預算辯論 · 2026-02-12 · 屆國會 15
2026財年預算與全球變局
質詢聚焦全球多邊體系弱化及經濟脆弱性，政府回應強調新全球秩序下經濟韌性和AI投資的重要性，核心爭議在於如何應對地緣政治緊張與經濟不確定性。
關鍵要點
- • 全球多邊體系弱化
- • 經濟增長依賴AI投資
- • 地緣政治緊張加劇
強調經濟韌性與AI發展
加強AI相關投資與風險管理
“Growth in the major economies held up, supported in part by strong investment in artificial intelligence (AI)-related activities.”
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。書記員現在開始宣讀動議通知。
下午3時30分
總理兼財政部長（黃循財先生）：議長先生，我提議，“議會批准政府2026年4月1日至2027年3月31日財政年度的財政政策。”
這是我們新一屆政府的第一個預算案。正值我們進入新加坡建國60週年後的新階段。
我們在全球深刻變革的時期開啟這一新階段。近八十年來，世界受益於一個支援穩定與經濟合作的國際秩序。該體系在很大程度上依賴於美國的領導。它保障了全球安全，倡導開放市場，並幫助建立了促進全球共享繁榮的機構和規則，包括亞洲地區。
這一時代現已結束。美國正在重新評估，並在某些領域撤銷其曾經幫助建立的關鍵體系元素。曾經推廣的貿易規則被擱置。全球機構被繞過，長期存在的規範變得不那麼可靠。
累積效應是多邊體系的削弱。各國對共同規則保護其利益的信心減弱。因此，更多國家訴諸單邊行動，一些國家變得更加膽大妄為。
與此同時，曾經管理爭端和緊張局勢的護欄正在侵蝕。世界變得更加充滿競爭、更加分裂，最終更加危險。
在此背景下，去年普遍預期美國解放日關稅將引發全球經濟急劇放緩。
幸運的是，我們最壞的擔憂未成現實。許多企業迅速調整——提前生產和進口以應對關稅措施。隨後達成的貿易協議以及全球供應鏈的轉變幫助減輕了關稅的實際影響。
因此，主要經濟體的增長保持穩定，部分得益於人工智慧（AI）相關活動的強勁投資。
簡而言之，儘管壓力增加，全球經濟表現出比預期更強的韌性，國際體系繼續運作。
然而，今年我們可能沒有那麼幸運。2026年僅第一個月的事件規模和影響已非同尋常，全球地緣政治緊張局勢加劇。隨著壓力增加和容錯空間縮小，全球體系的韌性將面臨更嚴峻考驗。
全球經濟也出現明顯且日益增長的脆弱跡象。許多主要經濟體公共債務上升，將對金融穩定構成壓力，並影響長期增長前景。同時，金融市場的高風險行為推高了資產估值，使其易受突然調整影響。任何此類調整都將削弱信心，並波及實體經濟活動。
這些外部發展直接影響我們。去年，全球經濟的韌性結合我們自身的經濟實力，實現了超出預期的5%增長。強勁的外部需求推動了包括電子和生物醫藥製造在內的關鍵產業叢集。這些收益帶動了更廣泛經濟的溢位效應。
部分積極勢頭將延續至今年。但在全球不確定性加劇的情況下，我們預計2026年經濟前景更為溫和。增長預計為2%至4%；通脹為1%至2%。
儘管存在不確定性，我們仍可充滿信心地前進——這種信心基於堅實的基礎。
幾十年來，我們系統性地加強經濟基礎：深化能力，投資人才，隨著技術演進重塑產業。
我們已建立起作為可靠和值得信賴樞紐的聲譽——穩定、安全、治理良好——這些品質為企業和投資者高度重視，尤其是在世界變得更加分裂和不確定的今天。
所有這些賦予新加坡重要且切實的競爭優勢。
但過去的成功不足以支撐未來。在深刻變化的世界中，停滯不前不是選項。我們不能等待條件變得更有利，也不能依賴為前一時代設計的策略。
因此，本屆政府有完整議程，更新策略並強化社會契約。2026年預算是這項努力的第一步，旨在確保我們在變化世界中的未來。它為我們如何共同導航下一發展階段奠定基礎。
本預算將：推進更新的經濟策略；利用人工智慧（AI）作為戰略優勢；建設有韌性且具技能的勞動力；為家庭提供更多支援和保障；保護安全與可持續性；並更新強化新加坡精神。
我將依次談及這些內容。
儘管去年經濟表現良好，一些企業仍面臨成本壓力和運營挑戰。我們將支援企業，幫助其保持競爭力。
我將提供2026評估年度40%的企業所得稅回扣。去年至少僱用一名本地員工的活躍公司，每家將獲得最低1500新元的收益。每家公司的總收益上限為3萬新元。[詳見附錄B-1。]
這將提供短期緩解，同時我們繼續推進重組和轉型工作。
在這個變化的世界中，增長將更為艱難。我們必須目標更高，行動更快，並準備承擔經過計算的風險。這就是政府召集經濟策略審查（ESR）的原因。ESR委員會上月分享了中期更新，我們將果斷採取行動落實其建議。
我們的目標是在未來十年實現2%至3%區間的高階增長。但增長本身不足夠。增長必須轉化為新加坡人的優質就業和收入提升。讓我分享我們的實現路徑。
首先，我們必須在變化的全球環境中以不同方式適應和連線。一些國家轉向內向，尋求減少對外依賴。但對新加坡而言，這不是選項。要繁榮，我們仍需與世界連線——與他國貿易並融入全球流動。
重要的是，全球化並未結束。沒有哪個國家能獨自成功。大多數主要產品仍依賴全球分工，結合多國專業知識和材料，並依賴全球市場實現規模。這一基本現實未變。變化的是我們所知的全球化。經濟流動變得更具選擇性，合作更具戰略性，韌性與效率同等重要。
因此，新加坡必須適應這些新模式——保持開放，但以更智慧、多元和有韌性的方式連線。這就是為何我們與志同道合的夥伴建立新型合作。
去年，我們啟動了未來投資與貿易伙伴關係，匯聚志同道合的夥伴，在技術、貿易便利化和供應鏈韌性等領域合作。本月，歐盟-新加坡數字貿易協定生效——這是一項具有強有力數字貿易規則的里程碑協議。今年晚些時候，我們將與紐西蘭簽署首個關鍵物資貿易協定，確保危機時期兩國關鍵貿易流的連續性。
我們還將加強與拉丁美洲、非洲和中東等快速增長市場的接觸。我們將設立新大使館，強化地面外交和經濟存在，更好利用這些地區的新興機遇。
在鄰近地區，我們正與鄰國合作深化區域一體化。這包括合作推進柔佛-新加坡特別經濟區，以及印度尼西亞的巴淡、民丹和卡里蒙自由貿易區專案。
簡言之，我們將加倍努力實現全球多元化和區域整合。但僅有連線還不夠。它必須轉化為企業能夠捕捉和把握的真實機會。
許多新加坡企業已在這樣做。一個例子是羅特里工程。該公司1972年成立，最初為新加坡的煉油廠和石化廠提供電氣安裝服務。但它並未侷限於國內市場。隨著時間推移，它在東南亞建立了領先的能源基礎設施服務地位。現在，它正進一步拓展並加深在中東的存在。[詳見附錄I-1。]
但海外經營並不容易，尤其對中小企業而言。企業面臨陌生的法規、不同的商業慣例和激烈的本地競爭。因此，我們將加大支援力度，幫助新加坡企業走向海外。
我們將提高支援企業國際化的資助計劃的支援比例——中小企業最高可達70%，非中小企業最高可達50%。
我們還將增強市場準備援助資助，支援企業不僅進入新市場，還能深化現有海外市場的活動。
在國際化雙重稅務扣除計劃下，企業對選定合格活動自動享有200%的稅務扣除，最高限額為15萬新元。我們將允許更多合格活動享受此自動扣除，並將上限提高至40萬新元。
我們將通過提高貿易和固定資產貸款的最高貸款額度，增強企業融資計劃的靈活性，以滿足企業不同的融資需求。我們還將為開展重大海外專案、需要更高資本支出的企業提供更多支援。
貿易與工業部長將在供應委員會上分享更多相關變化。
第二，我們將打造關鍵增長叢集的領導力。這意味著在新加坡錨定全球價值鏈的關鍵環節，尤其是高知識含量和強溢位效應的活動。我們的目標不僅是承載這些活動，更是塑造這些產業的發展方向和價值創造地點。
我們在半導體領域已有所作為。半導體的關鍵前沿是先進封裝。儘管名稱為“先進封裝”，但其高度複雜且技術要求極高。傳統上，更快的晶片通過在單晶片上整合更多電晶體實現。但這成本日益增加，且接近物理極限。因此，關注點轉向先進封裝，它通過高度精密的製造技術將多個晶片集成於單一封裝中，提升效能和能效。
新加坡二十多年前即開始投資先進封裝研發，遠早於其成為全球重點。這些投資現已見效。這也是主要半導體公司持續重金投資新加坡的原因，不僅限於製造，還包括研發、創新和供應鏈合作。
我們在航空航天和生物醫藥科學等關鍵產業也觀察到類似趨勢。技術是支撐我們打造這些叢集領導力戰略的關鍵推動力。新加坡必須成為前沿技術的研發、測試和商業化基地。這就是為何我們將在研究、創新與企業（RIE2030）計劃下投資370億新元。這體現了我們對研究和創新的持續承諾，約佔國內生產總值（GDP）每年1%。
同時，我們必須現實面對。與更大經濟體相比，我們的公共研發支出絕對金額始終有限。我們無法超越他們的支出。相反，我們的投資必須嚴謹、聚焦且具戰略性，針對新加坡具備明顯優勢且能產生實質影響的領域。
