預算辯論 · 2024-02-16 · 屆國會 14
2024財年預算展望與挑戰
議員質詢全球經濟不確定性及地緣政治風險對新加坡經濟的影響。政府回應指出2023年經濟增長雖緩但避免衰退，2024年展望謹慎樂觀，強調全球衝突加劇帶來的挑戰。核心爭議在於如何平衡經濟增長與地緣政治風險，以及政府財政政策的應對策略。
關鍵要點
- • 經濟增長謹慎樂觀
- • 地緣政治風險加劇
- • 全球通脹壓力緩解
積極應對經濟與地緣風險
加強經濟韌性與風險管理
“The post-Cold War era that began in the early 1990s and fostered three decades of peace and stability is over.”
參與人員 (1)
完整譯文（中文）
Hansard 原始記錄 · 2026-05-02
議長先生：請安靜。書記員現在宣讀動議通知。
下午3時30分
副總理兼財政部長（黃循財先生）：議長先生，謹此提議，“國會批准政府2024年4月1日至2025年3月31日財政年度的財政政策。”
議長先生，謹此提議，“國會批准政府2024年4月1日至2025年3月31日財政年度的財政政策。”
過去一年並不容易。國際環境動盪不安。全球經濟表現低迷。我們的經濟增長溫和，僅為1.1%，避免了衰退。
我知道許多家庭正感受到生活成本上升的壓力。
幸運的是，過去兩年經濟強勁反彈帶來了意外的收入增長。這也是政府能夠加強援助措施，減輕家庭負擔的原因。
展望2024年，形勢喜憂參半。主要經濟體整體預計將保持韌性增長。但地緣政治風險依然嚴峻。歐洲和中東地區戰爭不斷。這些衝突可能危險升級，導致全球能源市場和供應鏈中斷。
幸運的是，也有一些利好因素。全球通脹壓力預計將進一步緩解。這可能為主要央行採取更寬鬆的貨幣政策提供空間，從而緩解金融狀況，支援需求。
全球電子產業預計將復甦。這將促進包括我們的主要貿易伙伴在內的許多區域經濟增長。
與此同時，亞洲繼續成為全球增長的關鍵驅動力，區域內機會更加廣泛——不僅在中國，也包括印度和東南亞許多地區。
總體而言，我們謹慎樂觀，認為2024年將是更好的一年。除了通脹下降，我們預計國內生產總值（GDP）增長將達到1.0%至3.0%。
但前景存在相當大的不確定性，風險偏向下行。國際環境急劇惡化。
始於1990年代初、帶來三十年和平與穩定的後冷戰時代已經結束。
我們現在進入了一個新的衝突與對抗時代，無法回頭。
在這個新世界中，我們可以預期什麼？
它將更加暴力。我們已經看到一個不斷擴大的有罪不罰區，涉及武裝衝突和恐怖主義，全球社會難以輕易解決。
它將更加分裂。因為大國優先考慮國家安全而非經濟相互依存，傳統合作模式正在瓦解。
它將更加混亂和不可預測。因為應對未來疫情或氣候變化等全球問題的意願和能力都在減弱。
這些是擺在我們面前的嚴峻現實。在相當長一段時間內，新加坡必須在一個比過去三十年更不穩定、更不利於安全與繁榮的外部環境中運作。
這就是為什麼我們啟動了“前進新加坡”行動——更新我們的社會契約，保持社會的堅強與團結，併為我們在這個動盪世界中的前進道路制定路線圖。
通過“前進新加坡”，我們旨在給予新加坡人更多保障，幫助他們應對當今世界的不確定性；加強我們的凝聚力和團結感；保持社會的和諧。
因為只有作為一個團結的民族，我們才能克服一切困難。
我們可以將每一個挑戰轉化為機遇，將每一個弱點轉化為力量。
我們可以建設一個充滿活力、包容、公平、繁榮、韌性強且團結的國家。
我們有一個雄心勃勃的議程來實現這些共同目標。未來幾年我們將展開重大計劃。其中一些已準備好立即實施。
另一些則需要更多時間研究或制定實施細節。
在本預算案中，我們將推出“前進新加坡”計劃的第一批措施。
2024年預算案因此是採取具體步驟，共同建設我們的共享未來。我們將：
（一）解決家庭和企業的緊迫挑戰；
（二）追求更好的增長和就業，併為工人終身裝備技能；
（三）創造更多平等和流動性路徑；
（四）為家庭和長者提供更多保障；
（五）最終，打造一個更強大、更團結的國家。
接下來，我將在演講中依次談及這些內容。
新加坡通脹率在過去十多年保持低位。但2022年，隨著烏克蘭戰爭爆發，全球能源和食品價格大幅上漲，通脹急劇上升。
儘管價格前所未有地飆升，2022年我們經濟仍實現良好增長。因此，那一年收入增長快於通脹，新加坡人的實際生活水平有所提升。
遺憾的是，去年情況並非如此。通脹實際上開始緩和，但經濟增長也放緩，導致實際收入下降。
我們早已察覺這一負面趨勢的初期跡象。這也是我去年9月推出生活成本支援計劃並將保障計劃提升至超過100億新元的原因。
雖然我們預計今年情況將有所改善，但正如我剛才提到的，前景仍存在不確定性。因此，在本預算案中，我將加大對家庭的支援，進一步增強保障計劃。
首先，我將為所有新加坡家庭額外發放600新元的社群發展理事會（CDC）購物券。首批300新元將於今年6月底發放，剩餘300新元將於明年1月發放。
其次，我將提供200至400新元的生活成本特別現金支付。此項支付將擴充套件至評估收入不超過10萬新元且不擁有超過一套物業的成年新加坡人。
第三，我將為組屋家庭提供額外一次性U-Save水電費回扣，幫助他們應對水電費上漲。符合條件的組屋家庭在2024財政年度可獲得相當於常規U-Save回扣兩倍半的金額，最高達950新元。這相當於三房和四房組屋住戶約四個月的水電費。
第四，我將為組屋提供額外一次性服務與保養費（S&CC）回扣。加上常規S&CC回扣，符合條件的組屋家庭在2024財政年度可獲得最多四個月的此類回扣。
保障計劃的額外支援總計約19億新元。[詳見附錄B-1。]
我們設計保障計劃時，確保低收入家庭獲得更多支援，也確保大家庭，尤其是有長者和兒童的家庭，獲得更多幫助。
舉幾個例子。
一個有兩個年幼子女的四口低收入家庭，在2024財政年度將獲得約5500新元的福利，包括現金、醫療儲蓄補貼、U-Save和S&CC回扣以及CDC購物券。
一個有兩個年幼子女的四口中等收入家庭，將獲得約3000新元的福利。
一個有六口人，包括兩位長者和兩個年幼子女的中等收入大家庭，將獲得約8000新元的福利。
先生們，這些都是幫助新加坡人應對生活成本壓力的具體措施。請大家放心——我們永遠支援你們。[掌聲]
除了保障計劃，我還將向消費稅（GST）券基金注資60億新元。這兌現了我們通過GST券計劃永久減輕中低收入家庭消費稅負擔的承諾。
企業也需要幫助以應對成本上升。許多公司工資、租金和水電費等開支增加。因此，我將推出企業支援計劃，向企業提供13億新元支援。
首先，企業將在2024評估年度獲得50%的企業所得稅回扣，最高限額為4萬新元。並非所有企業都有盈利，部分企業可能無法受益於此回扣。因此，我將為2023年至少僱傭一名本地員工的企業提供最低2000新元現金補助。
其次，我將加強企業融資計劃，幫助新加坡企業滿足融資需求。最高營運資金貸款額度將永久提高至50萬新元。我還將延長貿易貸款最高額度及政府對專案貸款風險分擔的期限至2025年3月31日，以支援國內建築專案。
第三，我將把“技能未來企業信用”延長一年至2025年6月30日。該信用為符合條件的僱主提供額外支援，幫助他們承擔勞動力和業務轉型的自付費用。延長後，僱主將有額外一年時間申領未用完的信用額度。
企業支援計劃中的措施傾向於鼓勵企業進行重組和轉型。我鼓勵所有企業充分利用這些計劃，以便在更具挑戰的經營環境中蓬勃發展。[詳見附錄B-2。]
增強的保障計劃和企業支援計劃將為新加坡家庭和企業提供短期緩解。這在通脹雖有緩和但仍偏高的困難時期尤為必要。但這不是永久解決方案。長期來看，應對通脹的最佳方式是確保企業和工人提高生產力，且實際收入持續穩定增長。
我們的首要任務是確保經濟強勁、創新和充滿活力。這對保障所有新加坡人獲得良好就業和更好生活至關重要，且必須持續實現。
自獨立初期以來，我們屢次克服困難，實現良好經濟表現。但在更復雜多變的外部環境下，我們不能自滿。
過去幾年，有人建議新加坡應放緩發展，不必增長太快。事實上，去年我們的經濟增長僅約1%。但如果連續多年增長緩慢，我們將陷入困境。我們將無法改善整體福祉，新加坡人的生活水平將受損，社會服務也難以維持，最終低收入工人和家庭將首當其衝。
因此，我們毫不掩飾追求增長的決心。明確地說，我們並非不計代價地追求增長。由於土地、勞動力和碳排放的限制，我們的增長速度有限。但通過專注於生產力和創新，我們可以推動前沿，未來十年平均每年增長約2%至3%。
鑑於我們的經濟發展階段，這是一個雄心勃勃的目標。但我們必須志存高遠，讓新加坡不斷前進，讓人民享有更多機會和更高生活質量。
增長的關鍵推動力是我們吸引高質量、高價值投資的能力。因為這些專案帶來最新技術和能力，併為新加坡人創造優質就業。
迄今為止，我們的投資管道保持健康。儘管去年外部環境充滿挑戰，經濟發展局（EDB）超額完成目標，吸引的投資預計將創造超過2萬個新工作崗位。
但投資競爭日益激烈。全球各國政府紛紛推出鉅額補貼，吸引戰略產業投資。例如，去年11月，日本宣佈將撥款2萬億日元（約180億新元）支援半導體產業。
我們不能與主要經濟體進行“競標戰”，但也不能停滯不前。
因此，我們將通過引入新的可退還投資稅收抵免，增強投資促進工具。[詳見附錄C-1。]
這是一種帶有可退還現金功能的稅收抵免。它將支援高價值和實質性經濟活動，包括設立或擴建制造設施；新的創新和研發活動；以及支援綠色轉型的活動。
本質上，這項新稅收抵免將幫助我們保持競爭力，吸引具備正確技術的全球公司投資，併為新加坡人創造優質就業。
為支援這項及其他投資促進工作，我今年將向國家生產力基金注資20億新元。
除了吸引新投資，我們還必須鞏固現有優勢，升級具備競爭力的行業。
這些優勢不是偶然形成的，而是經過數十年努力重組和升級經濟的結果。我們不僅保持成本競爭力，還提升能力，向價值鏈上游邁進，以證明在新加坡運營的高溢價合理性。我們通過產業轉型地圖持續推進這些重組工作。
以半導體為例。新加坡不是全球最便宜的地點，但我們擁有許多優勢——卓越的連通性、可靠穩定的營商環境，以及涵蓋設計、晶圓製造、組裝和測試等價值鏈環節的眾多領先企業。這裡的企業雖不生產媒體報道中的最先進3奈米晶片，但在特種晶片和NAND快閃記憶體晶片等領域佔據一席之地。這些晶片是自動化、5G和電動車的關鍵支撐，需求旺盛。這就是我們的紅點如何成為全球半導體供應鏈的重要節點——佔全球半導體市場超過10%，佔全球半導體裝置市場20%。
金融業同樣如此。我們是亞洲領先的金融中心，支援全球企業。在全球不確定時期，我們以穩定和可信賴著稱。主要金融機構積極擴大在新加坡的業務，我們持續吸引投資、資本和人才流入。
因此，無論是先進製造還是高階服務，我們現有的優勢都難以被他國複製。但全球競爭格局不斷變化，其他國家必然尋求超越我們。因此，在本預算案中，我將撥出資源鞏固我們的競爭優勢。
我將向金融業發展基金注資20億新元。這將為新加坡金融管理局（MAS）提供更多資源，充分利用當前機遇，擴大我們在金融服務領域的領先地位——不僅在銀行、資本市場、資產管理和保險等核心領域做得更多，還將建設金融科技、綠色和轉型金融等新領域的能力。
我將撥出更多資金用於研發，因為這是推動整個經濟創新前沿的關鍵。
2020年，我們啟動了“研究、創新與企業2025”（RIE2025）計劃，承諾投入250億新元。
我將再投資30億新元於RIE2025。這將使我們在研究、創新和企業方面的投資維持在約佔GDP的1%。新增資金將用於先進製造、可持續發展、數字經濟和醫療保健等國家重點領域的研究及相關投資。
我們的研發投資需要時間轉化為具體經濟成果。但這正是我們必須採取長期視角的原因。因為這些投資有助於形成關鍵能力、理念和人才的集聚，增強我們作為知識型和創新驅動經濟體的全球競爭力。
除了持續投入研發，我們還需充分發揮技術在關鍵行業的作用。
人工智慧（AI）是一個關鍵的新興技術。AI不僅僅是ChatGPT或大型語言模型。它是一種通用技術，類似電力、內燃機、計算機或網際網路。它有潛力變革眾多行業，提高從藥物研發、倉庫管理到自動駕駛等多種現有流程的生產力。
新加坡已被公認為AI開發的重要參與者。我們的目標是更進一步——打造新的卓越高峰，並吸引私營部門資源。我們已在《國家人工智慧戰略2.0》中闡述了相關計劃。
為支援該戰略並進一步推動AI發展，我將在未來五年投資超過10億新元，用於AI計算能力、人才培養和產業發展。
部分投資將用於確保新加坡能夠獲得對AI開發和部署至關重要的先進晶片。
我們還將與新加坡及全球領先企業合作，在本地設立AI卓越中心。我們希望這些中心促進產業合作與創新，推動整個經濟創造更大價值。
與此同時，我將撥出額外資源，推動升級我們的全國寬頻網路。通過額外投資，我們目標是在本十年下半葉實現大眾市場寬頻速度達到每秒10吉位元。這是目前大多數家庭寬頻速度的10倍。這也確保我們的連線基礎設施能夠支援人工智慧和沉浸式媒體等技術，隨著它們在未來變得更加普及。
我們將繼續加大投資力度，強化本地企業。
我們正在幫助較小的企業通過預先批准的解決方案利用技術，許多方案針對特定行業的需求量身定製。這使中小企業（SMEs）能夠“即插即用”，快速實現更高的效率和生產力提升。
隨著企業的發展，其需求將變得更加複雜，尤其是在海外擴充套件時。我們正在提供更多定製化支援，幫助這些企業擴大規模，並將繼續推進這些努力。
企業快速提升的一個途徑是與總部設在新加坡的跨國企業（MNEs）合作。跨國企業對希望成為其供應商的公司設定了高標準和要求。我們不能強迫跨國企業只選擇本地供應商，但我們可以且將幫助新加坡企業達到高標準，並與跨國企業建立互利共贏的合作關係。
