he remains deeply committed to this cause, driven by his belief that migrant workers, who have contributed so much to Singapore's development, also deserve opportunities to upskill and progress.
These stories differ in form, but they are united in spirit. They remind us that nation-building has never been the work of a few, or of one generation alone. It is the cumulative effort of ordinary Singaporeans who choose, in their own ways, to step forward and make a difference.
Today, this sense of shared responsibility matters more than ever. We cannot afford to be mere spectators. We must be active participants, looking out for one another, strengthening our social bonds, and contributing to a Singapore that belongs to all of us.
This is the conviction that underpins Budget 2026. It is a Budget to support Singaporeans today, prepare our society for tomorrow and enable us to navigate this changed world with confidence. Together we will secure a stronger, fairer and brighter future for all.
Mr Speaker, I beg to move. [ Applause. ]
5.01 pm
Mr Speaker : The Question is, "That Parliament approves the financial policy of the Government for the Financial Year 1 April 2025 to 31 March 2026."
In accordance with paragraph (1) of Standing Order No 89, the debate now stands adjourned. Debate to be resumed on what day, Prime Minister?
Mr Lawrence Wong : Tuesday, 24 February 2026, Sir.
Mr Speaker : So be it. Leader.