在脫碳解決方案和量子技術等新興領域存在潛力。例如，在量子領域，我們早期做出了有意的押注。2007年，我們在新加坡國立大學（NUS）成立了量子技術中心。當時量子研究多為理論階段。但我們耐心投資基礎能力建設，相信這些終將轉化為變革性應用。
這種遠見正在回報。如今，量子計算正迅速從理論走向現實，影響深遠。主要科技企業正大力投資建設商業規模的量子計算機。新加坡吸引了部分頂尖企業。全球領先的量子計算公司Quantinuum已在此設立運營，並將在新加坡託管其最新量子計算機，使我們成為美國之外首個託管該系統的國家。這將為我們的研究人員和企業，包括一些本土初創企業，提供直接訪問尖端量子計算和參與重要專案的機會。
我們還吸引頂尖全球人才和合作夥伴。諾貝爾獎得主、超導系統先驅John Martinis教授共同創辦了一家量子計算初創企業，正與科學技術研究局（A*STAR）和新加坡國立大學的研究人員合作，利用最先進的半導體工藝開發新型元件以提升量子計算機效能。他們選擇新加坡，正是因為我們在先進製造、半導體和前沿量子研究的獨特優勢組合。
這些例子展示了我們如何在關鍵增長領域打造領導力，塑造創新和價值創造的地點。這樣，我們增強了新加坡的戰略韌性和相關性，同時為新加坡人創造更多就業和更好機會。
第三，我們將強化企業生態系統。企業融資是該生態系統的關鍵部分。多年來，我們穩步加強這一領域。在風險投資和種子資金方面取得良好進展。與十年前相比，初創企業更易獲得早期資本。
但許多企業在成長階段仍面臨挑戰。這並非新加坡獨有。全球範圍內，成長階段資本趨緊。因此，許多企業，尤其是深科技企業，難以籌集規模更大、期限更長的資金以實現擴張。
因此，我們將加大力度催化新加坡的成長資本。在Startup SG Equity計劃下，政府提供初始資本以催化並引入私人資金支援有前景的初創企業。迄今，該計劃主要聚焦早期資金。我們將進一步推進。我將預留10億新元增強Startup SG Equity，並擴大其覆蓋範圍至成長階段企業。
此外，我們將採取更系統的方法強化成長資本生態系統。我們將成立由齊鴻達部長領導的新工作組，密切與業界合作，制定策略，定位新加坡為成長資本領先中心。
當企業準備上市時，我們希望他們將新加坡視為首選上市地。此前我們設立了Anchor Fund以吸引和錨定高質量上市，現已見到新加坡交易所（SGX）上市活動回暖的積極跡象。因此，我將啟動第二輪15億新元的Anchor Fund。與首輪一樣，這將是政府與淡馬錫的共同投資。
我們還將繼續強化更廣泛的股票市場。去年，金融管理局（MAS）推出股票市場發展計劃，旨在發展基金管理業並增加投資者對新加坡股票的參與。業界反響積極。MAS已向九家資產管理公司分配近40億新元。為延續勢頭，我將為該計劃追加15億新元資金，來自金融業發展基金。
同時，我們正在落實股票市場審查小組的其他建議，包括簡化上市規則和要求，方便高增長公司上市，以及建立連線SGX與納斯達克的雙重上市橋樑。這些措施將增強我們公開股票市場的深度和活力，為企業從新加坡成長和擴張提供更多路徑。
深厚且充滿活力的市場是關鍵一環。我們還必須確保有強勁的優質企業管道，選擇在新加坡建設、成長和紮根。有些將是本地成長企業，另一些則是有潛力的海外企業。
經濟發展局傳統上專注於吸引跨國企業投資。未來，它將加大力度吸引具備成長潛力、可能成為未來行業領導者的高增長企業。通過早期錨定此類企業，我們可以打造新的增長引擎，並隨著這些企業從新加坡成長和擴張，為經濟捕獲更大價值。
這種全面的方法——從培育本土初創企業，到催化私人資本和吸引有前景的全球公司——將強化我們的企業生態系統。它將使各類規模和不同成長階段的公司，都能獲得成功所需的資本和合作夥伴關係。重要的是，這將為新加坡人創造更多獲得優質工作和發展職業的機會。
在一個變化的世界中，成功的決定性因素將是我們如何利用新技術——其中最重要的是人工智慧（AI）。
人工智慧正以驚人的速度發展。我們正達到一個階段，系統可以自行編寫程式碼，並通過迭代學習不斷改進。其潛力巨大——提升生產力，開啟新發現，並以我們剛剛開始理解的方式改變生活。
但這種承諾也帶來了深刻的擔憂。工人擔心人工智慧會取代工作崗位。社會擔心錯誤資訊、偏見以及強大技術的倫理使用。這些焦慮是真實存在的，我們必須正面應對。
但恐懼不能成為新加坡的回應。如果我們讓不確定性使我們癱瘓，我們將在快速前進的世界中落後。因此，我們必須以清晰和決心行動。
人工智慧是一個強大的工具，但它仍然只是工具。它必須服務於我們的國家利益和人民。我們將定義人工智慧在新加坡的發展和使用方式。我們將制定明確規則，確保其負責任和安全地應用。我們將確保其利益廣泛惠及社會各界。
如果善加利用，人工智慧將成為新加坡的戰略優勢。它可以幫助我們克服結構性限制——有限的自然資源、快速老齡化的人口和緊張的勞動力市場。
為此，我們必須有計劃、有紀律地投資，不是簡單地跟隨他人，而是發揮新加坡的優勢。我們的優勢不在於構建最大的前沿模型，而在於有效、負責任且快速地部署人工智慧。新加坡可以成為一個值得信賴的中心，讓公司和研究人員聚集，共同開發、測試和部署有影響力的人工智慧解決方案——比許多更大的國家更快、更協調地完成這些工作。
這已經在發生。如今，超過60家公司，包括谷歌和微軟，已在這裡設立了人工智慧卓越中心。這些投資為新加坡人創造了越來越多的優質工作崗位，涵蓋人工智慧研究、工程和部署。
但要充分實現人工智慧的潛力，我們必須超越個別試點和孤立實驗。我們必須在國家層面組織起來，並以速度和規模推進。
因此，我們將啟動一系列新的國家人工智慧任務。這些任務將推動人工智慧引領的關鍵經濟部門轉型，突破新加坡和世界的可能邊界。我們將聚焦四個領域：先進製造、連線性、金融和醫療保健。[請參見附錄C-1。]
例如，在先進製造領域，我們旨在加速創新，打造世界一流的工廠，能夠在全球競爭。
在連線性和物流領域，人工智慧可以幫助自動化機場和海港運營，更高效地運輸貨物，強化新加坡作為全球領先樞紐的地位。
這些不是抽象的願望。每項人工智慧任務都將以明確的目標和切實的成果為基礎。
實現這些目標需要我們以不同方式工作。我們將審查法規並建立沙盒，使公司能夠安全、負責任地測試人工智慧創新。在政府內部，我們將更好地協調研發、監管和投資促進工作，使各機構協同合作，朝著同一方向努力。
所有這些都需要協調的國家努力。因此，我們將成立新的國家人工智慧理事會，由我擔任主席，提供戰略方向，推動新加坡的人工智慧議程。
為了讓人工智慧真正改變我們的經濟，公司也必須全面採用它。許多公司聲稱正在使用人工智慧，但端到端的人工智慧轉型要求極高。它需要組織資料、重建系統、重新設計流程和崗位，並對工人進行再培訓。即使是全球大型公司也在努力應對這一挑戰。但成功者將獲得決定性的競爭優勢。
少數領先的新加坡公司，如星展銀行和Grab，已經在人工智慧轉型上採取果斷行動。我們希望鼓勵更多公司這樣做。因此，我們將啟動新的人工智慧冠軍計劃，支援有志於利用人工智慧全面轉型業務的企業。支援將根據每家公司量身定製，包括企業轉型和勞動力培訓。隨著這些公司的成功，它們將為行業樹立標杆，激勵其他企業跟進。
除此之外，我們將加強對所有企業，尤其是中小企業的支援，幫助它們採用人工智慧並從中獲得實際利益。
我們將基於企業創新計劃，該計劃為企業在研發、創新和能力建設等合格支出提供400%的稅收扣除。我們將擴大該計劃，將人工智慧支出納入合格活動，適用於2027和2028評估年度，每個評估年度上限為50,000新元。
我們還將加強現有支援計劃。生產力解決方案補助金（PSG）已幫助企業採用數字解決方案。越來越多的這些解決方案將具備人工智慧功能。
以HarriAnns為例，這是一家以新鮮製作娘惹糕點聞名的餐飲公司。它始於1940年代，由謝玉英女士創立，後來發展成中峇魯熟食中心的一個攤位。1980年代，她的兒子接管了業務。如今，第三代經營該公司，已擴充套件到新加坡的八家咖啡館。在PSG的支援下，公司採用了具備人工智慧功能的餐廳管理系統，實現了點餐和結賬自動化，簡化了運營——更快地服務顧客，同時增加了收入。
我們將擴大PSG，支援更廣泛的數字和人工智慧解決方案，使每家企業，無論規模大小，都能獲得幫助其更智慧工作、更有效競爭的工具。
為了建設充滿活力的人工智慧經濟，設立一個聚焦點非常有幫助——一個匯聚人工智慧創始人、從業者、研究人員和創新者的場所，促進更多合作與互動。
我們已啟動名為Lorong AI的試點專案。這是一個專門的共享辦公空間，作為我們人工智慧社群的聚會中心。我們將基於此試點，在One-North建立更大的人工智慧園區。這將是一個新的叢集，催生創意，促成合作，並將人工智慧專案轉化為企業和公共服務的實際解決方案。