讓我分享一個航空航天行業的例子。航空航天零件必須滿足嚴格的製造和安全要求。因此，像勞斯萊斯這樣的航空航天製造商在選擇合作伙伴時非常挑剔。
本地公司Zincode得到了智慧製造聯合實驗室的支援——這是A*STAR、勞斯萊斯和新加坡航空發動機服務私人有限公司之間的合作。該公司通過該實驗室提升了其影像處理能力。結果，它成為勞斯萊斯新加坡製造工廠認可的檢驗合作伙伴之一。Zincode現已成功獲得航空航天領域其他公司的新機會，並從銷售增長中受益。
我們希望幫助更多像Zincode這樣的公司提升能力，贏得新機會。今天，我們有能力轉型夥伴計劃（PACT）方案，支援大企業與中小企業在供應商發展和共同創新領域的合作。
我將加強PACT，支援更多領域的合作——包括能力培訓、國際化和企業風險投資。通過增強的PACT，我們旨在幫助更多企業融入全球供應鏈，在海外市場競爭，併成長為各自行業的領導者。
企業要具備競爭力，還需擁抱可持續發展。如今，中小企業有時仍將可持續發展視為額外負擔和成本。但綠色發展可以成為競爭優勢。因為跨國企業已經在尋求減少碳足跡，並期望其供應商也這樣做。換言之，要參與跨國企業的價值鏈，我們自己的企業必須“具備可持續發展準備”。
因此，我將擴大企業融資計劃下綠色貸款的支援範圍，幫助更多中小企業採用綠色解決方案。
我還將加強能源效率補助。該補助於2022年推出，針對食品服務、食品製造和零售行業的企業。我將把補助範圍擴大到更多行業，包括製造業、建築業、海事業以及資料中心及其使用者。除了補助支援的預先批准節能方案外，我們還將為有更雄心減排計劃的企業提供額外支援。[請參見附件C-2。]
貿易與工業部長將在撥款委員會上詳細說明此項及其他與可持續發展相關的措施。
我們正採取切實步驟，保持經濟競爭力和活力，幫助企業抓住新機遇。我們將不遺餘力，確保新加坡作為全球領先經濟樞紐之一的地位，以創新、活力和深厚能力著稱，為人民提供良好就業和機會。
先生，人才是我們經濟活力的關鍵。我們在人力資本上投入巨大，包括學前教育和基礎教育。但學習不能在正規教育結束時停止。這就是我們推出技能未來（SkillsFuture）的原因——系統性支援新加坡人終身重塑技能和提升技能。
如今，新加坡勞動力在技能和技術熟練度方面排名靠前。我們的工人因專業知識在全球市場上享有溢價。但隨著技術快速進步，專業知識不斷變化。資料錄入員和上門推銷員等職位數量減少。資料科學家和數字營銷師等幾十年前不存在的新職位如今需求旺盛。專業知識持續演變。
換言之，機器人和機器不會完全取代人類工作，但會改變專業知識的定義和價值創造方式。因此，我們必須加大對人力資本的投資，幫助工人更新技能，更有效地利用新技術。事實上，全國職工總會（NTUC）和勞工運動一直積極倡導這一點，最近在“前進新加坡”對話中亦是如此。
技能未來啟動近十年。政府在繼續教育和培訓上的支出幾乎翻倍，去年達到9億新元。
如今，每位新加坡人獲得500新元的技能未來積分，所有僱主均可獲得培訓員工的支援。我們還建立了豐富的培訓選項，個人享有慷慨補貼。
過去十年我們取得了良好進展，但仍有許多工作要做。終身持續技能提升比以往任何時候都更重要。因此，我們必須堅定地將技能未來確立為社會契約的重要支柱。
優質學習和技能培訓不僅僅是參加一兩天的課程。工人可能需要數週或數月培訓，才能真正重塑技能，尤其是當他們希望轉行時。即使留在同一行業，也需定期大量技能注入以保持競爭力。
但我們知道，尤其是40至50歲、有經濟和照顧責任的人，長時間請假參加培訓並不容易。
因此，我將推出新的技能未來升級計劃，更好支援中年工人。我將分享該計劃的主要方向，教育部長將在撥款委員會上提供更多細節。[請參見附件D-1。]
首先，我將為所有40歲及以上的新加坡人額外增撥4,000新元的技能未來積分。今年5月，所有40歲及以上的新加坡人將獲得此增撥。年輕者無需擔心，屆時他們滿40歲時也將獲得增撥。
我們有意讓現有的500新元基礎積分可用於廣泛課程，旨在培養終身學習習慣。
新增的4,000新元積分將更具針對性——限定用於選定的培訓專案，這些專案具有更好的就業成果，包括兼職和全日制文憑、後文憑及本科課程，以及漸進工資模型行業的課程。我們希望參與者完成培訓後能獲得更好的就業前景。
第二，為提供更多再培訓選擇，我將為所有40歲及以上的新加坡人提供補貼，自2025學年起可在理工學院、工藝教育學院（ITE）和藝術院校攻讀另一全日制文憑。
換言之，我們將為每位新加坡人提供第二次教育補貼。即使年輕時已從高等院校畢業，滿40歲後仍可回校攻讀全日制文憑，且享受補貼。
第三，我將為報名選定全日制課程的40歲及以上新加坡人提供每月培訓津貼。
培訓津貼相當於其最近12個月平均收入的50%，上限為每月3,000新元。每人終身最多可領取24個月此類津貼。
這將支援技能未來職業轉型計劃的全程培訓，以及大多數高等院校頒發資格證書的一半以上培訓時長。
這些變化對工人意味著什麼？
以現年40歲的Calvin Li先生為例。他畢業於新加坡理工學院，獲電子、計算機與通訊工程文憑。
他現任Khoon Engineering專案總監，該公司提供機電服務。通過技能未來升級計劃，Calvin將獲得4,000新元的技能未來積分增撥。
他可用積分攻讀第二個文憑。該文憑學費享受補貼，積分可覆蓋補貼後費用的一半以上。如選擇全日制學習，他還可獲得相當於之前薪資50%、最長兩年的每月培訓津貼。
先生，我們對技能未來生態系統進行了重大增強。但只有政府、僱主、工人和工會共同努力，真正深化新加坡的終身學習和技能掌握文化，我們才能收穫全部成果。這必須成為我們彼此的共同承諾——幫助新加坡人充分發揮潛力，擁有富有成效和意義的職業生涯。
技能未來還有一項舉措。我們知道技術變革將帶來更多經濟動盪。即使整體經濟表現良好，某些企業甚至行業可能遭受困境。事實上，沒有失敗和損失，就不可能擁有充滿活力和增長的經濟。在某些行業，企業不得不裁員，而其他行業則創造新的更好職位。
我們必須接受這一現實。但這並不意味著對企業裁員造成的痛苦漠不關心。
失業對工人及其家庭是重大打擊。被動失業者自然感到壓力，急於接受第一份工作。但新工作未必合適。理想情況下，他們應考慮提升技能，尋找符合其能力和天賦的工作。但失業者可能無暇培訓或找工作，尤其當他們已在經濟上捉襟見肘時。
因此，我們將加大對這類工人的支援。特別是，我們將推出臨時經濟支援計劃，幫助被動失業者在培訓或尋找更合適工作期間獲得經濟援助。
我們必須謹慎設計該計劃，包括支援金額及附帶條件，以避免其他國家推行失業救濟時遇到的弊端。
我們正在制定計劃引數，預計今年晚些時候公佈更多細節。
我們的經濟必須始終為所有人提供機會；成為惠及多數而非少數的經濟。這就是為何我們大幅增強技能未來，並支援求職者尋找下一份工作。我們相信每位工人都重要，每位公民都值得關注。我們將裝備每位新加坡人，讓他們共享經濟增長成果。[掌聲]
許多發達國家，日益加劇的不平等和社會流動性放緩，破壞了社會凝聚力，造成深刻分裂。這些壓力也可能在這裡出現。
事實上，我們啟動“前進新加坡”對話，正是因為不願屈服於世界許多地方出現的嚴峻不平等。通過創造更多通往平等和流動性的路徑，我們也為持續增長奠定更好基礎——換言之，強勁經濟與強大社會相輔相成。
但解決不平等往往說起來容易做起來難。相關思路常伴隨意外後果。簡單的救濟和粗暴措施無法根治貧困。這就是新加坡自始至終開闢自己道路的原因。我們認真研究他國經驗，注意其成功與失敗之處。我們引入適合自身理念和社會的重大創新。這就是新加坡方式。
過去十年，我們在提升低薪工人和縮小工資差距方面取得進展。以基尼係數衡量的收入不平等降至二十年來最低水平。
工作補貼和漸進工資是提升低薪工人的關鍵策略。這些策略奏效。我將做出若干調整，確保其持續發揮作用。[請參見附件E-1。]
首先，我將從明年起加強工作補貼收入補助計劃。
我將把合資格收入上限從2,500新元提高到3,000新元，確保隨著工資增長，仍覆蓋低薪工人。
我還將提高工作補貼發放金額。低薪年長工人最高年補助將從4,200新元增至4,900新元。
第二，我將提高本地合資格薪金（LQS）。所有僱傭外籍工人的公司，必須支付本地員工不低於LQS的薪金。[請參見“副總理兼財政部長澄清”，官方報告，2024年2月16日，第95卷，第123期，書面宣告更正部分。]
今年起，全職工人的LQS將從1,400新元提高至1,600新元。最低時薪將從9新元提高至10.50新元。此舉確保薪資增長保持同步。
第三，我將為提高低薪工人工資的僱主提供更多支援。2022年，我推出漸進工資信貸計劃（PWCS），政府與僱主共同資助低薪工人的工資增長。
我知道僱主對當前經濟中的成本上升感到擔憂。因此，政府將盡力協助。今年，我將把共同資助比例從最高30%提高至最高50%。
我還將於2025年將PWCS工資上限從2,500新元提高至3,000新元，與工作補貼合資格收入上限同步調整。
為支援這些增強措施，我將向PWCS基金追加10億新元。
除了提升低薪工人，我們還希望改善各職業的工資水平。任何社會中工資差異都存在，但過大差距會引發不健康的焦慮和壓力。家長和孩子可能陷入教育軍備競賽，或感到壓力只優先考慮少數傳統領域的職業，而非發揮個人優勢和天賦。
事實上，絕大多數參與“前進新加坡”對話的新加坡人歡迎更廣泛的成功定義。我們希望有更多多元路徑，讓每個人都能努力成為最好的自己。這也意味著我們必須更加重視技術動手能力強者，以及具備社交和同理心特質、能在服務崗位出色表現者。特別是，我們ITE畢業生的工資和職業前景不應遠低於理工學院和大學畢業生。
我最近會見了一些ITE應屆畢業生。他們的個人故事和深化所學技能的熱情令我深受鼓舞。
其中一位，Matthew Francis Thanarajoo，2021年從ITE獲得機電一高階文憑。他現正於淡馬錫理工學院攻讀機電文憑，磨練自動化和機器人技能。這些經歷使他有信心追求工程夢想。他將代表新加坡參加今年晚些時候在法國舉行的世界技能大賽，我們祝他一切順利。[掌聲]
我們希望鼓勵和支援更多年輕ITE畢業生提升技能，助他們在所學專業中出類拔萃，邁向更好的職業和薪資軌跡。因此，我將通過新的ITE晉升獎為30歲及以下的ITE畢業生提供更多支援。
該獎項包括兩部分。
第一，當ITE畢業生報名文憑課程時，我將向其後續教育賬戶增撥5,000新元，幫助抵消文憑學習費用。
第二，當這些學生獲得文憑時，我將向其中央公積金（CPF）普通賬戶額外增撥10,000新元，助其購房或退休儲蓄起步。
先生，這一新獎項是我們對ITE畢業生的重要投資，體現我們持續提升他們能力、支援終身學習的承諾。
除了應對不平等，我們還必須維護社會流動性。
迄今為止，新加坡的表現優於其他發達經濟體。但我們必須繼續特別關注來自經濟條件較差家庭的兒童，確保他們在生命早期就能獲得充分且公平的機會。
許多這樣的家庭已經開始採取措施改善自己的生活，但他們可能難以維持進步。我們知道，他們常常面臨複雜的挑戰，包括婚姻壓力、現有債務，甚至是動力和自信心問題。
在加強版的ComLink（ComLink+）計劃下，我們為這些家庭提供更具針對性的支援。我們安排家庭教練和志願者朋友直接與這些家庭合作。他們將共同制定改善生活狀況的行動計劃，教練還將為家庭提供額外支援，以鼓勵和激勵他們實現這些目標。
額外支援將以ComLink+進步禮包的形式推出。這是我們社會政策領域的又一重大創新。[請參閱附件E-2。]
例如，家庭中的成年人如果找到工作並保持就業，每季度可通過現金和公積金組合獲得最高600新元的補助。
那些自願向公積金繳款的人將獲得政府的配套補助，以加快儲蓄增長。結合現有的“新起點住房計劃”等方案，將幫助這些家庭購買自己的住房。
我們還將與企業和社群團體合作實施ComLink+進步禮包。捐助者可以為這些家庭提供額外的財政支援，並通過結交朋友和指導等方式幫助他們重新站起來。
先生，在本預算案中，我們將採取進一步措施，確保所有新加坡人都有機會從事他們認為有意義且充實的工作，發揮他們的才能，盡力而為，並獲得公平的回報。這是我們讓新加坡夢為所有人持續生機勃勃的方式。
政府將盡我們的職責。但我要強調，這不僅僅是政府做得更多。我們還需要僱主、社群團體以及家庭和個人自身共同努力。我們攜手合作，必將建設一個更公平、更平等、更包容的新加坡。[掌聲。]
接下來，讓我談談我們建設一個適合家庭的新加坡的計劃——一個讓我們所有人都能安家落戶、成長和安享晚年的溫馨家園。
家庭是我們社會的基石，我們將在生命的每個階段支援他們的需求。
讓我先從支援我們的兒童開始，給予他們堅實的人生基礎。
我們將繼續採取措施改善學前教育的負擔能力。在政府支援的幼兒園，我們提供慷慨的補貼，以保持家庭自付費用的可負擔性。
我們將進一步降低費用，使雙職工家庭的全日制幼兒園費用與小學及課後學生照顧費用相當。
這將分兩階段進行。我將在2025年降低政府支援幼兒園的月度托兒費上限，錨點運營商為640新元，合作運營商為680新元。這是在所有家庭都能享受的托兒補貼之前的費用上限。我將在2026年再次降低費用上限，具體細節稍後公佈。
我還將加強對低收入家庭的現有學前教育補貼。目前，工作母親的子女獲得更多補貼。我將把這些較高的補貼擴充套件到所有低收入家庭的兒童，包括非工作母親的子女。這將惠及多達17,000名兒童。[掌聲。]
在學校方面，我們將做更多工作，幫助孩子們培養在更不可預測的未來中茁壯成長所需的能力和價值觀。
教育部（MOE）正更加重視適應性和創新思維、溝通技巧及公民素養等能力。
我們希望鼓勵並認可展現這些能力的學生，包括通過加強教育儲蓄獎學金（Edusave awards）。
因此，我將向教育儲蓄基金注資20億新元，以支援這些及其他教育舉措。
對於準備成家立業的年輕夫婦，及時獲得負擔得起的住房至關重要。
我們通過增加組屋建屋計劃（BTO）供應並給予首次置業家庭更高優先權來幫助他們。
我們還將通過“優質、加成和標準”框架，使優選地點的組屋更負擔得起，確保公平和包容。該框架將在今年晚些時候針對新的BTO專案實施。
一些夫婦已經預訂了BTO組屋，但他們可能希望在等待組屋完工期間有臨時住所，尤其是有幼兒的家庭。
目前，建屋發展局（HDB）提供父母臨時住房計劃（PPHS）下的補貼租賃住房。
HDB收到許多該計劃的申請，正在增加供應以滿足需求。但在此期間，我們希望為有緊急住房需求的年輕家庭提供更多支援。
因此，我將提供為期一年的PPHS（開放市場）券，支援符合條件的家庭在開放市場租賃HDB組屋。
在本預算案中，我將為有特殊需要或殘疾人士的家庭提供更多支援。
我們知道，特殊需要兒童的家庭因教育和照護服務費用較高而面臨更大成本壓力。特殊教育（SPED）學校的每名學生已享有比主流小學學生更多的補貼。但由於較高的基礎成本，大多數SPED學校的費用仍高於主流學校。
我們正在研究進一步減輕這些家庭成本壓力的措施。作為第一步，我將把SPED學校的最高月費從目前的150新元降至90新元。我還將降低所有特殊學生照護中心的費用上限，以減少家庭自付費用。
對於殘疾成年人，我將提供更多就業和社群融入支援。我將擴大庇護工場和日間活動中心的名額，供他們接受技能培訓，並啟動更多支援殘疾人士及其照顧者的社群服務中心。
相關部長將在供應委員會上分享更多相關舉措。
我將加大對老年人退休需求的支援。
讓我先從公積金制度的調整說起。[請參閱附件F-1。]
首先，按照三方工作組關於年長員工的建議，我們將繼續推進計劃中的公積金繳費率提升。2025年，我將把55至65歲年齡組的公積金繳費率再提高1.5個百分點。
我還將為僱主提供公積金過渡補貼（CPF Transition Offset）一年，覆蓋2025年僱主繳費增加的一半，以緩解企業成本壓力。
其次，我將從2025年起提高增強退休儲蓄額（ERS）。ERS是會員可存入公積金退休賬戶以領取公積金支付的最高金額。
我將把ERS從基本退休儲蓄額的三倍提高到四倍，2025年ERS將達到426,000新元。這將允許55歲及以上的會員在願意的情況下，將更多累積的公積金儲蓄用於領取更高的公積金支付。
第三，我們將採取措施簡化公積金制度。目前，55歲及以上會員擁有特別賬戶（SA）和退休賬戶（RA）。從明年起，我們將關閉55歲及以上會員的特別賬戶。特別賬戶的儲蓄將轉入退休賬戶，直至達到全額退休儲蓄額，並繼續享受長期利率。
剩餘的特別賬戶儲蓄將轉入普通賬戶（OA）。但會員可隨時自願將普通賬戶儲蓄轉入退休賬戶，最高至增強退休儲蓄額，以獲得更高利息和退休支付。
我還將加強對需要更多幫助的老年人的退休支援計劃。
銀髮支援計劃（Silver Support Scheme）為工作期間收入較低且家庭支援較少的老年人提供季度支付。我將把銀髮支援的合資格人均家庭收入門檻從1,800新元提高到2,300新元，並將季度支付提高20%，以跟上通脹。
配對退休儲蓄計劃（MRSS）幫助55至75歲的新加坡人儲蓄不足的公積金，通過現金補充公積金賬戶獲得一比一的配對補助。[請參閱“副總理兼財政部長澄清”，官方報告，2024年2月16日，第95卷，第123期，書面宣告更正部分。]
我將對該計劃做出若干調整。
我將把MRSS的年齡上限延長至70歲以上。這將使更多新加坡人在家庭、僱主和社群的幫助下滿足退休需求。
我將把年度配對上限從600新元提高到2,000新元，並設定終身配對上限為20,000新元。
目前，我們提供稅收減免以鼓勵新加坡人向公積金補充資金。但配對補助已是政府提供的重要福利。因此，我們將取消對獲得配對補助的現金補充的稅收減免。
銀髮支援和MRSS的這些變動將於2025年生效。
目前處於50多歲和60多歲初期的“年輕銀髮族”將通過“前進計劃”獲得額外的退休支援。該計劃由李顯龍總理在去年的國慶集會上宣佈。
雖然該計劃主要支援年輕銀髮族，先驅和獨立世代的老年人也將受益。事實上，所有1973年及以前出生的新加坡人都將至少獲得“前進計劃”的一項福利。讓我說明。[請參閱附件F-2。]
首先，我將提供“賺取與儲蓄獎金”，幫助月收入不超過6,000新元的老年人積累更多退休儲蓄。他們只要繼續工作，每年可獲得最高1,000新元的獎金，收入較低者獎金更高。
其次，我將向退休儲蓄低於基本退休儲蓄額的老年人提供一次性退休儲蓄獎金，金額介於1,000至1,500新元之間。
這兩項獎金適用於居住在年租值25,000新元或以下物業且僅擁有一處物業的老年人。
第三，我將向所有1973年及以前出生的老年人提供一次性醫療儲蓄獎金。經濟條件較差的年輕銀髮族將獲得較高的1,500新元獎金；其他老年人將獲得750新元。人力部長將在供應委員會上分享更多細節。
總體而言，“前進計劃”將惠及約160萬新加坡人，終身總成本為82億新元。為履行這一承諾而不加重未來世代負擔，我將設立一個新的基金——“前進計劃基金”，撥款75億新元。該基金的投資收益將足以覆蓋計劃的終身成本。
另一個重大任務是醫療保健。多年來，我們大力投資，確保醫療保健對所有人都負擔得起且可及。衛生部（MOH）的年度預算在十年內增長了三倍。
我們將這筆開支用在刀刃上。我們投入更多資源於日益重要的領域，如預防健康、老年人支援以及心理健康和福祉，正如本議院最近確認的。我們也持續享有健康成果的改善，新加坡人壽命更長、健康狀況更好。
但隨著人口迅速老齡化，醫療保健的財政壓力只會增加。作為負責任的政府，我們必須未雨綢繆，預留足夠資源，保持醫療保健的可負擔性。
提高消費稅（GST）就是為此目的。實質上，我們通過現在提高消費稅，預先為未來不斷上升的醫療支出籌資。因為如果我們等待，將來會給我們自己和子孫後代帶來更重的負擔。
當然，個人也有責任。這就是為什麼我們推出了“更健康的新加坡”（Healthier SG），賦能所有新加坡人掌控自己的健康。雖然還處於初期階段，但勢頭令人鼓舞。已有超過70萬新加坡居民註冊加入“更健康的新加坡”。
其中一位是今年69歲的魯比亞女士。她稱讚“更健康的新加坡”的諮詢為她提供了及時的健康管理建議。如今，她每天監測血壓，減少冰淇淋和“蝦片”的攝入，並通過健身課程和自然徒步保持活躍。她還通過在“更健康的新加坡”路演中做志願者，幫助傳播這一理念。
先生，我敦促所有老年人效仿魯比亞女士的腳步。聽從醫生建議，參與有助於保持健康的專案，甚至通過擔任老年志願者將健康理念傳遞下去。
即使生活方式更健康，我們隨著年齡增長，尤其是臨近生命終點時，仍然需要某種形式的醫療護理。我們必須預期醫療費用，包括醫療保險費，即使在政府慷慨補貼後，也會增加。
我們希望確保所有新加坡人，包括自僱人士和未就業者，能夠積累醫療儲蓄，以應對這些不斷上升的費用。因此，我將向所有21至50歲的成年新加坡人提供一次性最高300新元的醫療儲蓄獎金。
這將惠及約140萬新加坡人，幫助他們支付較小的醫療賬單和保險費。[請參閱附件F-3。]
結合針對較老群體的“前進計劃”，今年我們將為約300萬新加坡人提供醫療儲蓄獎金。
為了提供更多醫療費用支援，我還將更新醫療及相關社會支援補貼計劃的人均家庭收入門檻。這些計劃包括醫療保險（MediShield Life）保費補貼、社群健康援助計劃（CHAS）初級護理補貼，以及公立醫院的門診和住院治療補貼。
調整人均家庭收入門檻將導致政府在醫療及相關領域每年額外支出約3億新元。超過100萬新加坡人將因此受益，獲得更高補貼。
這將為醫療費用提供更大保障，也減輕照顧者的經濟壓力。[請參閱附件F-4。]
預防護理對老年人尤為重要。孤獨對老年人傷害極大。他們需要保持活躍和社會聯絡。這就是我們設立“樂齡新加坡”（Age Well SG）的原因——這是一個支援老年人積極老齡化、保持社會聯絡並在社群內獲得照顧的新國家計劃。
我將在未來十年為“樂齡新加坡”計劃撥款35億新元。該計劃包括多個組成部分。
首先，擴大活躍老齡中心網路，使所有老年人都能在這些中心享受更豐富的專案，從體育鍛煉到志願服務機會。
其次，為有照護需求的老年人開發更多輔助生活選項，如社群照護公寓和更好的居家照護安排，助力他們自信地在家中和社群老齡化。
第三，對我們的住宅區進行“銀髮升級”，使老年人在社群中更獨立、更安全地生活。這包括治療花園、無障礙坡道等設施，以及更適合老年人的家居配件，如更寬的廁所入口和淋浴座椅。
第四，改善老年人的通勤基礎設施，提升其出行和安全性。這意味著更多有遮蔽的連廊、具備老年友好功能的公交站，以及更安全、更適合行人的道路。
先生，當您將所有這些努力結合起來——我們在教育、住房、退休和醫療保健方面的投資——它們體現了我們堅定不移的承諾，通過生命的每個階段滿足家庭和老年人的需求。通過這些投資，我們將為所有新加坡人提供更多保障——讓大家安心，改善生活和福祉，確保新加坡真正成為我們所有人的家園。[掌聲。]
除了加強經濟和社會的投資外，我們還將進行必要投資，打造一個更強大、更團結的國家。我們將維護新加坡的獨特性和韌性——我們彼此關照和保衛的承諾，維持我們對彼此及機構的信任，建設強烈的民族自豪感和身份認同。
自獨立以來，我們穩步投資保障和平與安全。
過去二十年，我們每年將約3%至4%的國內生產總值（GDP）撥給國防部（MINDEF）預算。同時，過去十年，我們在國內安全上的支出翻倍，超過80億新元，約佔GDP的1.3%。
我們將繼續建設和維護一支強大有效的新加坡武裝部隊（SAF）和內務部隊（Home Team）。我們將逐年投資並升級其能力，以保護自己免受潛在侵略者和安全威脅。
我們的國防和安全的支柱仍然是國民服役（NS）。我們對忠誠服役併為我們的和平與安全作出無數犧牲的國民服役人員負有巨大感激之情。
因此，我將以LifeSG積分的形式向所有過去和現在的國民服役人員提供200新元的獎勵，包括今年入伍的人員。[請參閱附件G-1。]
這只是一個小小的舉措，但累計起來將花費我們2.4億新元，惠及120萬名國民服役人員。我希望這能在一定程度上表達我們對國民服役人員及其家屬為國家所做和持續做出的貢獻的感激和謝意。[掌聲。]
在當今世界，國防和安全不僅適用於物理環境，也適用於數字領域。詐騙、勒索軟體、資料洩露、拒絕服務攻擊及其他網路威脅日益普遍。人工智慧和量子計算等新技術的發展和應用也將改變威脅格局。網路攻擊的速度、規模和複雜性將不斷增加。
我們已採取措施加強網路防禦。在新加坡武裝部隊成立了數字與情報服務部。我們將在榜鵝數字區建立新的國家網路安全指揮中心，以更好地協調網路防禦行動，提升與產業界和學術界的合作，並推動網路安全創新。這將提升我們監控、檢測和協調防禦網絡威脅的能力。
除了傳統的安全領域，我們還需應對一個新興的安全挑戰——能源，尤其是向更清潔能源的轉型。
在近期至中期內，目前幾乎所有電力均由天然氣發電，天然氣仍將是關鍵能源。
我們的天然氣供應通過來自印度尼西亞和馬來西亞的管道，以及來自多個來源的液化天然氣（LNG）。
我們正計劃建設第二個液化天然氣終端，以滿足日益增長的電力需求。
天然氣是所有化石燃料中最清潔的。但如果我們繼續僅依賴天然氣，將無法實現淨零排放。不幸的是，我們的清潔能源選擇有限——沒有潮汐能、沒有風能，且土地不足以大規模部署太陽能。那麼，我們該怎麼辦？
一種方式是進口低碳電力。我們在這方面已有進展。但進口電力存在安全限制。因此，我們需要其他選項來實現能源供應的脫碳。這就是為什麼我們積極探索其他方案。
氫氣具有作為清潔燃料的潛力。目前技術尚處於初期階段，成本高且風險大。儘管如此，我們已制定國家氫能戰略，採取有目的的步驟推進。我們將從測試和部署氨氣開始，氨氣是一種氫載體，用於裕廊島的發電和加註燃料。
我們也在探索其他能源。我們積極研究地熱發電的可能性。畢竟，我們在三巴旺有溫泉。但這需要深鑽以評估潛力，是否可行尚待觀察。
更遠的未來，我們不排除核能。核技術發展迅速，設計更小型、更安全且燃料效率更高。我們將提升能力，以便批判性評估該領域不斷發展的技術，並決定未來某天核能部署的可行性。
這些能源路徑如何發展存在相當不確定性。但可以確定的是，從目前幾乎完全依賴天然氣的系統轉向主要由清潔能源驅動的系統，將需要大量努力和成本。
我們稱之為“能源轉型”。“轉型”聽起來是個無害的詞，但這所謂的轉型規模巨大，我們需要在未來二十年左右完成，這時間並不多，考慮到任務的艱鉅性。
例如，為進口低碳電力，我們需要投資海底電纜並升級現有電網。若決定擴大氫能使用，則需建設新的發電、儲存和輸送基礎設施。所有這些投資成本高昂，無法僅靠私營部門完成，可能需要政府的催化資金支援。
因此，我將設立未來能源基金，初始注資50億新元。這將增強我們及時投資的信心，使我們能更快推進關鍵基礎設施建設，提升清潔能源安全。
國家的韌性不僅以支出、基礎設施和硬體衡量。真正的韌性在於內在——新加坡人之間建立的牢固紐帶，以及我們共同照顧彼此的意願。每位新加坡男女老少都知道自己屬於這個島國，每個人在社會中都有位置，每個人都在新加坡的發展故事中扮演角色。這就是我們昨天紀念的第40個全面防衛的精髓。
我們通過加強助人文化來培養新加坡人之間的紐帶。
許多在新加坡取得成功的人想回饋社會，但可能不知道如何或從何開始。
我們將做更多工作，幫助捐贈者更好地瞭解社會需求，並指導他們如何更有效地將財務或非財務資源用於支援低收入家庭。此項工作將由新加坡社群基金會牽頭，與社會及家庭發展部（MSF）和社群 Chest 合作。
同樣精神下，我們鼓勵慈善機構合作，互相扶持，更好滿足受助者需求。我將延長慈善能力基金合作補助金三年，至2026財年末，支援慈善機構間的合作專案，提升治理、效率和能力。
做好事也超越國界。許多新加坡人積極支援海外人道主義危機受害者。去年土耳其和敘利亞毀滅性地震後的救援行動，以及以色列-哈馬斯衝突引發的人道悲劇中，我們都見證了這種支援。