正如我們支援企業一樣，我們也必須為工人提供同樣甚至更多的支援。
人工智慧將改變我們的工作方式。一些任務將被自動化。新角色將出現。許多現有工作將演變。我知道這給工人帶來真實的焦慮。變化的速度令人不安，尤其是當生計受到威脅時。
但我們不會允許技術變革以犧牲工人為代價。我們將推進人工智慧——因為我們必須這樣做。同時，我們將提供強有力的支援，幫助工人適應和進步——因為我們會照顧好自己的人。
政府將在整個轉型過程中支援我們的工人。沒有人需要獨自面對變化。我們將幫助新加坡人掌握新技能，適應新角色，並利用人工智慧作為提高工作效率和效能的工具。對於受影響的崗位，我們將謹慎管理轉型，並與全國職工總會（NTUC）及工會密切合作，幫助工人轉向新的領域和機會。
我們的承諾明確：每一位願意適應和學習的新加坡人，都將繼續在這裡獲得優質工作和良好生活。[掌聲]
要在這一新現實中取得成功，我們必須為未來勞動力和現有員工做好準備。對於下一代，我們將加強所有高等院校（IHLs）學生的人工智慧素養。同樣重要的是，我們的高等院校將繼續強調紮實基礎，使學生學會明智使用人工智慧，而非走捷徑，並具備嚴謹思維和深厚學科能力。
在職場上，我們將幫助工人利用人工智慧接管例行任務，使他們能將時間和精力集中於更高價值的活動——需要判斷力、創造力和人類洞察力的工作，這些是機器無法替代的。
以會計行業為例。如今，會計師可以利用人工智慧自動化大量資料整合、準備和簿記工作。這使他們能夠提升價值鏈，花更多時間在客戶諮詢、法務工作和複雜分析上，這些領域專業知識和信任尤為重要。
為了支援工人順利過渡，我們將幫助他們建立實用的人工智慧能力。由於人工智慧已重塑許多白領和認知工作，我們將從會計和法律職業開始，逐步擴充套件到其他領域。
除了這些特定行業，每位新加坡人都可以主動學習和掌握人工智慧相關技能。如今，許多人工智慧聊天機器人，如ChatGPT或Gemini，已廣泛可用且易於使用。對許多人來說，它們只是更智慧的搜尋引擎。但人工智慧遠不止於搜尋。通過正確的指導和提示，這些工具能做更多事情——幫助使用者分析資訊、生成創意和解決問題。
良好使用人工智慧需要學習、實踐和適當支援。
技能未來網站上已有豐富的人工智慧相關課程，從全線上選項到兼職和全日制課程。但我們知道，導航這些選項並識別最相關課程並不總是容易。因此，我們將重新設計技能未來網站，使人工智慧學習路徑更清晰、更易訪問，讓新加坡人能快速找到符合其工作需求和熟練程度的課程。
學習必須超越理論，轉化為實踐應用。雖然大多數人工智慧工具在基礎層面免費，但訪問更高階模型需要付費訂閱。為進一步鼓勵學習，我們將為參加指定人工智慧培訓課程的新加坡人提供六個月的高階人工智慧工具免費訪問許可權。這將使他們能夠練習、試驗並應用所學知識。
多個部委——數字發展與信息部、教育部（MOE）、人力部（MOM）和貿易及工業部（MTI）——參與這些跨部門工作。部長們將在供應委員會上提供更多細節。
先生，新加坡不會對周圍快速變化被動應對。我們將適應，我們將競爭，我們將繼續自信前行。通過將人工智慧作為戰略優勢，我們將塑造自己的未來，確保在這個變化的世界中佔據一席之地。
新加坡人，尤其是我們的工人，是我們一切工作的核心。最終，重要的不是我們宣佈的政策，而是它們在人們生活中帶來的成果。這就是為什麼我們仔細跟蹤結果，評估我們的努力是否真正產生了影響。
本週早些時候，財政部發布了一份關於收入增長、不平等和社會流動趨勢的偶發性報告。報告顯示，過去十年，我們在普遍工資增長和縮小收入差距方面取得了良好進展。這些改善不是偶然發生的。如果完全依賴市場力量，它們不會自行出現。事實上，在許多發達經濟體中，隨著增長放緩，不平等現象愈發根深蒂固。
新加坡也面臨同樣的基本壓力。這就是為什麼政府一直並將繼續抵制這些趨勢，努力確保增長成果得到廣泛和公平分享。每位新加坡人，無論起點如何，都應有公平機會追求抱負，實現自身潛力。
因此，在本次預算中，我們將繼續加強對低薪工人的支援。
本地合格薪金（LQS）規定了僱傭外籍工人的企業必須支付給本地全職員工的最低薪金。我們將把本地全職員工的LQS從1,600新元提高到1,800新元。[請參見附錄D-1。]
為幫助企業分擔部分成本，我們將加強漸進式工資補貼計劃（PWCS）。今年的PWCS共資助比例將從20%提高到30%。
我們還將把PWCS延長兩年，至2028年。從明年起，獲得PWCS支援的最低加薪額將從100新元提高到200新元。這將更好地鼓勵和獎勵投資於員工的企業。
這些措施建立在我們與全國職工總會（NTUC）及三方夥伴共同制定的漸進式工資模式（PWM）基礎上。PWM不僅僅是簡單的最低工資，而是將加薪與技能、生產力和職業發展掛鉤——並且正在取得成效。
我們還將繼續加強對PWM的培訓支援。去年，我宣佈為參加長期培訓課程的工人提供工作技能支援（Workfare Skills Support）額外支援。我們將進一步提升該計劃的基礎層次，增加提升技能工人的小時津貼。
我們還將通過技能未來（SkillsFuture）為所有新加坡人支援終身學習做更多工作。
十多年前我們啟動技能未來時，培訓環境截然不同。當時，我們的高等院校主要專注於就業前培訓。但我們知道這已不再足夠。因此，2016年我們在教育部下成立了技能未來新加坡，旨在將終身學習融入教育體系。
如今，我們已實現這一目標。各階段職業的在職成人都能在高等院校獲得多樣化的高質量培訓選擇。所有自治大學、理工學院和工藝教育學院（ITE）都將終身學習納入其使命。例如，我們最大的兩所大學——國立大學（NUS）和南洋理工大學（NTU）——已將終身學習作為教學組織的重要組成部分，為校友和成人學習者提供靈活路徑，修讀模組化課程，獲得可累積學分，並逐步構建成認可的資格證書。
新加坡人也越來越接受終身學習。去年，超過60萬人在技能未來支援下，參加了由高等院校和私人培訓機構提供的培訓。
雖然技能未來新加坡在教育部下專注於技能培訓，我們也有人力部下的勞動力新加坡（Workforce Singapore），負責與僱主接觸並幫助求職者找工作。多年來，我們努力加強這兩個機構之間的協調。
但在技術變革加速和工作轉換更頻繁的時代，需要更強的對接，我們的系統必須更無縫協作。因此，就業和技能重塑（ESR）委員會建議政府審視我們為新加坡人組織就業和技能支援的方式。
我們已認真考慮這一建議，並將採取果斷措施。我們將合併技能未來新加坡和勞動力新加坡，成立一個新的法定機構，由教育部和人力部共同監管。該新機構將成為技能培訓、職業指導和就業匹配服務的一站式平臺。
對工人和求職者而言，這意味著支援將更加無縫——從職業規劃、技能獲取，到就業匹配和轉型。對僱主而言，支援將更為整合——涵蓋勞動力規劃、崗位重設計、招聘和勞動力發展。
教育部長和人力部長將在供應委員會上分享更多資訊。
這不僅是組織結構的變革，更是不斷強化我們的終身學習和職業支援體系，使新加坡人能夠持續適應、成長，實現全部潛力。在變化常態的世界中，我們必須成為一個永不停止學習、永不停止努力進步的社會。
我們還將加強對特定勞動力群體的支援。
2024年，我們啟動了技能未來升級計劃，幫助中年工人進行技能重塑。該計劃反響良好：已有超過6萬名40歲及以上的新加坡人受益於實質性培訓課程。
Jeffrey Loh先生是眾多受益成人學習者之一。他在擔任空乘18年後，渴望重新技能培訓，追求與興趣相符的新機會。因此，他報名參加了新加坡科技學院的數字產品管理課程。大部分學費由技能未來補貼和學分抵扣。他還在三個月課程期間獲得了中年培訓津貼，幫助支援日常開銷。如今，Jeffrey在樟宜機場集團擔任值班航站樓經理，表現良好。
我們將繼續完善升級計劃。從下個月起，中年培訓津貼將擴充套件至參加兼職培訓者。我們還將擴大覆蓋範圍，納入更多行業相關課程。
另一個重要群體是我們的年長員工。我們將支援長者，使他們能夠繼續有意義地貢獻社會。這包括幫助他們為晚期職業生涯做好規劃，並支援他們更新技能。我們還將裝備僱主設計適合不同年齡的工作崗位和多代同堂的工作環境。
人力部已召集三方高階就業工作組，全面研究這些問題。他們的建議將於今年晚些時候公佈。與此同時，我們將把高階就業津貼延長至2027年底，以支援繼續僱用年長員工的僱主。
在創造更好工作崗位和提升新加坡人技能的同時，我們也必須保持對全球技能和人才的開放。外國專業人士和工人加強了我們的團隊，促進知識轉移，並使公司得以發展。這反過來又為新加坡人創造了更多更好的機會。
同時，我們將繼續確保我們的外籍勞動力補充強大的新加坡核心。按照這一方針，我們將完善和更新外籍勞工政策，以反映不斷變化的情況。