為鼓勵新加坡人支援海外有需要者，我將推出海外人道援助稅收扣除計劃。通過指定慈善機構向海外緊急人道援助事業的現金捐款將享有100%稅收扣除。該計劃將作為試點執行四年。[請參閱附件G-2。]
更強的助人文化將使我們更加緊密團結，建設一個更有愛心和寬容的社會。
加強團結的另一途徑是通過我們共同參與的經歷。藝術和體育為此提供了平臺。
先談藝術。藝術幫助表達我們獨特的新加坡文化，加強共同紐帶，使新加坡成為獨特的家園。
國家藝術理事會（NAC）已更新“我們的新加坡藝術計劃”，推動藝術領域的轉型。我們將在未來四年投資1億新元支援該計劃。
作為計劃的一部分，我們旨在讓所有新加坡人更易接觸藝術。我們將為藝術家創造更多機會和接觸點，使藝術融入城市和社群的各個角落。
額外投資還將加強更有活力的藝術產業基礎。NAC將支援藝術團體發展和展示多樣化藝術作品，並加強人才庫。自由職業藝術家也將受益於更多發展機會，拓寬和深化技能。
除了藝術，幾乎沒有什麼能像體育一樣凝聚國家、激發新加坡精神。從基層到全球舞臺，從社群參與到高水平競技，體育將各行各業的新加坡人聚集在一起。
在基層，我們將通過繼續支援體育設施總體規劃，促進更多新加坡人參與體育。新加坡人可期待大巴窯、榜鵝和金文泰的新建和翻新體育中心，以及社群內更多體育和休閒設施。
許多新加坡人希望支援國家運動員，我們將為他們提供更多平臺。我們將承辦更多大型體育賽事，讓運動員在主場與世界頂尖選手同場競技，讓更多新加坡人為新加坡隊加油。
我們還有“一隊新加坡基金”，為捐贈給新加坡隊運動員的款項提供一比一配捐。我將為該基金追加2000萬新元，並延長至2027財年末。
此外，我將擴大配捐資格範圍，涵蓋新興運動專案的運動員，如匹克球、觸球和舉重。我還將納入SportCares，該組織為弱勢兒童和青少年、殘障人士及長者提供體育專案參與機會。
文化、社區及青年部長將在供應委員會上分享更多關於藝術和體育的舉措。
先生，世界各地社會日益分裂，國家愈發脆弱。經濟增長或社會轉移支付本身無法保證成功。
因此，本預算投資於國家韌性——從確保軍事和國內安全的效能，到保障能源安全和建設更強的國家認同。這些將保護我們免受外部威脅和分裂力量的影響。只有這樣，我們才能有信心新加坡將持續發展。
我們投資經濟、社會和韌性的能力必須建立在堅實的財政基礎上。
財政責任一直是新加坡DNA的重要部分。我們明智地使用資源，謹慎為子孫後代提供保障。這就是為何我在過去兩次預算中做出重大收入調整。這些舉措為未來十年奠定了更強的財政基礎，同時確保公共財政體系整體公平且進步。
今年，鑑於生活成本的擔憂，我將為2024評估年度提供50%的個人所得稅回扣。回扣上限為200新元，主要惠及中等收入工人。此回扣將花費政府3.5億新元。
目前，納稅人如其受養人年收入不超過4000新元，可申請多種受養人相關減免。
我們收到公眾、稅務從業者及工黨議員的反饋，建議考慮提高受養人收入門檻，以應對生活成本和工資水平上漲。因此，自2025評估年度起，我將把受養人相關減免的年收入門檻從4000新元提高至8000新元。
在2022年預算中，我宣佈對住宅物業的物業稅率進行兩步上調。這是作為財富稅，針對所有投資物業及高階自住物業。
在該預算宣佈前，市場租金在過去五年相對平穩。但自2022年起，因需求強勁和疫情相關供應限制，市場租金顯著上漲，導致年值（AV）也大幅增加。我們原預計物業稅調整主要影響7%頂端自住物業，但年值上漲使受影響比例幾乎翻倍至13%。
鑑於市場趨勢，我將自2025年1月1日起提高自住住宅物業稅的所有年值區間。目前物業稅按年值區間從8000新元至超過10萬新元徵收。我將把下限從8000新元提高至12000新元，上限從超過10萬新元提高至超過14萬新元，並相應調整中間區間。這仍將保持物業稅調整的初衷，確保高價值住宅居民繼續公平納稅。
政府今年已提供物業稅回扣以緩衝調整影響。我們將繼續密切監測房地產市場，必要時在2025年提供額外回扣。
我們認識到部分退休人員居住在高階住宅，繳納物業稅時面臨現金流困難。為幫助他們，新加坡稅務局（IRAS）將提供24個月免息分期付款計劃。可通過IRAS網站申請或聯絡IRAS瞭解詳情。
接下來，我將調整購買住宅物業的額外買家印花稅（ABSD）。
目前，擁有現有住宅物業的已婚夫婦可享受新加坡已婚夫婦ABSD優惠，購買替換私宅時可申請ABSD退款。
為更好支援希望縮小居住規模的長者，我將把該優惠擴充套件至55歲及以上的單身新加坡公民。換言之，這些長者如在購買低價值替換私宅後六個月內出售首套物業，可申請替換私宅所繳ABSD退款。此擴充套件自今日起生效。
我還將為房地產開發商引入ABSD制度的靈活性。開發商現獲ABSD減免，條件是須在規定銷售期限內售出所有單位。但有時開發商難以滿足期限要求，需全額追回ABSD。
我將降低ABSD追回率，條件是開發商在規定期限內售出至少90%的單位。這確保住房供應及時釋放，同時給予開發商一定靈活性。具體細節將於今日稍後釋出宣告。
接下來，關於企業所得稅——我將對稅制進行重大調整，以應對國際稅基侵蝕和利潤轉移（BEPS）2.0倡議。
回顧一下，BEPS包含兩大支柱。第一支柱旨在將利潤徵稅權重新分配至市場轄區。實施後，新加坡將面臨收入損失。第一支柱目前已推遲，實施日期尚不明確。第二支柱將為大型跨國企業集團引入15%的全球最低有效稅率。
在上次預算中，我宣佈計劃自2025年起實施第二支柱，並將視情況調整時間表。
此後，多個司法轄區已行動。歐盟、英國、瑞士、日本和韓國自2024年起實施第二支柱規則。香港和馬來西亞等地宣佈自2025年起實施。
因此，我們將按計劃推進第二支柱的兩個組成部分。
第一是收入納入規則（IIR）。引入該規則的轄區將對其轄區內跨國企業集團的海外利潤徵收最低15%的有效稅率。我們將實施IIR。換言之，總部設在新加坡的跨國企業集團，無論其運營地點如何，均須對海外利潤繳納最低15%的有效稅率。
第二是國內補充稅（DTT）。該稅適用於跨國企業集團在新加坡的利潤。若無此稅，這些集團需向其總部轄區繳納15%的有效稅率。實施DTT符合我們利益，使我們能徵收該稅，而非由他處徵收。
IIR和DTT將自2025年1月1日或之後開始的財年生效，適用於全球年收入至少7.5億歐元的大型跨國企業集團。
第二支柱還有一部分：低稅利潤規則。這是一個後備措施，允許新加坡對在本地運營的跨國企業中，任何海外收入未達到最低稅率部分徵收補充稅。
我們將在後期考慮該規則。鑑於DTT和IIR已帶來重大企業稅制變革，我們將優先實施這兩項，確保受影響企業順利過渡。
短期內，第二支柱實施將帶來額外收入。但具體金額和持續時間尚不確定。若跨國企業為應對新環境將部分業務轉移至他處，稅基甚至可能減少。
無論如何，第二支柱帶來的額外收入需再投資，以保持新加坡在後BEPS時代的競爭力。
跨國企業正重新評估計劃和策略。其他政府也在加強和更新投資促進工具。
這就是為何我們推出了前述的可退還投資抵免。我們還需增加支出，支援新投資、研發創新活動，維持經濟競爭力。
總體而言，鑑於保持競爭力所需的巨大支出，目前我並不預計這些新舉措會為新加坡帶來持續的淨收入增長。
我還將進行一些進一步的稅收調整，以確保我們的稅制保持公平和具有競爭力。稅收變動的詳細內容見預算附件。[請參閱附件H-1。]
先生，去年財政部（MOF）釋出了一組中期財政前景預測。這些預測顯示，政府支出多年來穩步上升。2000年代末我們的支出約佔GDP的15%。十年間，增長了3個百分點，達到約佔GDP的18%。
我們預計本十年支出將繼續上升。醫療保健是支出增長的一個關鍵驅動力。但還有額外的支出需求推動增長。正如我之前所解釋的，我們必須為實現經濟脫碳的重大舉措投入更多資金。
作為“前進新加坡”計劃的一部分，我們正在進行重大政策轉變，以加強社會安全網，為新加坡人提供更多保障。我剛剛在今年的預算中介紹了其中一些措施。我們將在2024財年為“前進新加坡”政策舉措支出約50億新元，到本十年末累計接近400億新元。
在我們的預測中，財政部評估政府支出將在2030年增至約佔GDP的20%。目前，這仍是我們的評估。假設我們保持在這一支出增長範圍內，我們應有足夠的收入維持未來幾年的預算平衡。
但中期財政狀況依然緊張。因為我們面臨諸多增加支出的壓力，無論是醫療保健、社會需求，還是能源轉型，這些都是大額開支。我們必須謹慎管理這些支出，否則將面臨顯著的資金缺口。
我們已經看到許多其他發達經濟體的公共財政走上不可持續的道路，財政體系面臨崩潰風險。我們絕不能讓這種情況發生在新加坡。相反，讓我們堅持財政紀律和責任的精神，這一直是我們的優勢，確保我們的財政狀況始終保持平衡、穩健和可持續。
先生，現在讓我總結一下2023財年和2024財年的財政狀況。2023財年，我們的收入徵收好於預期，主要是企業所得稅收入增加。
額外收入將使我們能夠支付新的支出，包括向“前進計劃基金”注入的75億新元。
考慮到收入上升和支出增加，我們預計2023財年將以36億新元赤字結束，佔GDP的0.5%。
2024財年，我們預算小幅盈餘8,000萬新元，佔GDP的0.1%，基本實現財政平衡。整體財政立場適當，因為我們為家庭和企業提供有針對性的支援，同時經濟預計將執行在潛在水平左右。[請參閱附件H-2。]
議長先生，請允許我作結。
我們生活在一個未來將變得更加暴力、更加分裂、更加不可預測的世界。我們希望情況不是這樣。我們將盡最大努力，與國際社會合作，推動更好的全球結果。
但我們也必須現實。重大災難往往在發生前難以想象。情況可能會先惡化後好轉。因此，我們必須做好心理準備，並立即採取措施適應這個複雜的世界。
這不是我們第一次面臨這樣的局面。自獨立以來，我們不得不適應各種外部干擾和衝擊。
1967年英國決定從新加坡撤軍；1973年和1979年的全球石油危機；1997年亞洲金融危機；2000年代初的網際網路泡沫破裂；9/11事件；非典；2008年全球金融危機；當然還有最近的新冠疫情。
每一次，我們都能經受風暴，變得更加強大。
我相信，只要我們團結一致，攜手合作，繼續彼此信任，我們未來的道路也能如此。
2024年預算正是基於這一信念。我們正在幫助新加坡人應對生活成本問題。我們正在採取重大措施推進“前進新加坡”議程。
我們將推動經濟增長。我們必須這樣做。因為增長是創造更好就業和提高全民生活水平的前提。
我們將裝備每個人實現潛能，確保每個人都能從國家進步中受益。
我們將加強風險共擔和社會支援體系，使新加坡人在每個生命階段都能獲得更好保障，更有能力從挫折中恢復。
我們將強化韌性、團結和統一，使我們在面對任何挑戰或威脅時保持強大和有效。
我們不是唯一一個適應不同世界的國家。各國都在尋找解決方案。許多國家難以實施大膽和長期的計劃。
但我們能在新加坡實現這一目標。我們之所以能夠做到，是因為：（a）我們的財政狀況健康且可持續；（b）政府贏得了新加坡人的信任；（c）我們的人民團結一致；（d）我們的社會契約堅固。
這些是新加坡故事背後的關鍵要素。我們今天擁有的稀有、卓越且獨特。讓我們珍惜它，珍視它，利用這些優勢，使新加坡在動盪的世界中繼續成為閃亮的紅點。
在新冠疫情的黑暗日子裡，這段經歷現在對我們所有人來說都像一場噩夢，我曾訪問河濱中學。老師讓學生們想象十年後他們會做什麼，並寫信給未來的自己。
一名學生——Levin Ong——寫道，我引用：“親愛的未來的Levin，希望你這十年來一切安好。我感謝新加坡應對新冠疫情的方式……我面臨的挑戰與其他人在這段艱難時期相比微不足道。我希望世界變得更美好，並盡我所能回饋社會。我希望到2030年，我為每個人創造了一個更美好的世界。”
對未來的希望。回饋社會。我們每個人都盡力讓這裡變得更好。這就是我們的目標。
議長先生，讓我們從像Levin這樣的年輕新加坡人身上汲取靈感，充滿信心地前進，共同建設我們的共享未來。先生，我請求動議。[掌聲。]
議長：問題是，“議會批准政府2024年4月1日至2025年3月31日財政年度的財政政策。”
根據議事規則第89條第（1）款，辯論現休會。辯論何時恢復？
黃循財先生：2024年2月26日星期一，先生。
議長：照此辦理。
英文原文
SPRS Hansard · Fetched: 2026-05-02
Mr Speaker : Order. The Clerk will now proceed to read the Notice of Motion.
3.30 pm
The Deputy Prime Minister and Minister for Finance (Mr Lawrence Wong) : Mr Speaker, Sir, I beg to move, "That Parliament approves the financial policy of the Government for the Financial Year 1 April 2024 to 31 March 2025."
Mr Speaker, Sir, I beg to move, "That Parliament approves the financial policy of the Government for the Financial Year 1 April 2024 to 31 March 2025."
The past year has not been easy. The international environment was troubled. The global economy was subdued. Our economy grew by a modest 1.1%, avoiding a recession.
I know that many households are feeling the pressure of higher living costs.
Fortunately, we had some unexpected revenue upside from our strong economic rebound in the preceding two years. And this is why the Government was able to enhance its assistance measures to relieve the burden on households.
For 2024, the outlook is mixed. Growth in the major economies on the whole is expected to remain resilient. But geopolitical risks continue to loom large. Wars are raging in Europe and the Middle East. These conflicts can escalate dangerously, leading to disruptions in global energy markets and supply chains.
Fortunately, there are some upsides. Global inflationary pressures are expected to recede further. This may provide some room for the major central banks to adopt more accommodative stances, which may ease financial conditions and support demand.
The global electronics industry is expected to recover. This will bolster the growth of many regional economies, including our key trading partners.
Meanwhile, Asia continues to be a key driver of global growth, with a wider spread of opportunities across the region – not just in China, but also in India and many parts of Southeast Asia.
On the whole, we are cautiously optimistic that 2024 will be a better year. Besides lower inflation, we expect higher gross domestic product (GDP) growth at 1.0% to 3.0%.
But there is considerable uncertainty in the outlook and the risks are tilted to the downside. The international environment has darkened dramatically.
The post-Cold War era that began in the early 1990s and fostered three decades of peace and stability is over.
We are now in a new era of conflict and confrontation, and there is no turning back.
What can we expect in this new world?
It will be more violent. We already see a growing zone of impunity involving armed conflict and terrorism that cannot be easily resolved by the global community.
It will be more fragmented. Because the major powers are prioritising national security over economic interdependence, and traditional modes of cooperation are breaking down.
It will be messier and more unpredictable. Because there will be diminished willingness and capacity to tackle global issues, be it responding to future pandemics or tackling climate change.
These are the stark realities before us. For some time to come, Singapore will have to operate in an external environment that will be less stable and favourable to our security and prosperity than the preceding three decades.
That is why we embarked on the Forward Singapore exercise – to refresh our social compact to keep our society strong and united, and to set out a roadmap for our way forward in this very troubled world.
Through Forward Singapore, we aim to give more assurance to help Singaporeans navigate the uncertainties in today’s world; strengthen our sense of cohesion and solidarity; and keep our society together.
For as one united people, we can overcome all odds.
We can turn every challenge into opportunity and every vulnerability into strength.
We can build a nation that is vibrant and inclusive, fair and thriving, resilient and united.
We have an ambitious agenda to achieve these shared goals. We have major plans to unfold over the coming years. Some are ready to be implemented now.
Others will require more time to study or to work out the implementation details.
In this Budget, we will roll out the first instalment of our Forward Singapore programmes.
Budget 2024 is therefore about taking concrete steps to build our shared future together. We will:
(a) tackle immediate challenges for households and businesses;
(b) pursue better growth and jobs, and equip our workers for life;
(c) create more paths for equality and mobility;
(d) provide more assurance for families and seniors;
(e) and ultimately, forge a stronger and more united nation.
I will touch on each of these in turn in the rest of my speech.
We have enjoyed low inflation in Singapore for more than a decade. But inflation rose sharply in 2022, following the outbreak of the war in Ukraine, which led to significant increases in global energy and food prices.
Despite the unprecedented surge in prices, we had good economic growth in 2022. So, incomes that year rose faster than inflation and Singaporeans were better off, in real terms.
Unfortunately, this did not happen last year. Inflation had in fact started to moderate. But economic growth also slowed. As a result, real incomes declined.
We had picked up early indicators of this negative trend. And that is why I introduced the Cost-of-Living Support Package in September last year and enhanced the Assurance Package to over $10 billion.
While we expect the situation to improve this year, there are uncertainties in the outlook, as I mentioned just now. So, in this Budget, I will do more to support households and further enhance the Assurance Package.
First, I will provide an additional $600 in Community Development Council (CDC) Vouchers for all Singaporean households. The first $300 will be disbursed in end-June this year, and the remaining $300 will be disbursed in January next year.
Second, I will provide a Cost-of-Living Special Payment of between $200 and $400 in cash. This will be extended to adult Singaporeans with Assessable Income of up to $100,000, and who do not own more than one property.
Third, I will provide additional one-off U-Save rebates to help HDB households cope with increases in their utility bills. In total, eligible HDB households can expect to receive two-and-a-half times the amount of regular U-Save rebates, or up to $950, in FY2024. This will cover about four months of utility bills for those living in 3- and 4- room flats.
Fourth, I will provide an additional one-off Service and Conservancy Charges (S&CC) Rebate for HDB flats. Together with the regular S&CC rebates, eligible Housing and Development Board (HDB) households will receive up to four months of such rebates in FY2024.
Altogether, the additional support under the Assurance Package will cost $1.9 billion. [ Please refer to Annex B-1 . ]
We have designed the Assurance Package so that lower-income families get more support. We have also ensured that larger households, particularly those with seniors and children, get more support.
Let me give some illustrations.
A lower-income household of four, with two young children, will receive about $5,500 in benefits in FY2024. This comprises cash, MediSave top-ups, U-Save and S&CC rebates, and CDC Vouchers.
A middle-income household of four, with two young children, will receive about $3,000 in benefits.
A middle-income household with six persons – a larger family – including two seniors and two young children, will receive about $8,000 in benefits.
Sir, these are concrete ways to help Singaporeans tackle cost of living pressures. Let me assure everyone – we will always have your backs. [ Applause. ]
Beyond the Assurance Package, I will top up the Good and Services Tax (GST) Voucher Fund by $6 billion. This delivers on our commitment to permanently defray GST expenses for lower- and middle-income households, through the GST Voucher scheme.
Businesses also need help to manage rising costs. Many companies have seen increases in their wage bills, rental, and utilities, amongst others. I will therefore introduce an Enterprise Support Package, which will provide $1.3 billion in support to companies.
First, companies will receive a 50% Corporate Income Tax Rebate, capped at $40,000, in the Year of Assessment 2024. Not all companies are profitable, and some may not benefit from such a rebate. So, I will provide a minimum benefit of $2,000 in cash payouts for companies that employed at least one local employee in 2023.
Second, I will enhance the Enterprise Financing Scheme, which helps Singapore enterprises with their financing needs. The maximum working capital loan quantum will be permanently raised to $500,000. I will also extend until 31 March 2025 the enhanced maximum trade loan quantum, as well as the Government’s risk sharing of project loans to support domestic construction projects.
Third, I will extend the SkillsFuture Enterprise Credit by a year to 30 June 2025. The Credit provides additional support for eligible employers to cover their out-of-pocket expenses when they embark on workforce and business transformation. With this extension, employers will have another year to claim any unused credit.
The measures in this Enterprise Support Package are tilted towards firms that make the effort to restructure and transform. I encourage all firms to make full use of these schemes, so that they can thrive and succeed, amidst a more challenging operating environment. [ Please refer to Annex B-2 . ]
The enhanced Assurance Package and the Enterprise Support Package will provide some near-term relief to Singaporean households and firms. These are needed during this difficult period when inflation, while moderating, remains on the high side. But they are not permanent solutions. In the longer term, the best way to deal with inflation is to ensure that our firms and workers are more productive, and that real incomes continue to rise sustainably.
Our key priority is to ensure a strong, innovative and vibrant economy. This is absolutely essential to secure good jobs and better lives for all Singaporeans, and on a sustained basis.
Since our early days of independence, we have been able to defy the odds and consistently achieve good economic performance. But we cannot afford to be complacent, especially in a more complex and volatile external environment.
In past years, some had suggested that Singapore should slow down, do not have to grow so quickly. Indeed, that happened last year – our economy grew by just about 1%. But if we were to experience similarly slow growth for several years in a row, we will be in trouble. We will have no chance of improving our collective wellbeing. Singaporeans’ living standards will be dented. We will not be able to afford the social services we need. And in the end, lower-income workers and families will be hit the hardest.
We therefore make no apology for pursuing growth. To be clear, we are not going for growth at all costs. There is a limit to how fast we can grow due to the tighter constraints we face in land, labour and carbon. But by focusing on productivity and innovation, we can push the frontier and grow at an average of about 2% to 3% each year over the next decade.
This is an ambitious goal given our stage of economic development. But we must aim high, so that Singapore keeps moving forward, and our people continue to enjoy more opportunities and a better quality of life.
A crucial enabler for growth is our ability to attract high-quality and high-value investments to Singapore. Because such projects bring the latest know-how and capabilities, and create good jobs for Singaporeans.
So far, our investment pipeline has been healthy. Despite a challenging external environment last year, the Economic Development Board (EDB) exceeded its targets, and brought in investments which are expected to create over 20,000 new jobs.
But the competition for investments is getting tougher. Governments around the world are rolling out vast subsidies to attract investments, especially in strategic industries. For example, in November last year, Japan announced that it would allocate ¥2 trillion, or about $18 billion, to support its semiconductor industry.
We cannot afford to engage in a “bidding war” with the major economies. But neither should we stand still and just do nothing.
We will therefore enhance our investment promotion toolkit by introducing a new Refundable Investment Credit. [ Please refer to Annex C-1 . ]
This is a tax credit with a refundable cash feature. It will support high-value and substantive economic activities, including the setting up or expansion of manufacturing facilities; new innovation and R&D activities; as well as activities in support of the green transition.
Essentially, this new tax credit will help us to stay competitive and attract investments from global companies with the right know-how and create good jobs for Singaporeans.
To support this and other investment promotion efforts, I will top up the National Productivity Fund by $2 billion this year.
Besides anchoring new investments, we must build on our existing strengths and upgrade the sectors where we have competitive advantages.
These advantages did not come about by chance. They are the result of many decades of hard work to restructure and upgrade our economy. We did not just keep costs competitive. We also enhanced our capabilities and moved up the value chain, so as to justify the higher premiums for operating out of Singapore. And we are pressing on with these restructuring efforts through the Industry Transformation Maps.
Take semi-conductors as one example. Singapore is not the cheapest location worldwide. But we have many things going for us – our excellent connectivity, our reliability and stable business environment, and also a critical mass of leading companies based here, and they operate across the value chain, from design, to wafer fabrication, to assembly and testing. The companies here do not produce cutting-edge 3 nm chips, which you will read about in the media these days. But they have carved out a niche in other types of chips, like specialty chips and NAND flash memory chips. These are critical enablers of automation, 5G and electric vehicles, and they are in high demand. That is how our little red dot can be a key node in the semi-conductor supply chain – accounting for more than 10% of the global semi-conductor market and 20% of semi-conductor equipment in the world.
Likewise in finance, we are a leading centre in Asia, supporting businesses from all over the world. And during this period of global uncertainty, we have been able to distinguish ourselves as a stable and trusted financial centre. The major financial institutions are keen to do more out of Singapore and we are seeing a continued inflow of investments, capital and talent.
So, whether in advanced manufacturing or high-end services, the strengths we have today are not easily replicated by others. But the global competitive landscape is ever-changing and other countries, you can be sure, are seeking to overtake us. So, in this Budget, I will set aside resources to reinforce our competitive lead.
I will top up the Financial Sector Development Fund by $2 billion. This will give the Monetary Authority of Singapore (MAS) more resources to take full advantage of current opportunities, and extend our lead in the financial services sector – not just to do more in the core areas of banking, capital markets, asset management, and insurance, but also to build capabilities in new areas like fintech, as well as green and transition finance.
I will set aside more funds for research and development (R&D), because this is how we push the frontiers of innovation across the entire economy.
In 2020, we launched the Research, Innovation and Enterprise 2025 (RIE2025) plan, with a commitment of $25 billion.
I will invest a further $3 billion in RIE2025. This will sustain our investments in research, innovation, and enterprise at about 1% of GDP. The additional resources will go towards research and related investments in national priorities such as advanced manufacturing, sustainability, the digital economy and healthcare.
Our investments in R&D will take some time to translate into concrete economic outcomes. But this is precisely why we must take a long-term view. For these investments help to develop a critical mass of capabilities, ideas and talent. They enable us to sharpen our competitive edge globally, as a knowledge-based and innovation-driven economy.
Besides a steady commitment to R&D, we also need to harness the full power of technology across our key sectors.
One critical emerging technology is artificial intelligence (AI). AI is not just about ChatGPT or Large Language Models. It is a general-purpose technology, like electricity, the internal combustion engine, the computer, or the internet. It has the potential to transform a wide range of industries, and to enhance productivity across many existing processes, from drug discovery, to organising warehouses, or driving vehicles.
Singapore is already recognised as a serious player in AI development. We aim to go further – to build new peaks of excellence, and crowd in private sector resources along the way. We have set out the plans to do so in the National AI Strategy 2.0.
To support this strategy and further catalyse AI activities, I will invest more than $1 billion over the next five years into AI compute, talent and industry development.
Part of the investment will be used to ensure that Singapore can secure access to the advanced chips that are so crucial to AI development and deployment.
We will also work with leading companies in Singapore and around the world to set up their AI Centres of Excellence here. We want these Centres to spur industry collaboration and innovation, and drive greater value creation across the whole economy.
In tandem, I will allocate additional resources to catalyse investments in upgrading our Nationwide Broadband Network. With the additional investments, we aim to enable mass market access to broadband speeds of up to 10 Gigabits per second in the second half of this decade. This is 10 times faster than the broadband speed in most homes today. This also ensures that our connectivity infrastructure will be able to support technologies like AI and immersive media, as they become more pervasive in the future.
We will continue to do more to invest in and strengthen our local enterprises.
We are helping smaller firms harness technology through pre-approved solutions, many tailored for the needs of specific industries. This enables the small and medium enterprise (SMEs) to “plug and play” and quickly achieve greater efficiency and productivity gains.
As companies grow, their needs will become more complex, especially as they go overseas. We are providing more customised support to help these companies scale up, and we will continue with these efforts.
One way for our companies to level up quickly is to partner with the multinational enterprises (MNEs) that are based here in Singapore. The MNEs set high requirements and standards for firms that wish to supply to them. We cannot force MNEs to choose only local suppliers. But we can and we will help Singapore enterprises to meet the high standards, and to form win-win partnerships with the MNEs.
Let me share an example from the aerospace industry. Aerospace parts must meet stringent manufacturing and safety requirements. So, aerospace manufacturers like Rolls-Royce, are highly selective in who they choose as partners.
Zincode, a local company was supported by the Smart Manufacturing Joint Lab – this is a collaboration between A*STAR, Rolls-Royce and Singapore Aero Engine Services Private Limited. The company was supported by this lab to improve its image processing capabilities. As a result, it qualified as one of the approved partners for inspection work at the Rolls-Royce manufacturing facility here in Singapore. Zincode has now successfully captured new opportunities from other companies in the aerospace sector and benefited from an increase in sales.
We want to help more companies like Zincode raise their capabilities and win new opportunities. Today, we have the Partnerships for Capability Transformation (PACT) scheme. This supports collaborations between larger companies and SMEs, in the areas of supplier development and co-innovation.