我們將從2027年1月起，將就業準證（EP）新申請人的最低合格薪金從5,600新元提高至6,000新元。這是為了隨著本地工資的上漲，保持EP持有人的質量。對於薪資水平較高的金融服務業，我們將把最低合格薪金從6,200新元提高至6,600新元。較年長EP申請人的合格薪金也將同步提高。續簽申請的調整將推遲一年，於2028年生效，以給予企業更多調整時間。[請參閱附件D-2。]
同樣，我們將提高S準證持有人的合格薪金。從2027年1月起，S準證新申請人的最低合格薪金將從3,300新元提高至3,600新元。金融服務業的標準將從3,800新元提高至4,000新元。較年長S準證申請人的合格薪金也將同步提高，續簽申請的調整將於2028年生效。
我們還將調整工作準證的徵費。對於海事和加工行業，基礎技能工人的徵費將分別提高100新元和150新元。對於製造業和服務業，我們將簡化現有的分級徵費結構。具體細節見預算附件。
為了給企業調整時間，這些變動將於2028年生效。人力部長將在供應委員會上作進一步說明。
我剛才概述的廣泛勞動力措施反映了新加坡的整體方針：保持對增強經濟的技能和專業知識的開放，同時確保新加坡人始終處於勞動力和政策的核心位置。我們將幫助新加坡人自信地適應變化，安心地跨越職業轉型，建立有意義且充實的職業生涯。
議長先生，家庭是社會的基石，是每個人的第一道支援線。通過“前進新加坡”計劃，近年來我們在支援新加坡人及其家庭方面取得了重大進展——從父母、長者、照顧者到殘疾人士。我們還加大了組屋供應，確保公共住房對夫妻和家庭依然可負擔且易於獲得。
在本次預算中，我們將進一步採取措施，為家庭提供更多支援和更大保障。
許多年輕夫婦希望成為父母。我們希望創造合適的條件，使他們感到自信並準備好組建家庭。結婚和生育的決定是非常個人的。但對於那些希望邁出這一步的人，政府將提供更多支援。
年輕夫婦最關心的問題之一是養育家庭的成本。歷屆預算中，我們不斷加強支援，幫助父母應對這些開支。
例如，我們推出了大家庭計劃，支援擁有或希望擁有三個及以上子女的家庭。對於第三個及以後的子女，該計劃將提供最高16,000新元的額外福利。
在去年的預算中，我們宣佈為每名12歲及以下的新加坡籍兒童提供500新元的Child LifeSG積分，幫助父母分擔日常家庭開支。今年，我們將為每名12歲及以下的新加坡籍兒童再提供500新元的Child LifeSG積分。[請參閱附件E-1。]
我們將繼續保持學前教育和學生照顧的可負擔性，以支援兒童關鍵的早期發展階段。
多年來，我們降低了學前教育的費用上限並增加了補貼。如今，雙職工家庭的托兒費用已與小學及課後學生照顧費用相當。低收入和中等收入家庭還可獲得基於收入的補貼，進一步減少自付費用。
我們將進一步加強這些措施。從明年初起，我們將通過將月家庭收入門檻提高至15,000新元，擴大基於收入的學前補貼覆蓋範圍。這將惠及超過60,000個家庭。符合條件的家長，包括之前已符合條件者，也可獲得更多的嬰幼兒照護和托兒補貼。[請參閱附件E-2。]
我們還將加強學生照顧支援。我們將把學生照顧費用援助的月家庭收入門檻提高至6,500新元，使更多家庭符合資格。除這些提升外，我們正在對學生照顧領域進行全面審查，研究如何更好地滿足有小學年齡兒童家庭的照護需求。
我們將繼續幫助低收入家庭，特別是有幼兒的家庭，邁向更大的穩定、自立和社會流動。我們採取以家庭為中心的支援方法。在ComLink+計劃下，每個家庭配備一名專職家庭教練，協助制定個性化行動計劃並協調支援。
為了認可和強化家庭自身的努力，我們推出了進步獎勵計劃。這不僅是經濟援助，更是一種社會契約，家庭教練與家庭共同設定明確目標，如獲得穩定工作、儲蓄購房或確保子女定期入學和上學。當這些里程碑達成時，家庭將獲得額外的獎勵金。
以胡女士和哈菲茲先生為例。他們已自行採取重要步驟穩定財務。所需的是持續的指導和支援以繼續前進。在家庭教練的支援和他們自身的努力下，過去一年他們取得了良好進展。通過進步獎勵計劃，他們的財務狀況改善，現已更接近擁有自己的四房組屋。
ComLink+計劃圍繞對家庭的密切和持續支援展開。它依賴專職家庭教練、家庭服務中心的個案工作者以及直接與家庭合作的志願者，幫助他們穩步前進。
隨著時間推移，我們已加強基層能力，現在準備提升ComLink+進步獎勵計劃。首先，我們將為所有承諾與家庭教練合作並積極進步的ComLink+家庭提供每季度500新元的新獎勵金。其次，我們將增強家庭在實現穩定就業和子女良好學前出勤等具體目標時獲得的額外獎勵金。第三，我們將更多以現金形式發放這些獎勵金，同時繼續為他們的公積金賬戶預留資金。這將幫助家庭滿足即時需求，同時建立長期財務保障。
通過這些提升，擁有兩個子女的ComLink+家庭在子女學前階段每年可獲得約10,000新元的現金和中央公積金補充金。我們希望這能為他們提供必要支援，穩定財務，保障自己和子女的更好生活。[掌聲][請參閱附件E-3。]
社會及家庭發展部長將在供應委員會上提供更多細節。
我們還將為殘疾人士及其家庭和照顧者提供更多支援。國務部長吳佩明正領導一個工作組，審視如何在殘疾人士及其家庭的不同生命階段提供更有意義的支援。這包括擴大社群設施容量，保持服務的可負擔性，以及支援特殊教育學校畢業生獲得有意義的就業並在社群中安居。
我們期待工作組的建議。加強對殘疾人士的支援是政府的重點工作，也是我們所有人的共同責任。因此，政府準備撥出額外資源推進這些工作。
隨著人口老齡化，我們也將為長者提供更多支援，使他們能夠有尊嚴、安全和安心地老去。
我們最近提升了CareShield Life的賠付金額，給予長者更大的長期護理費用保障。我們還增加了CareShield Life保費補貼，以緩解保費上漲的影響。我將向長期護理支援基金注資4億新元，用於支付額外補貼。
隨著壽命延長，退休保障成為許多新加坡人關注的另一大問題。我們的目標明確：持續工作並繳納公積金的新加坡人，應能自信地滿足基本退休需求。多年來，我們不斷完善公積金制度以實現這一目標。我們推出了銀髮援助計劃，幫助經濟條件較差的長者；推出“前進計劃”，為臨近退休的“年輕長者”提供額外保障。
在本次預算中，我們將採取進一步措施加強退休支援。
首先，我們將為50歲及以上且公積金退休儲蓄低於基本退休金額的新加坡人提供最高1,500新元的公積金補充金。餘額較低者將獲得更大補充金，以確保支援精準到位。[請參閱附件E-5。]
其次，我們將推進2027年為年長員工計劃中的下一步公積金繳納率提升。這將幫助年長員工在晚年工作階段積累更多退休儲蓄。政府還將繼續向僱主提供公積金過渡補貼，覆蓋2027年僱主繳納增加部分的一半。[請參閱附件E-4。]
第三，我們將為希望進一步增值儲蓄的公積金會員提供更多投資選擇。
目前，公積金系統提供穩定、無風險的利率，幫助新加坡人積累退休資金。憑藉額外利息，公積金會員的餘額年收益率可達6%，且無風險。
部分公積金會員，尤其是退休時間較長者，願意承擔更多風險以獲取潛在更高回報。但經驗表明，大多數人難以成功挑選和交易個股，持續戰勝市場非常困難。
對於散戶投資者，更合理的做法是通過低成本基金實現廣泛且多元化的投資。但即便如此，風險依然存在。因為有人可能在市場高點投資，卻在市場低迷時退休，正是他們最需要資金的時候。
因此，公積金諮詢小組早前建議引入終身退休投資計劃。這本質上是一種生命週期投資方法，設有預定義的退休滑行路徑。換言之，會員年輕時承擔更多風險，更多投資於股票；臨近退休時，投資自動調整至更安全資產。
我們認真研究了這一建議。目前市場上已有此類生命週期投資產品，但通常費用較高。因此，政府將不完全依賴市場，而是在新計劃下幫助塑造和開發此類產品，供公積金會員選擇。
今年晚些時候，公積金局將與業界接觸，邀請潛在供應商表達興趣。關鍵要求是保持低費用。我們將選定兩到三家可信供應商，簡化會員選擇。政府原則上也準備提供有限時支援，啟動該計劃。參與新投資計劃將是自願的，公積金會員可選擇是否加入。
同時，我們將加強幫助會員瞭解該選項是否適合他們，特別是年輕且退休時間較長、能更好應對短期市場波動的會員。
我今天已闡述了大致框架，但仍有許多細節需完善，人力部和公積金局將在準備好時分享更多資訊。
政府將繼續採取必要措施，幫助新加坡人應對生活成本壓力，直至不再需要。
儘管近年來通脹有所緩解，我們知道許多新加坡人仍面臨焦慮和壓力。因此，今年我們將繼續提供額外支援。
首先，我將發放生活成本特別補貼，現金金額為200至400新元，面向評估收入不超過10萬新元且不擁有超過一套物業的新加坡成年人。[請參閱附件E-6。]
其次，將有額外的U-Save回扣，幫助家庭支付水電費。符合條件的組屋家庭今年度將獲得常規U-Save回扣的1.5倍，最高可達570新元。[請參閱附件E-7。]