I will enhance PACT to support partnerships in more areas – including capability training, internationalisation and corporate venturing. With the enhanced PACT, we aim to help more of our firms plug into global supply chains, compete in markets abroad and grow to become industry leaders in their own right.
For firms to be competitive, they also need to embrace sustainability. SMEs today sometimes still treat sustainability as an additional imposition and cost. But going green can be a competitive advantage. Because the MNEs are already looking to reduce their carbon footprint and they expect their suppliers to do the same. In other words, to play in the MNE value chain, our own companies must be “sustainability-ready”.
I will therefore extend the enhanced support for green loans under the Enterprise Financing Scheme, and expand its scope to help more of our SMEs adopt green solutions.
I will also enhance the Energy Efficiency Grant. This was introduced in 2022 for companies in the Food Services, Food Manufacturing and Retail sectors. I will extend the grant to more sectors including Manufacturing, Construction, Maritime and Data Centres and their users. Beyond pre-approved energy-efficient solutions supported under the Grant, we will provide additional support for companies with more ambitious plans to reduce their emissions. [ Please refer to Annex C-2 . ]
The Minister for Trade and Industry will elaborate on this and other sustainability-related measures at the Committee of Supply.
We are taking concrete steps to keep our economy competitive and vibrant, and to help our enterprises seize new opportunities. We will do whatever it takes to secure our place as one of the leading economic hubs in the world, known for our innovation, dynamism and deep capabilities, with good jobs and opportunities for our people.
Sir, people and talent are critical to our economic dynamism. We are investing heavily in our human capital, including in preschool and education. But learning cannot stop when formal schooling ends. And that is why we launched SkillsFuture – to systematically support Singaporeans in reskilling and upskilling, and equip them throughout life.
The Singapore workforce today ranks highly in terms of skills and technical proficiency. Our workers are able to command a premium in the global marketplace because of their expertise. But with rapid technological advances, expertise is in constant flux. Jobs like data entry clerks and door-to-door salesmen have dwindled in numbers. New jobs that did not exist decades ago, like data scientists and digital marketers are now in demand. Expertise keeps on changing.
In other words, robots and machines will not completely replace humans at work. But they will change the way expertise is defined and how value is created. We therefore have to invest even more in our human capital, and help our workers refresh and update their skills, and learn how to harness new technologies more effectively. Indeed, this is something that the National Trades Union Congress (NTUC) and the Labour Movement have consistently championed, most recently in the Forward Singapore engagements.
We started SkillsFuture nearly 10 years ago. Since then, Government spending on Continuing Education and Training has nearly doubled to $0.9 billion last year.
Today, every Singaporean gets a $500 SkillsFuture Credit, and all employers can get support to train their workers. We have also built up a wide array of training options, which individuals enjoy generous subsidies for.
We have made good progress over the past decade. But there is still much more to be done. Continuous skills upgrading throughout life is now more important than ever. So, we must firmly establish SkillsFuture as a key pillar of our social compact.
Quality learning and skills training is not just about attending a one- or two-day course. Workers may need weeks or months of training to get a proper skills reboot, especially if they are looking to move to a different area of work. Even if they stay in the same industry, they will need a substantial injection of skills from time to time to stay relevant.
But we know that taking time off from work to attend training courses over an extended period is not easy, especially for those in their 40s and 50s with financial and caregiving obligations.
I will therefore introduce a new SkillsFuture Level-Up Programme to better support our mid-career workers. I will share the broad thrusts of this package or programme, and the Minister for Education will provide more details at the Committee of Supply. [ Please refer to Annex D-1 . ]
First, I will give all Singaporeans aged 40 and above a top-up in SkillsFuture Credit of $4,000. All Singaporeans aged 40 and above will get the top-up in May this year. For those who are younger, you do not have to worry. Your turn will come – you will get the top-up, when you turn 40.
We have deliberately allowed the existing basic tier of $500 in SkillsFuture Credit to be used for a wide range of courses, and this was to instil a habit of lifelong learning.
The new $4,000 credit will be more targeted in scope – we will confine its usage to selected training programmes with better employability outcomes. This includes part-time and full-time diploma, post-diploma, and undergraduate programmes, as well as courses for the Progressive Wage Model sectors. We want participants taking up these programmes to be assured of better employment outcomes after they have completed their training.
Second, to provide more reskilling options, I will provide subsidies to all Singaporeans aged 40 and above to pursue another full-time diploma at our polytechnics, the Institute of Technical Education (ITE) and Arts Institutions from Academic Year 2025 onwards.
In other words, we will give every Singaporean another bite of the education subsidy. Even after you have graduated from an Institute of Higher Learning as a younger person, you can come back again after you turn 40 to do a full-time diploma and it will be at subsidised rates.
Third, I will provide a monthly training allowance to Singaporeans aged 40 and above who enrol in selected full-time courses.
The training allowance will be equivalent to 50% of one’s average income over the latest available 12-month period and it will be capped at $3,000 per month. Every individual can receive up to 24 months of such a training allowance throughout their lifetime.
This will support the full duration of a SkillsFuture Career Transition Programme and more than half the duration of most qualifications issued by our Institutes of Higher Learning.
What do these changes mean for our workers?
Take the example of Mr Calvin Li, 40 years old now. He graduated from Singapore Polytechnic with a Diploma in Electronic, Computer and Communication Engineering.
He works today as a Project Director at Khoon Engineering, which is a mechanical and electrical service provider. With the SkillsFuture Level-Up Programme, Calvin will enjoy a $4,000 top-up in SkillsFuture Credit.
He can use the Credit to pursue a second diploma. This diploma will be offered at subsidised fees and the Credit will cover more than half of the expense after subsidies. Should he intend to do this full-time, he can receive the monthly training allowance of up to 50% of his previous pay for two years.
Sir, we are making a significant enhancement to our SkillsFuture ecosystem. But we will reap the full benefits only if all of us – Government, employers, workers, and unions – lean forward to truly deepen this culture of lifelong learning and skills mastery in Singapore. This must be our shared commitment to one another – to help our fellow Singaporeans develop to their fullest potential and to have productive and meaningful careers.
There is one other move we will make under SkillsFuture. We know that technological changes will bring about more churn in the economy. Even when the economy as a whole is doing well, some businesses or even some industries may be suffering. In fact, it is not possible to have an economy that is dynamic and growing without failures and losses. In some sectors, firms will have to let go of people, while in other sectors, new and better jobs will be created.
We have to accept this reality. But it does not mean we should be indifferent to the suffering caused when firms lay off their workers.
Losing a job is a major setback for workers and their families. Those who become involuntarily unemployed naturally feel the pressure to rush into the first available job they find. But the new job may not always be a good fit. Ideally, they should consider ways to upgrade their skills and to find a job that fits their aptitude and talent. But displaced workers may not have the time to train or search for new jobs, especially when they are already straining to make ends meet.
Therefore, we will do more to support this group of workers. In particular, we will introduce a temporary financial support scheme for the involuntarily unemployed, while they undergo training or look for better-fitting jobs.
We have to design this scheme carefully, including the quantum of support and the conditionalities that come with the support. This is to avoid the pitfalls other countries experienced when they introduced unemployment benefits.
We are working out the parameters for the scheme, and will provide more details later this year.
Ours must always be an economy that provides opportunities for all; an economy that benefits the many rather than the few. That is why we are making significant enhancements to SkillsFuture, and supporting jobseekers while they search for their next opportunity. We believe that every worker matters; that every citizen counts. We will equip every Singaporean to benefit from the fruits of our economic growth. [ Applause. ]
In many developed countries, rising inequality and slowing social mobility have fractured social cohesion and deeply divided their peoples. These can create similar pressures here.
Indeed, we embarked on the Forward Singapore exercise because we do not want to succumb to the kind of harsh inequality we see in so many parts of the world. By creating more paths towards equality and mobility, we also put ourselves in a better position for continued growth – in other words, a strong economy and a strong society reinforce each other.
But tackling inequality is often easier said than done. Ideas on how to do so are frequently replete with unintended consequences. Simple handouts and blunt measures do not solve poverty. This is why Singapore has continually paved our own way since the beginning. We carefully study the experiences of others, taking note of where they have succeeded and failed. We introduce significant innovations that work for us, for our ethos, for our society. This is the Singapore way.
Over the last decade, we have made progress in uplifting lower-wage workers, and reducing disparities in wages. Our income inequality, as measured by the Gini coefficient, has declined to its lowest level over two decades.
Workfare and Progressive Wages are our key strategies to uplift our lower-wage workers. These strategies are working. I will make several adjustments to ensure they continue to deliver results. [ Please refer to Annex E-1 . ]
First, I will enhance the Workfare Income Supplement scheme from next year.
I will raise the qualifying income cap from $2,500 to $3,000. This ensures that we continue to cover lower-wage workers, even as their wages grow.
I will also raise Workfare payouts. Lower-wage senior workers will qualify for a maximum annual payout of $4,900, up from $4,200 today.
Second, I will raise the Local Qualifying Salary (LQS). All local employees at companies that hire foreign workers must be paid the LQS. [ Please refer to " Clarification by Deputy Prime Minister and Minister for Finance ", Official Report, 16 February 2024, Vol 95, Issue 123, Correction By Written Statement section. ]
The LQS for full-time workers will be raised from $1,400 to $1,600 from this year. The minimum hourly rate will be increased from $9 to $10.50 per hour. This increase ensures we keep pace with wage growth.
Third, I will provide more support for employers who raise the wages of their lower-wage workers. In 2022, I introduced the Progressive Wage Credit Scheme (PWCS), where the Government co-funds the wage increases of lower-wage workers with employers.
I know employers are concerned with rising business costs in today’s economy. So, the Government will do its part to help. I will raise the co-funding levels for this year, from a maximum of 30%, to a maximum of 50%.
I will also raise the PWCS wage ceiling from $2,500 to $3,000 in 2025, in tandem with the increase in the qualifying income cap for Workfare.
To provide for these enhancements, I will top up the PWCS Fund by $1 billion.
Besides uplifting lower-wage workers, we also want to improve wages across different professions. There will always be differences in wages in any society. But too large a gap creates unhealthy levels of anxiety and stress. Parents and children may get caught up in an education arms race, or may feel pressured to prioritise careers only in a few traditional fields, instead of focusing on their individual strengths and talents.
In fact, the vast majority of Singaporeans in the Forward Singapore engagements welcome broader definitions of success. We want more diverse pathways so that every individual can strive to be the best possible version of themselves. This also means that we must accord greater value to those who are skilled in technical hands-on abilities, as well as those with the social and empathetic traits to excel in service jobs. In particular, the wages and career prospects of our ITE graduates should not be too far below their polytechnic- and university-going peers.
I recently met some recent ITE graduates. I was inspired by their personal stories, and their enthusiasm to deepen the skills they have acquired at ITE.
One of them, Matthew Francis Thanarajoo, graduated from ITE in 2021 with a Higher Nitec in Mechatronics. He is now pursuing a Diploma in Mechatronics at Temasek Polytechnic and honing his skills in automation and robotics. These experiences have equipped him with confidence to pursue his aspirations in engineering. He will be representing Singapore at the WorldSkills competition later this year in France and we wish him the very best. [ Applause. ]
We want to encourage and support more young ITE graduates in their upskilling efforts, so they can excel in a profession they have trained in, and get themselves onto a better career and wage trajectory. I will therefore provide more support for ITE graduates aged 30 and below through a new ITE Progression Award.
There are two parts to the Award.
First, I will provide a $5,000 top-up to the Post-Secondary Education Accounts of ITE graduates when they enrol in a diploma programme. This will help to offset the costs of obtaining a diploma.
Second, when these students attain their diplomas, I will provide a further $10,000 top-up to their Central Provident Fund (CPF) Ordinary Accounts. This will give them a head-start in purchasing a home or saving for retirement.
Sir, this new Award is a significant investment in our ITE graduates. It represents our continuing commitment to uplift them, and to better equip them in their journey of lifelong learning.
Besides tackling inequality, we must also uphold social mobility.
Up to now, Singapore has fared better than other advanced economies. But we must continue to pay special attention to children from less well-off families, to ensure they have access to full and fair opportunities early in life.
Many of these families are already taking steps to build better lives for themselves, but they may find it hard to sustain progress. We know that they often face complex challenges, including marital stress, existing debts, or even motivation and self-confidence issues.
Under the enhanced ComLink (ComLink+), we are providing more customised support for these families. We are getting family coaches and volunteer befrienders to work directly with these families. They will jointly develop action plans to improve their life circumstances, and the coaches will provide additional support to the families, so as to encourage and motivate them towards these goals.
The additional support will be rolled out in the form of ComLink+ Progress Packages. This is yet another major innovation in our social policy landscape. [ Please refer to Annex E-2 . ]
For example, adults in the family can each receive payouts of up to $600 every quarter, through a combination of cash and CPF, if they secure a job and stay employed.
Those who make voluntary contributions to their CPF will receive matching grants from the Government to grow their savings faster. This, combined with existing schemes like the Fresh Start Housing Scheme, will help these families buy their own homes.
We will also partner with corporates and community groups to implement the ComLink+ Progress Packages. The donors can provide additional financial support to these families, and contribute in other ways, like befriending and mentoring, to help them get back on their feet again.
Sir, in this Budget, we are taking further steps to ensure that all Singaporeans have opportunities to take on work they find meaningful and fulfilling, build on their talents, give their best, and be rewarded fairly for it. This is how we keep the Singapore Dream alive and well for all our people.
The Government will do our part. But I want to emphasise that this is not just about the Government doing more. We also need our employers, community groups, as well as families and individuals themselves, to step up. Together, we can and we will build – a fairer, a more equal, and a more inclusive Singapore. [ Applause. ]
Next, let me touch on our plans to build a Singapore made for families – an endearing home for all of us to sink roots, grow up and grow old in.
Families are the bedrock of our society, and we will support their needs at every stage of life.
Let me start with support for our children, to give them a strong foundation in life.
We will continue to take steps to improve preschool affordability. At Government-supported preschools, we extend generous subsidies, so that out-of-pocket expenses are kept affordable.
We will lower the fees further so that full-day preschool expenses for dual-income families will be comparable to those of primary school and after-school student care.
We will do so in two stages. I will reduce monthly childcare fee caps in Government-supported preschools in 2025, to $640 for Anchor Operators and $680 for Partner Operators. This is before the childcare subsidies which all families will benefit from. I will make another move to reduce fee caps in 2026. The details will be announced later.
I will also enhance existing preschool subsidies for lower-income families. Currently, more subsidies are given to children with working mothers. I will extend these higher subsidies to all children from lower-income families, including those with non-working mothers. This will benefit up to 17,000 children. [ Applause. ]
In schools, we will do more to help our children develop the competencies and values they need to thrive in a more unpredictable future.
The Ministry of Education (MOE) is placing more emphasis on competencies like adaptive and inventive thinking, communication skills and civic literacy.
We want to encourage and recognise students who demonstrate such competencies, including by enhancing the Edusave awards.
I will therefore top up the Edusave Endowment Fund by $2 billion to support these and other education initiatives.
For young couples who are getting ready to settle down and form their own families, timely access to affordable housing is critical.
We are helping first-timer families by ramping up Build-To-Order (BTO) supply and giving these families greater priority.
We are also making flats in choicer locations more affordable, in a way that is fair and inclusive, through the Prime, Plus and Standard framework. This will be implemented later this year for new BTO projects.
Some couples have already booked their BTO flats, but they may like to have a place to stay temporarily, while they wait for the completion of their flats. This is especially the case for those with young children.
Currently, HDB offers subsidised rental housing under the Parenthood Provisional Housing Scheme (PPHS).
HDB receives many applications for the scheme, and it is ramping up supply to meet the demand. But in the interim, we want to do more to support such young families with urgent housing needs.
I will therefore provide a PPHS (Open Market) Voucher for one year, to support eligible families who rent a HDB flat in the open market.
In this Budget, I will do more for families of persons with special needs or disabilities.
We know that families of children with special needs face greater cost pressures due to higher fees for education and care services. Each student at a Special Education (SPED) school already benefits from more subsidies than a primary school student in a mainstream school. But the fees at most SPED schools remain higher than those of mainstream schools due to the higher underlying costs.
We are studying further moves to alleviate the cost pressures on these families. As a first step, I will reduce the maximum monthly fees at SPED schools to $90, down from $150 today. I will also lower the fee caps at all Special Student Care Centres to reduce families’ out-of-pocket expenses.
For adults with disabilities, I will provide more support for their employment and integration into the community. I will expand spaces in Sheltered Workshops and Day Activity Centres where they can undergo skills training and launch more Enabling Services Hubs to provide community support to persons with disabilities and their caregivers.
The respective Ministers will share more on each of these moves at the Committee of Supply.
I will do more to support the retirement needs of our seniors.
Let me start with some adjustments to the CPF system. [ Please refer to Annex F-1 . ]
First, in line with the recommendations of the Tripartite Workgroup on Older Workers, we will continue with the next step of planned CPF contribution rate increases for senior workers. I will increase the CPF contribution rates for those aged 55 to 65 by a further 1.5 percentage points in 2025.
I will also provide the CPF Transition Offset to employers for another year, to cover half of the increase in employer contributions for 2025. This will help to cushion the impact on business costs.
Second, I will raise the Enhanced Retirement Sum (ERS) from 2025. The ERS is the maximum amount that members can put into their CPF Retirement Accounts to receive CPF payouts.
I will increase the ERS from three times the Basic Retirement Sum, to four times from 2025. This means the ERS next year will be $426,000. This will allow more members aged 55 and above to fully commit their accumulated CPF savings to receive higher CPF payouts, should they wish to do so.
Third, we will take steps to rationalise the CPF system. Today, members aged 55 and above have a Special Account (SA) and a Retirement Account (RA). From next year, we will close the SA for those aged 55 and above. The SA savings will be transferred to the RA up to the Full Retirement Sum, where they will continue to earn the long-term interest rate.
The remaining SA savings will be transferred to the Ordinary Account (OA). But members can voluntarily transfer their OA savings to the RA at any time, up to the ERS, to earn higher interest, and to receive higher retirement payouts.
I will also enhance the retirement support schemes for seniors who need more help.
The Silver Support Scheme provides quarterly payments to seniors who had low incomes during their working years and have less family support. I will raise the qualifying per capita household income threshold for Silver Support from $1,800 to $2,300, and increase the quarterly payments by 20%, to keep pace with inflation.
The Matched Retirement Savings Scheme (MRSS) helps Singaporeans aged 55 to 75 with less CPF savings to save more, by providing dollar-for-dollar matching for cash top-ups to their CPF accounts. [ Please refer to " Clarification by Deputy Prime Minister and Minister for Finance ", Official Report, 16 February 2024, Vol 95, Issue 123, Correction By Written Statement section. ]
I will make several adjustments to the scheme.
I will extend the MRSS to those above the age of 70. This will enable more Singaporeans to meet their retirement needs, with help from their families, employers and the community.
I will increase the annual matching cap from $600 to $2,000, and set a lifetime matching cap of $20,000.
Currently, we provide a tax relief to encourage Singaporeans to top up their CPF. But the matching grant is already a significant benefit extended by the Government. So, we will remove the tax relief for the cash top-ups that attract the matching grant.
These changes to Silver Support and the MRSS will take effect from 2025.
“Young Seniors” who currently in their 50s and early 60s will get an additional boost for their retirement through the Majulah Package. This was announced by Prime Minister Lee at last year’s National Day Rally.
While the package is geared towards supporting Young Seniors, Pioneer and Merdeka Generation seniors will benefit too. In fact, all Singaporeans born in 1973 or earlier will receive at least one component of the Majulah Package. Let me explain. [ Please refer to Annex F-2 . ]
First, I will provide an Earn and Save Bonus, to help seniors earning up to $6,000 per month accumulate more retirement savings. They will receive a yearly bonus of up to $1,000 for as long as they work, with more going to those who earn lower incomes.
Second, I will provide a one-time Retirement Savings Bonus of between $1,000 and $1,500 to seniors with retirement savings below the Basic Retirement Sum.
Both bonuses will be for seniors who live in a property with Annual Value of $25,000 or less, and own no more than one property.
Third, I will provide a one-time MediSave Bonus to all seniors born in 1973 or earlier. Young Seniors with less means will be given the higher tier of $1,500; and all other seniors will receive $750. The Minister for Manpower will share more details at the Committee of Supply.
In all, the Majulah Package will benefit about 1.6 million Singaporeans, at a total lifetime cost of $8.2 billion. To honour this commitment without burdening future generations, I will set aside $7.5 billion in a new Fund – the Majulah Package Fund. This will be sufficient to cover the lifetime cost of the Package, after accounting for investment income of the Fund.
Another significant undertaking is healthcare. Over the years, we have invested heavily to ensure healthcare remains affordable and accessible for all. The Ministry of Health (MOH)’s annual budget has tripled within a decade.
We have put this spending to good use. We are devoting more resources to areas of growing importance, like preventive health, support for our seniors and mental health and well-being, as recently affirmed by this House. We also continue to enjoy improvements in health outcomes, with Singaporeans living longer and healthier lives.
But with a rapidly ageing population, the fiscal pressures of healthcare will only grow. As a responsible Government, we have to plan ahead and set aside sufficient resources to keep healthcare affordable for all.
The GST increase was meant for this purpose. Essentially, we are pre-funding the rising healthcare expenditure by increasing GST now, instead of waiting to do so in the future. Because if we wait, we will end up imposing a heavier burden on our future selves and our children.
Of course, individuals also have a part to play. That is why we launched Healthier SG to empower all Singaporeans to take charge of our own health. While it is still early days, the momentum is encouraging. More than 700,000 Singapore residents have enrolled in Healthier SG.
One of them is Mdm Rubiah, who turns 69 this year. She credits her Healthier SG consultation for timely advice on how best to manage her health. Today, she is monitoring her blood pressure daily, cutting down on ice cream and "keropok" in her diet, and staying active through exercise classes and nature walks. And she has also helped to spread the word, by volunteering at a Healthier SG roadshow.
Sir, I urge all seniors to follow in the footsteps of Mdm Rubiah. Heed your doctor’s advice, participate in programmes that help you stay healthy and even pass it on by contributing as a senior volunteer.
Even with healthier lifestyles, all of us will still need some form of medical care as we get older and especially nearer to the end of life. We must expect healthcare costs, including medical insurance premiums, to rise, even after generous Government subsidies.
We want to ensure that all Singaporeans, including the self-employed and those not working, are able to build up their medical savings in anticipation of these rising costs. I will therefore provide all adult Singaporeans aged 21 to 50 a one-time MediSave Bonus of up to $300.
This will benefit about 1.4 million Singaporeans and help them to cover their smaller medical bills and insurance premiums. [ Please refer to Annex F-3 . ]
Coupled with the Majulah Package for older cohorts, we will collectively provide a MediSave Bonus for about three million Singaporeans this year.
To provide more support for healthcare costs, I will also update the per capita household income thresholds for our healthcare and associated social support subsidy schemes. Such schemes include MediShield Life premium subsidies, Community Health Assist Scheme (CHAS) subsidies for primary care, and subsidies for outpatient and inpatient treatments at our public hospitals.
The changes to the per capita household income thresholds will mean additional Government spending in healthcare and other related areas of around $300 million per year. More than one million Singaporeans can expect to benefit from higher subsidies.
This will provide greater assurance for healthcare costs, which will also reduce the financial pressures on caregivers. [ Please refer to Annex F-4 . ]
Preventive care is especially important for seniors. Loneliness can do great harm to a senior. They need to stay active and socially connected. This is why we have Age Well SG – it is a new national programme to support seniors to age actively, stay socially connected, and be cared for within their own communities.
I will set aside $3.5 billion for Age Well SG initiatives over the next decade. This includes several components.
First, an expanded network of Active Ageing Centres, so that all seniors can look forward to a wider range of programmes at these centres, from physical exercises to volunteering opportunities.
Second, for seniors with care needs, we will develop more assisted living options, such as Community Care Apartments and better home care arrangements, to empower them to age confidently in their homes and community.
Third, “silver upgrades” to our residential estates, to enable seniors to live more independently and safely in the community. This will cover amenities like therapeutic gardens and barrier-free ramps, and senior-friendly home fittings like wider toilet entrances and shower seats.
Fourth, improvements to our commuter infrastructure for seniors’ mobility and safety. This means more sheltered linkways, bus stops with senior-friendly features, as well as safer and more pedestrian-friendly roads.
Sir, when you combine all of these efforts, the suite of investments we are making – in education, housing, retirement and healthcare – they speak to our steadfast commitment to address the needs of our families and seniors, through every stage of life. Through these investments, we will provide more assurance to all Singaporeans – to set minds at ease, improve lives and well-being and ensure Singapore remains home truly for all of us. [ Applause. ]
Alongside our investments to strengthen our economy and society, we will also make the investments needed to forge a stronger and more united nation. We will safeguard what makes Singapore special and resilient – our commitment to take care of and defend one another, sustain the trust we have in each other and our institutions and build our strong sense of national pride and identity.
Since Independence, we have invested steadily to safeguard our peace and security.
Over the last two decades, we have allocated around 3% to 4% of our GDP annually to the Ministry of Defence (MINDEF)’s budget. At the same time, over the past decade, our spending on domestic security has doubled to more than $8 billion, or about 1.3% of our GDP.
We will continue to build and maintain a strong and effective Singapore Armed Forces (SAF) and Home Team. We will invest in them, and upgrade their capabilities year by year, to protect ourselves from potential aggressors and security threats.
The backbone of our defence and security remains National Service (NS). We owe a huge debt to our NSmen, who have served faithfully and made immeasurable sacrifices for our peace and security.
I will therefore provide $200 in the form of LifeSG credits to all past and present national servicemen, including those enlisting this year. [ Please refer to Annex G-1 . ]
It is a small gesture, but when you add it all up, it will cost us $240 million and benefit 1.2 million NSmen. I hope this will go some way in expressing our appreciation and gratitude to our national servicemen as well as their families for all that they have done and continue to do for our country. [ Applause. ]
In today’s world, defence and security apply not just in the physical environment, but also in the digital domain. Scams, ransomware, data breaches, denial of service and other cyber threats have become increasingly commonplace. The development and adoption of new technologies like AI and quantum computing will also change the threat landscape. Cyber attacks will increase in speed, scale and sophistication.
We have taken steps to strengthen our cyber defence. We established the Digital and Intelligence Service in the SAF. We will establish a new National Cybersecurity Command Centre at the Punggol Digital District to better coordinate cyber defence operations, improve collaboration with industry and academia, and spur innovation in cybersecurity. This will improve our capabilities to monitor, detect, and coordinate our defences against cyber threats.
Besides the conventional areas of security, we need to address an emerging security challenge – and that is energy, but more specifically, the transition to cleaner energy.
In the near to medium term, natural gas, which currently generates almost all of our electricity, will remain critical.
Our natural gas supplies come through pipelines from Indonesia and Malaysia, and in the form of liquefied natural gas (LNG) from a range of sources.
We are now planning to build a second LNG terminal to meet our growing electricity needs.
Natural gas is the cleanest of all fossil fuels. But we will not be able to achieve net zero emissions if we continue to rely solely on natural gas. Unfortunately, we do not have many options for clean energy – we have no tidal power, no wind power and not enough land for the mass deployment of solar. So, what do we do?
One way is to import low-carbon electricity. We are making progress on this front. But there is a limit to importing electricity without compromising security. So, we will need other options to decarbonise the rest of our energy supply. That is why we are actively exploring other options.
Hydrogen has the potential as a clean fuel. For now, it is still technologically nascent, costly, and risky. Nevertheless, we have set out a National Hydrogen Strategy to take purposeful steps forward. We will start by testing and deploying ammonia, which is a hydrogen carrier, for power generation and bunkering on Jurong Island.
We are also exploring other energy sources. We are actively studying the possibilities for geothermal power. After all, we do have a hot spring in Sembawang. But this will require deep drilling to assess the potential, and it really remains to be seen if this will be viable.
Further out in the future, we do not rule out nuclear power. Nuclear technologies are advancing rapidly, with smaller, safer and more fuel-efficient designs. We will build up our capabilities, so that we can critically assess the evolving technologies in this space and decide on the feasibility of nuclear deployment one day in the future.
There is considerable uncertainty as to how all these energy pathways will work out. What is clear, however, is that significant effort and costs will be needed to transit from a system powered almost entirely by natural gas today, to one powered largely by clean energy.
We say this is an “energy transition”. “Transition” sounds like a rather innocuous word. But the scale of this so-called transition is massive, and we will need to get it done over the next two decades or so, which is not a lot of time, when you think about the enormity of the task.
For example, to import low-carbon electricity, we will need to invest in submarine cables and upgrade our existing power grid. Or if we decide to scale up the use of hydrogen, we will need to put in place new infrastructure for generation, storage and delivery. All of these investments are costly. They cannot be done by the private sector alone and will likely need some catalytic funding from the Government.
I will therefore set up a Future Energy Fund with an initial injection of $5 billion. This will give us the confidence to invest in good time, put us in a better position to move quickly on critical infrastructure, and enhance our security in clean energy.
The resilience of our nation is not only measured by what we spend, or by our infrastructure and hardware. Rather, our true resilience lies within – in the strong bonds Singaporeans have forged among ourselves and in our collective willingness to take care of each other. Every Singaporean man, woman, and child knows he or she belongs to this island nation, everyone has a place in our society, and each has a role to play in our unfolding Singapore story. That is the essence of Total Defence, which we commemorated for the 40th time yesterday.
We nurture these bonds between Singaporeans by strengthening our culture of giving.
There are many who have done well in Singapore and want to give back, but may not know how or where to start.
We will do more to help donors better appreciate the needs of our society and advise them on how to more effectively direct their resources – financial or non-financial – to support lower-income families. This effort will be led by the Community Foundation of Singapore, in partnership with the Ministry for Social and Family Development (MSF) and the Community Chest.