第三，我將在2027年1月為所有新加坡家庭提供額外500新元的社群發展理事會（CDC）購物券。[掌聲]與之前幾輪CDC購物券類似，一半可在參與超市使用，另一半可在參與的社群商戶和小販處使用。
議長先生，我們將繼續審視和完善社會支援體系——涵蓋教育、住房、醫療和退休，以及不同群體，包括家庭、父母、長者、殘疾人士和照顧者。我們將穩步且負責任地推進，確保新加坡保持包容和團結，成為我們都引以為豪的家園。[掌聲]
接下來，讓我談談安全挑戰以及我們的長期可持續性問題。
世界從未遠離衝突。但近年來，局勢變得更加危險。僅2024年，全球就發生了61起國家間武裝衝突，是二戰以來的最高紀錄。
衝突並非侷限於遙遠地區。離我們較近的地方，我們目睹了東南亞國家聯盟（ASEAN）成員國近年來最嚴重的武裝衝突之一。柬埔寨和泰國之間長期存在的邊界爭端升級為公開軍事對抗——無人機、火箭發射器甚至戰鬥機被投入使用。平民受傷、流離失所，生命喪失。
這些事態令人深感憂慮。它們反映了談判空間的縮小、使用武力的意願增強以及誤判風險加大，其後果極易跨越國界。
歷史給我們上了沉重一課：如果新加坡面臨危機，沒有人會來救我們。我們必須獨自承擔防衛和生存的責任。這就是為什麼我們必須保持警惕，準備應對更廣泛的安全挑戰。
自獨立以來，我們持續投資保障新加坡的和平與穩定。這使我們能夠採用新技術，打造新加坡武裝部隊（SAF）和內務部隊的可信且強大的能力。
我們周圍近期的衝突也凸顯了戰爭性質的變化。無人航空系統已成為現代衝突的常見特徵。它們不僅用於偵察，還用於精確打擊、電子戰和協調作戰。無人機成本更低、獲取更便捷且日益先進，使得即使較小的行為體也能以新方式投射力量。
我們將認真研究這些發展。我們將果斷投資於對新加坡防衛至關重要的能力。這包括加強我們在所有領域部署、反制和協同操作無人系統的能力。
除了物理戰場，數字領域已成為日益激烈的爭奪戰場。我們看到國家支援和非國家行為體在網路空間的攻擊急劇增加，範圍從針對個人的詐騙到對關鍵資訊系統的高度複雜攻擊。
新加坡是一個有吸引力的目標。我們曾遭受惡意網路行為者的攻擊，包括敵對的資訊戰和蓄意破壞國家安全的企圖。
多年來，我們加強了防禦。成立了網路安全域性；在內務部科學技術局建立專業團隊；並組建了武裝部隊的數字與情報服務部。這些努力使我們能夠偵測、阻斷並抵禦多次攻擊。但威脅形勢持續演變，攻擊變得更頻繁、更協調、更復雜。因此，我們將繼續加強網路安全態勢，通過深化能力、改善跨機構協調和更好保護最關鍵系統來應對。
僅僅防禦政府系統已不再足夠。許多私營部門公司在提供基本服務中發揮著關鍵作用，它們的系統同樣脆弱。攻擊者常利用規模較小或防護較弱的公司作為薄弱環節，進而入侵更大的系統，造成廣泛的破壞。然而，許多公司缺乏應對這些高階網路威脅的資源或專業知識。
因此，我們將深化與業界的合作伙伴關係，特別是關鍵資訊系統的所有者，以提升我們的準備度，加強集體網路防禦能力。
這一切都凸顯了持續投資於安全的重要性。目前，我們預計國防開支將維持在約佔GDP的3%。但如果需要，我們準備增加開支。重要的是，我們的安全工作不僅限於國防部，還包括對關鍵基礎設施和內務部隊的安全投資。綜合來看，我們預計未來幾年整體安全相關支出將上升，以應對更加複雜的威脅環境，保障新加坡的安全。
除了眼前的安全威脅，我們還必須面對一個長期挑戰——氣候變化日益加劇的影響。我們已經感受到其影響：氣溫升高、降雨加劇以及極端天氣事件更頻繁。
不幸的是，全球氣候行動的動力有所減緩。去年11月在巴西舉行的第30屆締約方會議上，各國未能就具體的脫碳路線圖達成一致。同期，國際海事組織推遲了淨零框架的採納，因為成員國未能達成共識。
一些政府正在縮減其氣候目標。但對新加坡而言，退縮不是選項。我們將繼續盡責，不僅應對氣候風險，也保障我們的長期韌性和競爭力。
碳稅是我們氣候戰略的關鍵支柱。它發出明確的價格訊號，鼓勵減排。這已產生影響，企業加大對低碳解決方案的投資，提高能源效率。
我們此前已公佈本十年的碳稅軌跡。今年及明年碳稅已提高至每噸45新元，計劃到2030年達到每噸50至80新元。對於組屋家庭，我之前提到的額外U-Save回扣將緩衝碳稅影響。對企業，我們將延長能源效率補助和企業融資計劃下的綠色貸款支援，幫助企業投資節能和可持續方案。
雖然新加坡將繼續負責任地參與氣候行動，但我們認識到單靠自身行動無法決定全球結果。因此，我們將謹慎調整步伐，作為負責任的全球公民盡力減排，同時考慮其他國家的行動，避免自身競爭力受損。
因此，2027年以後，我們將根據國際形勢，審慎評估新加坡的碳稅軌跡。新加坡已擁有亞洲最高的碳稅率。如果全球氣候動力持續減弱，我們可能需要將2030年的碳稅定位於50至80新元區間的較低端。
展望更遠，我們實現淨零的路徑將高度依賴技術突破和持續的國際合作。沒有這些，對於資源有限的小國新加坡來說，單獨推進將愈發困難。我們的淨零轉型進展可能因此不均衡，但我們的努力將是可信、前瞻且符合全球現實的。
即便在這些不確定性中，我們仍持續取得具體進展。例如，在清潔能源方面，我們持續推動太陽能部署，已提前實現2030年兩吉瓦峰值的目標。因此，我們將把2030年的目標提高到三吉瓦峰值。此後，我們將繼續最大化所有可行表面的太陽能部署，並逐步設定更遠期的更高目標。
我們也在推進從區域進口低碳電力的計劃，處於不同發展階段。雖然並非所有計劃都會實現，但實現的將有助於減少碳足跡，增強能源韌性。
重要的是，我們積極探索進一步多元化能源結構的可能性，包括氫能、地熱能或民用核能。我們正在建設核能能力，以評估其對新加坡的安全性和可行性。我們已與美國和法國啟動合作，並正與韓國等其他夥伴討論類似安排。
在交通領域，我們致力於到2040年實現100%清潔車輛。已有激勵措施鼓勵電動車的早期採用，全國範圍內的充電基礎設施也在擴充套件。
我們還在綠色化航空和海運業。在航空方面，我們支援可持續航空燃料的需求，目標是今年新加坡起飛航班使用1%的可持續燃料。
在航運方面，我們與業界合作，在裕廊島開發低碳氨燃料加註方案。如果成功，新加坡將成為全球首批商業供應氨燃料用於國際航運的國家之一。
先生，未來幾年將充滿不確定性，從地緣政治緊張到網路威脅和氣候風險。我們將正面應對這些挑戰，一一克服。正是這樣，我們才能穩健果斷地前進，為後代建設一個更安全、更可持續的家園。
新加坡最大的優勢不僅在於我們的政策和規劃，更在於人民的精神。一次又一次，我們逆境而上——這不是偶然，而是因為我們團結一致，尤其是在最嚴峻的時刻，無論是分離、金融危機還是當前的地緣政治不確定性。
全球範圍內，我們看到極化加劇，群體間相互對立的趨勢。許多社會變得更加分裂和難以治理。我們不能讓這種情況發生在新加坡。因此，在本預算中，我們將繼續投資於更新和加強將我們團結在一起的紐帶。
我們今天的共同紐帶堅固，但這不是一夜之間形成的，也非偶然。它們是代代相傳，耐心而有意識地建立起來的。
我們的藝術和文化遺產在這一過程中發揮著重要作用。它們幫助我們理解來處，表達當下的自我，並想象未來的可能。多元文化是我們身份的核心部分。我們珍視並擁抱各自獨特的文化傳統和遺產，同時繼續構建共同的基礎和統一的新加坡人身份。
我們的文化和遺產機構體現了這一理念——慶祝每個社群的豐富多彩，同時表達我們獨特的新加坡身份。我們將繼續加強這些機構。今年晚些時候，我們將開放翻新的馬來文化中心。我們將與新加坡華族文化中心合作，擴大其影響力和參與度。印度文化中心剛剛慶祝了十週年，我們將進一步支援其推廣和專案。
體育是另一種強大的力量，將新加坡人凝聚在一起。通過體育，我們學習韌性、團隊合作以及在逆境中堅持的決心。我們將繼續推進體育設施總體規劃，讓新加坡人更容易獲得負擔得起且優質的體育設施。
未來幾年，我們將開放新的榜鵝區域體育中心、大巴窯綜合發展專案、花拉公園和中段的體育設施，以及翻新的後港和女皇鎮體育中心。我們還將擴大雙用計劃，讓新加坡人方便地使用學校體育設施。我們將配合更多體育專案，促進各年齡和能力的新加坡人通過共同參與凝聚在一起。
在我們共同紐帶的基礎上，我們必須繼續培養強烈的團結感。這體現在捐贈、志願服務和日常善舉中。這些行動打破隔閡，拉近彼此距離，提醒我們大家同舟共濟。它們構成了“我們優先”社會的基礎。政府將盡力鼓勵和支援這一點。
目前，我們對符合條件的公共機構（IPCs）和合資格機構的捐贈提供250%的稅務扣除。我們將把該計劃延長三年，至2029年底。
除了金錢捐贈，許多新加坡人同樣寶貴地貢獻時間和技能，通過志願服務。企業若能方便員工參與社群服務，這種奉獻精神將更加強大。因此，文化、社區及青年部（MCCY）與社會服務理事會緊密合作，鼓勵企業將捐贈、志願服務和社會責任實踐融入運營。