In the same spirit, we want to encourage charities to work together to uplift each other and better meet the needs of beneficiaries. I will do so by extending the Charities Capability Fund Collaboration Grant for three years till end-FY2026. This will support collaborative projects among charities to enhance their governance, efficiency and capabilities.
Doing good also extends beyond our shores. Many Singaporeans readily step forward to support those affected by humanitarian crises overseas. We saw this in the relief efforts following the devastating earthquake in Türkiye and Syria last year; and also in the generous donations in response to the human tragedy arising from the Israel-Hamas conflict.
To encourage Singaporeans to support those in need overseas, I will introduce an Overseas Humanitarian Assistance Tax Deduction Scheme. This will provide 100% tax deductions for cash donations made towards overseas emergency humanitarian assistance causes through designated charities. This will run for four years as a pilot scheme. [ Please refer to Annex G-2 . ]
A stronger culture of giving will bind us closer together and make us a more caring and gracious society.
Another way to strengthen our solidarity is through the common experiences that we all partake in. The arts and sports provide us with the platforms to do so.
Let me start with the arts. The arts help to express our unique Singaporean culture, strengthen our shared bonds and make Singapore a distinctive home.
The National Arts Council (NAC) has refreshed Our SG Arts Plan to drive transformation efforts in the arts sector. We will support this plan by investing $100 million over the next four years.
As part of this plan, we aim to make the arts more accessible to all Singaporeans. We will unlock more opportunities and touchpoints for our artists to infuse the arts everywhere in our city and our communities.
The additional investments will also strengthen the foundation for a more vibrant arts industry. NAC will support arts groups to develop and showcase their diverse arts offerings as well as strengthen the talent pool. Self-employed artists will also benefit from more development opportunities to broaden and deepen their skills.
Apart from the arts, there are few endeavours that can rally the country and ignite the Singapore spirit like sports. From the grassroots to the global stage, from community participation to high performance, sports bring Singaporeans from all walks of life together.
At the grassroots level, we will enable more Singaporeans to participate in sports by continuing to support the Sports Facilities Master Plan. With this, Singaporeans can look forward to new and rejuvenated sports centres in Toa Payoh, Punggol and Clementi, as well as more sports and recreational facilities in our neighbourhoods.
Many Singaporeans want to support our national athletes and we will provide them with more platforms for them to do so. We will anchor more major sports events in Singapore, so that our athletes can compete in top-tier competitions against the world’s best on home ground. This will allow more Singaporeans to cheer for Team Singapore.
We also have the One Team Singapore Fund, which provides dollar-for-dollar matching for donations towards Team Singapore athletes. I will provide a $20 million top-up for the One Team Singapore Fund and extend it till end-FY2027.
In addition, I will broaden the scope of donations eligible for matching to cover athletes in emerging sports, like pickleball, tchoukball and powerlifting. I will also include SportCares, which provides opportunities for vulnerable children and youth, persons with disabilities and seniors to participate in sporting programmes.
The Minister for Culture, Community and Youth will share more about our arts and sports initiatives at the Committee of Supply.
Sir, everywhere in the world, we see societies becoming increasingly divided and nations more and more fragile. Economic growth or social transfers alone cannot guarantee that we succeed.
This Budget therefore invests in our national resilience – from ensuring the effectiveness of our military and domestic security, to safeguarding our energy security and building a stronger national identity. These will shield us from external threats and the forces that threaten to pull us apart. Only then can we be confident that Singapore will endure.
Our ability to invest in our economy, our society and our resilience has to be anchored on a strong fiscal position.
Fiscal responsibility has always been a key part of the Singapore DNA. We spend our resources wisely, and we take care to provide for our children and grandchildren. This is why I made major revenue moves in the last two Budgets. These moves have put us on a stronger fiscal footing for the next decade, while ensuring that our overall system of public finances remains fair and progressive.
This year, in light of concerns over cost of living, I will provide a Personal Income Tax Rebate of 50% for the Year of Assessment 2024. This will be capped at $200 so that the benefits go mostly to our middle-income workers. The rebate will cost the Government $350 million.
Currently, taxpayers may claim a range of dependant-related reliefs, if their dependants have an annual income of $4,000 or less.
We have received feedback from members of public, tax practitioners, as well as Labour Members of Parliament, to consider increasing the dependant income threshold in view of rising cost of living and wage levels. So, with effect from the Year of Assessment 2025, I will increase the annual income threshold for dependant-related reliefs from $4,000 to $8,000.
In Budget 2022, I announced a two-step increase in Property Tax rates for residential properties. This was meant as a wealth tax, targeted at all investment properties, as well as the higher-end segment of owner-occupied properties.
Prior to that Budget announcement, market rents had been relatively flat for the preceding five years. But from 2022 onwards, market rents increased significantly due to the combination of strong demand and COVID-related supply constraints. As a result, the Annual Values (AVs) also increased sharply. We had originally expected the Property Tax changes to impact mainly the top 7% of owner-occupied residential properties. The AV increases resulted in the proportion of affected owner-occupied properties nearly doubling to 13%.
In light of these market trends, I will raise all the AV bands of the owner-occupier residential Property Tax rates with effect from 1 January 2025. Currently, Property Tax is charged on the bands of AV from $8,000 to over $100,000. I will raise the lower threshold from $8,000 to $12,000 and the highest band from over $100,000 to over $140,000, and corresponding adjustments will be made to the bands in between. This will still uphold the intent of the Property Tax changes and ensure that those residing in higher-value properties continue to pay their fair share of taxes.
The Government had provided a rebate to cushion the impact of the Property Tax changes this year. We will continue to closely monitor the property market and will provide another rebate in 2025 if needed.
We recognise that there are retirees living in higher-end residential homes, who face cash flow issues when paying their Property Tax bills. To help them, the Inland Revenue Authority of Singapore (IRAS) will offer a 24-month instalment plan without any interest. They can apply for this via IRAS’ website or contact IRAS for more details.
Next, I will adjust the Additional Buyer’s Stamp Duty (ABSD) for the purchase of residential properties.
Today, married couples with an existing residential property can enjoy an ABSD refund on their replacement private property under the ABSD concession for Singaporean married couples.
To better support seniors who wish to right-size, I will extend the concession to single Singapore Citizens aged 55 and above. In other words, these seniors will be able to claim a refund of ABSD paid on their replacement private property, if they sell their first property within six months after purchasing a lower-value replacement private property. This extension will take effect from today.
I will also introduce some flexibility to the ABSD regime for housing developers. Housing developers are now granted an ABSD remission, provided they sell all the units in their development within a prescribed sale timeline. But despite their best efforts, the developers sometimes face difficulties in meeting this timeline requirement. They are then subject to a full clawback of the ABSD.
I will lower the ABSD clawback rate, should developers sell at least 90% of each development within the prescribed sale timeline. This ensures that housing supply continues to be released promptly, while providing some flexibility to the developers. The details of this change will be released in a statement later today.
Next, on Corporate Income Tax – I will make significant adjustments to our tax system to take into consideration the international Base Erosion and Profit Shifting (BEPS) 2.0 initiative.
To recap, BEPS comprises two pillars. Pillar 1 aims to reallocate taxing rights on profits to market jurisdictions. When implemented, it will result in revenue losses for Singapore. Pillar 1 has been delayed for now, and the implementation date remains unclear. Pillar 2 will introduce a global minimum effective tax rate of 15% for large MNE groups.
Last Budget, I announced our intention to implement Pillar 2 from 2025 and that we would monitor and adjust the timeline if needed.
Since then, several jurisdictions have moved. The European Union, the United Kingdom, Switzerland, Japan and Korea are implementing Pillar 2 rules from 2024. Others, like Hong Kong and Malaysia, have announced their plans to do so from 2025.
We will therefore move ahead with two components of Pillar 2, as planned.
The first is the Income Inclusion Rule (IIR). A jurisdiction that introduces this will subject the overseas profits of MNE groups parented in that jurisdiction to a minimum effective tax rate of 15%. We will implement the IIR. In other words, MNE groups that are parented in Singapore will have to pay a minimum effective tax rate of 15% on their groups’ overseas profits, regardless of where they operate.
The second component is the Domestic Top-up Tax (DTT). This applies to the Singapore profits of MNE groups operating here. Without this tax, these MNE groups would have had to pay their parent jurisdictions the effective tax rate of 15% on their Singapore profits. Therefore, it is in our interest to implement the DTT, so that we collect the tax, rather than have it go somewhere else.
The IIR and the DTT will take effect for businesses’ financial years starting on or after 1 January 2025 and will apply to large MNE groups with global revenue of at least €750 million annually.
There is another component of Pillar 2: the Undertaxed Profits Rule. This is effectively a backstop, as it will allow Singapore to collect a share of the top-up tax on any MNE with operations here, if any portion of its income overseas has not been subject to the minimum tax.
We will consider this at a later stage. With the DTT and IIR, we are already making major changes to our corporate tax regime. We will focus on implementing these changes first, and ensure a smooth rollout for the affected companies.
In the short term, the implementation of Pillar 2 will provide additional revenues. But it is uncertain how much this will be and how long it will last. We may even see a reduction in our tax base, should MNEs shift some of their activities to other jurisdictions in response to the new business environment.
In any case, whatever additional revenues we obtain from Pillar 2 will need to be reinvested for Singapore to stay competitive in a post-BEPS world.
MNEs are now re-evaluating their plans and strategies. Other governments are also enhancing and refreshing their investment promotion toolkits.
That is why we are introducing the Refundable Investment Credit, which I mentioned earlier. We will also have to spend more to support new investments, research and innovation activities, and to sustain our economic competitiveness.
Overall, given the significant spending required to stay competitive, at this point, I do not expect the new moves to generate net revenue gains for Singapore on a sustained basis.
I will also make some further tax adjustments, to ensure our tax system remains fair and competitive. Details of the tax changes are in the Annex to the Budget. [ Please refer to Annex H-1 . ]
Sir, last year, the Ministry of Finance (MOF) released a set of projections of our medium-term fiscal outlook. These showed that Government spending has been rising steadily over the years. Our spending in the late 2000s was around 15% of GDP. Over the span of ten years, it has grown by three percentage points of GDP, to around 18% of GDP.
We expect spending to continue rising in this decade. Healthcare is one key driver for the increase. But there are additional spending needs, fuelling the increase. We will have to spend more for the major moves to decarbonise our economy, as I explained earlier.
As part of Forward Singapore, we are making significant policy shifts to strengthen our social safety nets and provide more assurance to Singaporeans. I have just introduced some of these measures in this year’s Budget. We will spend around $5 billion on Forward Singapore policy moves in FY2024 and close to $40 billion in total by the end of this decade.
In our projections, MOF had assessed that Government spending will increase to around 20% of GDP by 2030. For now, that remains our assessment. Assuming we stay within this range of spending increase, we should have sufficient revenues to maintain a balanced budget over the coming years.
But the medium-term fiscal position is tight. Because there are so many pressures for us to spend more, be it on healthcare, social needs, or the energy transition, and these are all big-ticket items. We will have to manage these expenditures carefully, or we will end up with a significant funding gap.
We can already see this happening in many other advanced economies where public finances are on an unsustainable path, and the fiscal systems are at risk of breaking. We must never allow this to happen in Singapore. Instead, let us uphold the ethos of fiscal discipline and responsibility that has served us well, and ensure that our fiscal position always remains balanced, sound and sustainable.
Sir, let me now summarise our fiscal position for both FY2023 and FY2024. For FY2023, our revenue collections were better than expected. This was mainly due to higher Corporate Income Tax collections.
The additional revenue will allow us to pay for new spending, including the $7.5 billion injection to the Majulah Package Fund.
Accounting for both our revenue upside and higher spending, we expect to end FY2023 with a deficit of $3.6 billion, or 0.5% of GDP.
For FY2024, we are budgeting a small surplus of $0.8 billion, or 0.1% of GDP, which is essentially a balanced fiscal position. The overall stance is appropriate, as we are providing targeted support for households and businesses, even as the economy is projected to operate at around potential. [ Please refer to Annex H-2 . ]
Mr Speaker, let me conclude.
We are living in a world which will become more violent, more fragmented, and more unpredictable in the years to come. We wish this were not so. We will try our best, working with others in the international community, to shape better global outcomes.
But we also have to be realistic. Great catastrophes often seem unthinkable until they happen. Things may well get worse before they get better. So, we must be mentally prepared and take steps now to adapt to this messy world.
This is not the first time that we’ve found ourselves in such a situation. Since our Independence, we have had to adjust to all sorts of external disruptions and shocks.
The British deciding to withdraw troops from Singapore in 1967; the global oil crises in 1973 and 1979; the Asian Financial Crisis in 1997; the dot-com bust in the early 2000s; 9/11; SARS; the Global Financial Crisis of 2008; and of course, more recently the COVID-19 pandemic.
Each time, we were able to weather the storms and emerge stronger.
I believe we can do so again in our road ahead – so long as we stay united, work together, and continue to keep faith in one another.
Budget 2024 is about acting on this belief. We are helping Singaporeans with their cost-of-living concerns. We are taking major steps to advance our Forward Singapore agenda.
We will grow the economy. We must. For growth is the pre-requisite to create better jobs and raise living standards for all.
We will equip everyone to realise their potential and ensure that everyone benefits from our nation’s progress.
We will strengthen our system of risk pooling and social support, so that Singaporeans can be better assured through every life stage, and better equipped to bounce back from every setback.
We will fortify our resilience, solidarity and unity, so that we remain strong and effective against any challenges or threats.
We are not the only country adapting to a different world. Countries everywhere are searching for solutions too. Many find it hard to implement bold and long-term plans.
But we can make it happen in Singapore. We are able to do so because: (a) our fiscal position is healthy and sustainable; (b) our Government has the trust of Singaporeans; (c) our people are united, and (d) our social compact is strong.
These are the critical ingredients behind the Singapore story. What we have today is rare, remarkable and unique. Let us cherish it, treasure it and harness these strengths to remain a shining red dot in a troubled world.
During the dark days of COVID-19, which feels like a bad dream to all of us now, I visited Riverside Secondary School. The teacher had asked the students to imagine what they would be doing in 10 years’ time and to write a letter to their future selves.
One student – Levin Ong – wrote, and I quote: “Dear future Levin, I hope you have been well in these past ten years. I am grateful for how Singapore is dealing with COVID-19… the challenges I face are small compared to others during this difficult time. I want the world to be a better place and contribute back to society to the best of my ability. I hope, by 2030, I have made a better world for everyone.”
Hope for the future. Giving back to society. Each one of us doing our best to make this a better place for all. That is what this is about.
Mr Speaker, let us draw inspiration from young Singaporeans like Levin, move forward with confidence and build our shared future together. Sir, I beg to move. [ Applause. ]
Mr Speaker : The Question is, "That Parliament approves the financial policy of the Government for the Financial Year 1 April 2024 to 31 March 2025."
In accordance with paragraph (1) of Standing Order No 89, the debate now stands adjourned. Debate to be resumed on what day?
Mr Lawrence Wong : Monday, 26 February 2024, Sir.
Mr Speaker : So be it.