為支援這些努力，政府此前推出了企業志願者計劃，員工志願服務或被派遣至IPCs時可享250%稅務扣除。我們將把該計劃延長三年，至2029年底。
新加坡人還通過發起基層倡議滿足社群需求。政府通過“我們的新加坡基金”支援這些努力。自2016年設立以來，該基金支援了800多個基層專案，涵蓋社群建設、體育、城市管理和數字準備等領域。
例如，“小手大心SG”是由7歲和9歲的Kaizen與Kay及其父母發起的倡議，邀請他人參與每月社群服務專案。首個專案聚焦消防安全意識，他們設計海報並與義順鎮議會合作，在組屋電梯大堂展示，還帶領其他兒童及家庭參觀義順消防局，向值班官員贈送關懷包和手工禮物。
他們還有更多專案計劃，包括海灘清理、支援長者、捐贈學習用品給兒童以及寫感謝卡給外籍勞工。這是一個極佳的例子，展示任何人，無論年齡大小，都能挺身而出，做出改變。
去年，“我們的新加坡基金”收到超過250份申請。同時，我們也聽取了關於基金改進的反饋，包括需要更大額度的資助、更長的資助期限和更廣泛的資格範圍。
因此，我們將推出新的5000萬新元新加坡夥伴基金，旨在催化基層倡議，幫助它們建立持續的能力和影響力。新基金將提供不同層級和期限的資助，包括最高100萬新元的多年度大型專案補助。
我們還將繼續與青年合作，開闢更多渠道讓他們塑造新加坡的未來。青年小組讓年輕新加坡人與政府合作，關注他們關心的問題。首輪有120名青年參與四個小組。今年晚些時候，我們將啟動下一輪青年小組，鼓勵更多年輕人挺身而出，發揮影響。
文化、社區及青年部代理部長將在供應委員會上分享這些舉措的更多細節。
先生，我們的先輩明白，新加坡的成功最終取決於團結，不僅是共享繁榮，更是共同承擔責任。這種信念體現在我們的誓言中，開頭即是“我們”，並確認我們是“一體的人民”。
這種團結感幫助我們度過不確定時期，走到今天。如果我們繼續投資彼此——加強紐帶，關心身邊人，把共同利益放在首位，我們就能自信地面對未來，建設一個持久繁榮的新加坡。[掌聲]
現在，讓我談談我們的財政狀況。我們審慎的財政政策仍是新加坡的核心優勢之一。我們以紀律和謹慎管理公共財政，確保收入足以覆蓋支出，每一元都負責任地使用，惠及當代和未來世代。
我們上屆政府所做的調整為新加坡奠定了健康穩健的財政基礎。我們擁有公平、累進且基於共同責任的稅收和轉移體系。這賦予我們前進的能力和信心。
今年，我將調整車輛稅。
目前，購車者通過額外註冊費（ARF）繳稅。為鼓勵車輛及時更新，使車輛更安全、汙染更少，我們為10年內登出的車輛提供優惠額外註冊費（PARF）回扣，按繳納的ARF比例計算。電動車（EV）汙染較傳統汽油車少。隨著電動車普及，鼓勵早期登出的PARF回扣需求減少。
因此，我將把PARF回扣降低45個百分點，並將回扣上限從6萬新元降至3萬新元。此調整適用於下一次配額投標獲得準證的所有車輛。
接下來，為抑制菸草消費，我將自今日起對所有菸草產品實施20%的菸草消費稅上調。稅改詳情見附錄。[請參閱附錄H-1]
先生，讓我總結我們的財政狀況。2025財年，我們預計收入增加，部分原因是我之前提到的經濟表現好於預期。
另一個主要驅動因素是企業所得稅收入增長。2024財年，企業所得稅佔GDP的4%，遠高於往年。我在上次預算中提及此事。根據最新估計，2025財年企業所得稅收入將進一步增加。
我們還看到資產相關收入如車輛配額溢價和印花稅增加，受私家車和房地產需求強勁推動。因此，我預計2025財年將實現151億新元盈餘，佔GDP的1.9%。2026財年預計盈餘為85億新元，佔GDP的1%。
我們的方針仍是保持預算長期平衡，跨越經濟週期的起伏。[請參閱附錄H-2]
展望本預算之外，我們的公共財政依然穩健有韌性。在收入方面，我們將推進基於“稅基侵蝕和利潤轉移”（BEPS）第二支柱的補充稅實施。這將使在新加坡運營的大型跨國企業的有效稅率達到15%。因此，我們預計從2027財年起企業稅收將增加。
同時，我們的支出需求將在多個方面增長。
首先，在對外關係和安全方面。我們需要加大投資，擴大海外夥伴關係，提升能力，以保障新加坡安全，應對新興威脅。
其次，在經濟領域。即使有BEPS計劃，許多國家仍推出慷慨激勵措施，吸引重大投資迴流或本地化。這是當今競爭格局的現實。為保持吸引力和競爭力，我們必須更新和強化投資促進工具。這也是為何本預算中文經貿部支出大幅增加，並可能在未來幾年保持高位的原因之一。
第三，在社會需求方面。我們已預見醫療保健支出增加，並通過提高消費稅率予以支援。但醫療保健並非唯一社會需求。我們還需加強家庭保障，提升社會流動性，增強退休保障，讓新加坡人能自信安心地面對人生各階段。
最後，我們必須為長期挑戰做準備。我們已通過專項基金預留資源，應對重大未來需求，包括能源轉型和海岸保護的關鍵基礎設施投資。本預算中，我們將進一步充實相關基金，支援樟宜機場發展及長期經濟戰略。
因此，我們預計收入和支出將持續增長。政府將謹慎管理這增長，確保支出有收入支援，並符合中期保持預算平衡的目標。
先生，我們穩健的公共財政使我們能夠果斷行動，投資於最重要的領域。這使新加坡處於與許多受債務和赤字壓力限制、被迫做出艱難取捨的國家截然不同的位置。
相比之下，新加坡政府本屆任期開始時財政基礎堅實。因此，我們能夠有意義且負責任地投資於惠及所有新加坡人的政策和專案——無論是現在還是未來。
議長先生，新加坡從其謙卑且動盪的起點走過了漫長的道路。
我最近參觀了由建國者紀念館主辦的國家美術館展覽。展覽帶我們回到1950年代至1970年代的新加坡，追溯我們的先驅們如何在多樣性和不確定性中鍛造共同的身份認同。展覽中有一項回顧了當時文化部在我們獲得自治權後不久舉辦的“Aneka Ragam Rakyat”或“人民文化音樂會”。在其中一次音樂會上，李光耀先生向群眾發表講話，稱新加坡人不是“僅僅的旁觀者”，而是“積極參與者”，共同建設屬於所有人的國家。
的確，新加坡之所以走得如此之遠，正是因為一代又一代的新加坡人挺身而出。他們承擔責任，貢獻所能，盡己所能塑造我們的集體未來。這種精神今天依然存在，尤其是在我們的青年中。
以Ayuni Nur Izyanti Md Zuraimi為例。Ayuni在15歲時發現了自己對志願服務的熱情。她與四位朋友一起創辦了一個名為“You(th) Can Do It”的非營利組織，通過Telegram將青年人與不同組織的志願機會連線起來。現年19歲的她正在淡馬錫理工學院學習醫學生物技術，仍然定期與朋友們一起做志願者，輔導來自弱勢家庭的小學生，併為老年人打掃住所。
還有Shantini D/O Subramaniam。Shantini從小就幫助照顧患有腦性癱瘓、依賴電動輪椅的弟弟。這段經歷使她深刻地致力於服務他人。她11歲時開始在斯里納拉亞納使命護理院做志願者。如今23歲的她在國大護理系學習，領導“關懷之心計劃”的運營，這是一個通過結伴計劃和社群外展支援臨終關懷患者的志願者專案。
還有Josef Tan Kai Heng。他在ITE西部學院學習電氣工程期間首次積極參與社群服務，志願加入Heartware Network。兩年前，他加入一個非營利組織，志願教授外籍勞工數字技能。現年19歲的他是新加坡理工學院計算機工程學生，依然深切致力於這一事業，堅信為新加坡發展貢獻良多的外籍勞工也應有機會提升技能和進步。
這些故事形式各異，但精神一致。它們提醒我們，國家建設從來不是少數人或單一代人的工作，而是普通新加坡人選擇以各自方式挺身而出、做出改變的累積努力。
如今，這種共同責任感比以往任何時候都更為重要。我們不能僅僅做旁觀者。我們必須成為積極參與者，彼此關照，加強社會紐帶，為屬於我們所有人的新加坡貢獻力量。
這正是2026年預算案的信念基礎。這是一個支援當代新加坡人、為明天社會做準備、使我們能夠自信應對這個變化世界的預算。我們將共同確保一個更強大、更公平、更光明的未來。
議長先生，我請求動議。［掌聲］
下午5時01分
議長先生：問題是，“議會批准政府2025年4月1日至2026年3月31日財政年度的財政政策。”
根據議事規則第89條第（一）款，辯論現休會。首相，辯論將於何日恢復？
黃循財先生：2026年2月24日星期二，議長先生。
議長先生：照此辦理。領袖。
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 Prime Minister and Minister for Finance (Mr Lawrence Wong) : Mr Speaker, I move, "That Parliament approves the financial policy of the Government for the Financial Year 1 April 2026 to 31 March 2027."
This is our first Budget in this new term of Government. It comes as we enter a post-SG60 phase in our nation building journey.
We begin this next phase at a time of profound global change. For nearly eight decades, the world benefited from an international order that supported stability and economic cooperation. The system rested, in large part, on the leadership of the United States (US). It underwrote global security, championed open markets and helped form the institutions and rules that enabled shared prosperity across the world, including here in Asia.
That era has now come to an end. The US is re-assessing, and in some areas undoing, key elements of the very system it once helped to build. Trade rules that were once promoted are being set aside. Global institutions are being bypassed and long-standing norms are becoming less reliable.
The cumulative effect is a weakening of the multilateral system. Countries everywhere have less confidence that common rules will protect their interests. As a result, more states are resorting to unilateral action and some are becoming emboldened to do so.
At the same time, the guardrails that once managed disputes and tensions are eroding. And so, the world is becoming more contested, more fragmented and ultimately more dangerous.
Against this backdrop, last year, there was widespread expectation that the US Liberation Day tariffs would trigger a sharp global slowdown.
Fortunately, our worst fears did not materialise. Many firms adjusted quickly – front-loading production and imports to get ahead of the tariff measures. Subsequent trade deals, together with shifts in global supply chains, helped to reduce the actual impact of the tariffs.
As a result, growth in the major economies held up, supported in part by strong investment in artificial intelligence (AI)-related activities.
In short, despite mounting stresses, the global economy proved more resilient than anticipated and the international system continued to function.
This year, however, we may not be so fortunate. Events in just the first month of 2026 have already been of exceptional scale and consequence. They have increased geopolitical tensions worldwide. As pressures build and the margin for error narrows, the resilience of the global system will be tested far more severely.
There are also clear and growing signs of fragility in the global economy. Rising public debt in many major economies will strain financial stability and weigh on longer-term growth prospects. At the same time, heightened risk-taking in financial markets has pushed up asset valuations, leaving them vulnerable to abrupt corrections. Any such adjustment would dampen confidence and spill over into real economic activity.
These external developments have a direct bearing on us. Last year, the resilience of the global economy, combined with our own economic strength, resulted in better-than-expected growth of 5%. Strong external demand boosted key industry clusters, including electronics and biomedical manufacturing. These gains generated spillovers across the broader economy.
Some of the positive momentum will continue into this year. But amidst heightened global uncertainties, we expect a more moderate outlook for 2026. Growth is therefore projected at 2% to 4%; with inflation at 1% to 2%.
Despite these uncertainties, we can move forward with confidence – confidence grounded in fundamentals.
Over the decades, we have systematically strengthened our economic foundations: deepening capabilities, investing in our people and reshaping our industries as technologies evolve.
We have built a reputation as a reliable and trusted hub – stable, secure, and well-governed – qualities that businesses and investors have come to value highly, more so now than before, precisely because the world has become more fractured and uncertain.
All these give Singapore an important and tangible competitive advantage.
But past success alone will not carry us forward. In a profoundly changed world, standing still is not an option. We cannot wait for conditions to turn more favourable. Nor can we fall back on strategies designed for a previous era.
We therefore have a full agenda in this term of Government to refresh our strategies and strengthen our social compact. Budget 2026 is the first step in this effort, to secure our future in a changed world. It lays the groundwork for how we will navigate our next phase of development – together, as one people.
In this Budget, we will: advance our refreshed economic strategy; harness artificial intelligence (AI) as a strategic advantage; build a resilient and skilled workforce; give families more support and greater assurance; protect our security and sustainability; and renew and strengthen our Singapore spirit.
I will touch on each of these in turn.
While our economy did well last year, some businesses continue to face cost pressures and operating challenges. We will support our businesses and help them stay competitive.
I will provide a 40% Corporate Income Tax rebate in the Year of Assessment 2026. Every active company that employed at least one local employee last year will receive a minimum benefit of $1,500. The total benefit for each company will be capped at $30,000. [ Please refer to Annex B-1 . ]
This will provide short-term relief, as we press on with our restructuring and transformation efforts.
Growth will be harder in this changed world. We must aim higher, move faster and be prepared to take calculated risks. This is why the Government convened the Economic Strategy Review (ESR). The ESR committee shared their mid-term update last month and we will move decisively to act on their recommendations.
Our ambition is to secure growth at the higher end of the 2% to 3% range over the next decade. But growth itself is not enough. Growth must translate into good jobs and rising incomes for Singaporeans. Let me share how we will achieve this.
First, we must adapt and connect differently in a changed global environment. Some countries are turning inward, seeking to reduce their external dependence. But for Singapore that is not an option. To prosper, we still need to be connected to the world – trading with others and integrating ourselves into global flows.
Importantly, globalisation has not ended. No country can succeed on its own. Most major products still depend on a global division of labour, combining expertise and materials from many countries, and on access to global markets to achieve scale. This fundamental reality has not changed. What has changed is globalisation as we knew it. Economic flows are becoming more selective, partnerships more strategic and resilience now matters as much as efficiency.
So, Singapore must adjust to these new patterns – staying open, but connecting in smarter, more diversified and more resilient ways. That is why we are forging new forms of cooperation with partners who share our commitment.
Last year, we launched the Future of Investment and Trade Partnership, bringing together like-minded partners to cooperate in areas like technology, trade facilitation and supply chain resilience. This month, the EU-Singapore Digital Trade Agreement entered into force – a landmark agreement with robust rules for digital trade. Later this year, we will sign a first-of-its-kind Agreement on Trade in Essential Supplies with New Zealand – to ensure the continuity of critical trade flows between our two countries in times of crisis.
We will also step up engagement with fast-growing markets, including in Latin America, Africa and the Middle East. We will establish new embassies and strengthen our diplomatic and economic presence on the ground to take better advantage of emerging opportunities in these regions.
Closer to home, we are working with our neighbours to deepen regional integration. This includes cooperating on projects like the Johor-Singapore Special Economic Zone, and the Batam, Bintan and Karimun Free Trade Zones in Indonesia.
In short, we will redouble our efforts to diversify globally and to integrate regionally. But connectivity alone is not enough. It must translate into real opportunities that our businesses can capture and seize.
Many Singapore companies are already doing this. One example is Rotary Engineering. It started in 1972 offering electrical installation services to oil refineries and petrochemical plants here in Singapore. But it did not confine itself to our domestic market. Over time, it built a leading presence in Southeast Asia delivering energy infrastructure services. Now, it is venturing further afield and deepening its presence in the Middle East. [ Please refer to Annex I-1 . ]
But doing business overseas is not easy, especially for smaller firms. Companies face unfamiliar regulations, different business practices and intense local competition. So, we will do more to support Singapore companies as they venture abroad.
We will enhance the support levels for grant schemes that support companies to internationalise – up to 70% for small and medium enterprises (SMEs), and up to 50% for non-SMEs.
We will also enhance the Market Readiness Assistance grant to support companies not just to access new markets, but to deepen activities in existing overseas markets as well.
Under the Double Tax Deduction for Internationalisation scheme, companies automatically enjoy a 200% tax deduction for selected qualifying activities, capped at $150,000. We will allow more qualifying activities to be eligible for such automatic tax deduction claims and raise the cap to $400,000.
We will enhance the Enterprise Financing Scheme by increasing the maximum loan quantum for trade and fixed asset loans. This will give companies more flexibility to cater to their different financing needs. We will also provide more support for companies pursuing significant overseas ventures that require higher capital outlay.
The Minister for Trade and Industry will share more about these changes at the Committee of Supply.
Second, we will build leadership in key growth clusters. That means anchoring critical segments of global value chains here in Singapore, especially activities with high knowledge content and strong spillovers. Our goal is not just to host such activities, but to shape how these industries develop and where they create value.
We are already doing this in some areas like semiconductors. A key frontier in semiconductors is Advanced Packaging. Despite what the name suggests – Advanced Packaging – this is highly complex and technologically demanding. Traditionally, faster chips have been built by packing more transistors onto a single chip. But this is becoming more costly, and we are approaching physical limits. As a result, attention has shifted to Advanced Packaging, which integrates multiple chips into a single package, using highly precise manufacturing technologies. This delivers better performance and energy efficiency.
Singapore began investing in Advanced Packaging research and development (R&D) more than two decades ago, well before it became a global priority. These investments are now bearing fruit. They are one reason why major semiconductor companies continue to invest heavily in Singapore, not just in manufacturing, but also in R&D, innovation and supply chain partnerships.
We see a similar pattern in other key industries like aerospace and biomedical sciences. Technology is the critical enabler underpinning our strategy to build leadership in these clusters. Singapore must be a place where frontier technologies are developed, tested and commercialised. That is why we will invest $37 billion under the Research, Innovation and Enterprise, or RIE2030 plan. This reflects our sustained commitment to research and innovation, amounting to around 1% of gross domestic product (GDP) each year.
At the same time, we must be realistic. In absolute dollars, our public R&D spending will always be modest compared to the sums deployed by much larger economies. We cannot outspend them. Instead, our investments must be disciplined, focused and strategic, directed at areas where Singapore has clear strengths and where our efforts can make a real difference.
There is potential in emerging areas like decarbonisation solutions and quantum technology. In quantum, for example, we made an early and deliberate bet. In 2007, we established the Centre for Quantum Technologies at the National University of Singapore (NUS). Much of quantum research then was still theoretical. But we invested patiently in building foundational capabilities, believing that these would one day translate into transformative applications.
That foresight is paying off. Today, quantum computing is moving rapidly from theory to reality, with far-reaching implications across many fields. The major technology players are investing heavily in capabilities to build commercial-scale quantum computers. And Singapore is attracting some of the best. Quantinuum, one of the world's leading quantum computer companies, has established operations here and will be hosting its latest quantum computer in Singapore, making us the first country outside America to host this system. This will give our researchers and companies, including a few home-grown startups, direct access to cutting-edge quantum compute and opportunities to work on meaningful projects.
We are also attracting top global talent and partnerships. Nobel Laureate Prof John Martinis, a pioneer in superconducting systems, co-founded a quantum computing startup, which is collaborating with our researchers at the Agency for Science, Technology and Research (A*STAR) and NUS. They are developing novel components to advance the performance of quantum computers, using state-of-the-art semiconductor processes. They chose Singapore because of the unique combination of our strengths – in advanced manufacturing, semiconductors and frontier quantum research.
These examples show how we can build leadership in key growth areas, and shape where innovation and value creation take place. In doing so, we strengthen Singapore's strategic resilience and relevance, while creating more jobs and better opportunities for Singaporeans.
Third, we will strengthen our enterprise ecosystem. Enterprise funding is a key part of this ecosystem. Over many years, we have worked steadily to strengthen this area. In venture and seed funding, we have made good progress. Compared to a decade ago, it is now much easier for startups to access early-stage capital.
But many firms continue to face challenges at the growth stage. This is not unique to Singapore. Globally, growth stage capital has tightened. As a result, many firms, especially in deep tech, find it harder to raise the larger and longer-term funding that is needed to scale.
We will therefore do more to catalyse growth capital in Singapore. Under the Startup SG Equity scheme, the Government provides initial capital to catalyse and crowd in private funding for promising startups. To date, the scheme has focussed mainly on early-stage funding. We will now go further. I will set aside $1 billion to enhance Startup SG Equity, and expand its scope to cover growth-stage companies.
Beyond this, we will take a more systemic approach to strengthening our growth capital ecosystem. We will convene a new workgroup led by Minister Chee Hong Tat, working closely with the industry, to develop strategies to position Singapore as a leading centre for growth capital.
When enterprises are ready to list, we want them to see
Singapore as their listing venue of choice. We had earlier set up the Anchor Fund to attract and anchor high-quality listings, and we are now seeing encouraging signs of renewed listing activity on the Singapore Exchange (SGX). I will therefore launch a second $1.5 billion tranche of the Anchor Fund. As with the first tranche, this will be a co-investment between the Government and Temasek.
We will also continue to strengthen our broader equities market. Last year, MAS launched the Equity Market Development Programme, to develop our fund management industry and increase investor participation in Singapore equities. Industry response has been encouraging. MAS has allocated close to $4 billion to nine asset managers. To build on this momentum, I will expand the programme, with a $1.5 billion top-up to the Financial Sector Development Fund.
At the same time, we are implementing the other recommendations of the Equities Market Review Group. This includes streamlining listing rules and requirements to make it easier for high-growth companies to go public, and establishing a dual-listing bridge connecting the SGX and Nasdaq. These measures will enhance the depth and vibrancy of our public equities market and provide more pathways for enterprises to grow and scale from Singapore.
Deep and vibrant markets are one part of the equation. We must also ensure a strong pipeline of high-quality companies that choose to build, grow and anchor themselves in Singapore. Some will be locally grown enterprises. Others will be promising enterprises from abroad.
The Economic Development Board has traditionally focused its investment promotion efforts on multi-national enterprises. Going forward, it will step up efforts to attract high-growth companies with the potential to become future industry leaders. By anchoring such companies early, we can build new engines of growth and capture greater value for our economy as these enterprises grow and expand from Singapore.
This comprehensive approach – from nurturing homegrown startups, to catalysing private capital and attracting promising global companies – will strengthen our enterprise ecosystem. It will enable companies of all sizes and at every stage of growth, to access the capital and partnerships they need to succeed. Importantly, this will create more opportunities for Singaporeans to secure good jobs and grow their careers.
In a changed world, a decisive factor for success will be how we harness new technologies – foremost amongst them, AI.
AI is advancing at remarkable speed. We are reaching a stage where systems can write their own code and improve through iterative learning. The potential is immense – to raise productivity, unlock new discoveries and transform lives in ways that we are only beginning to understand.
But with this promise comes deep concerns. Workers worry that AI will displace jobs. Societies worry about misinformation, bias and the ethical use of powerful technologies. These anxieties are real and we must confront them squarely.
But fear cannot be Singapore's response. If we allow uncertainty to paralyse us, we will fall behind in a world that is moving rapidly ahead. So, we must act with clarity and resolve.
AI is a powerful tool, but it is still a tool. It must serve our national interests and our people. We will define how AI is developed and used in Singapore. We will set clear rules to ensure it is applied responsibly and safely. And we will ensure that its benefits are shared widely across society.
Harnessed well, AI will be a strategic advantage for Singapore. It can help us overcome our structural constraints – our limited natural resources, rapidly ageing population and tight labour market.
To do this, we must invest deliberately and with discipline, not by simply following what others do, but by playing to Singapore's strengths. Our advantage does not lie in building the largest frontier models. It lies in deploying AI effectively, responsibly and at speed. Singapore can be a trusted hub where companies and researchers come together to develop, test and deploy impactful AI solutions – and do so faster and more coherently than many larger countries.
This is already happening. Today, more than 60 firms, including Google and Microsoft, have set up AI Centres of Excellence here. These investments have created a growing number of good jobs for Singaporeans, in AI research, engineering and deployment.
But to fully realise AI's potential, we must go beyond individual pilots and isolated experiments. We must organise at a national level and move with speed and scale.
We will therefore launch a new set of national AI Missions. These missions will drive AI-led transformation in key sectors of our economy and push the boundaries of what is possible, for Singapore and for the world. We will focus on four sectors: advanced manufacturing, connectivity, finance and healthcare. [ Please refer to Annex C-1 . ]
For example, in advanced manufacturing, we aim to accelerate innovation and build best-in-class factories that can compete globally.
In connectivity and logistics, AI can help to automate airport and seaport operations, move goods more efficiently, and strengthen Singapore's position as a leading global hub.
These are not abstract aspirations. Each AI Mission will be anchored in clear objectives and tangible outcomes.
Delivering this will require us to work differently. We will review regulations and create sandboxes, so that companies can test AI innovations safely and responsibly. Within the Government, we will better align our R&D, regulatory and investment promotion efforts so that agencies act in concert and pull in the same direction.
All this will require a coordinated national effort. We will therefore establish a new National AI Council, which I will chair, to provide strategic direction and to drive Singapore's AI agenda.
For AI to truly transform our economy, companies must also adopt it comprehensively. Many firms say they are using AI. But end-to-end transformation with AI is very demanding. It requires organising data, rebuilding systems, redesigning processes and jobs, and retraining workers. Even the major global companies are grappling with this. But those that succeed will gain a decisive competitive advantage.
A few leading Singapore companies like DBS and Grab are already moving decisively on AI transformation. We want to encourage more to do so. So, we will launch a new Champions of AI programme to support firms with the ambition to use AI to comprehensively transform their business. Support will be tailored to each company, and will include enterprise transformation and workforce training. As these companies succeed, they will set benchmarks for their industries and inspire others to follow.
Beyond this, we will strengthen support for all enterprises, especially our SMEs, so they adopt AI and benefit from it in practical ways.
We will build on the Enterprise Innovation Scheme, which provides businesses with 400% tax deductions on qualifying expenditures in activities like R&D, innovation and capability development. We will expand the scheme to include AI expenditures as a qualifying activity, for the Years of Assessment 2027 and 2028, capped at $50,000 per Year of Assessment.
We will also strengthen our existing support schemes. The Productivity Solutions Grant (PSG) already helps companies to adopt digital solutions. Increasingly, these solutions will be AI-enabled.
Take HarriAnns, an F&B company known for its freshly made nonya kueh. It began in the 1940s, started by Mdm Chia Nguk Eng, and later grew into a stall at Tiong Bahru Food Centre. In the 1980s, her son took over the business. Today, the third generation runs the company, and it has expanded to eight cafes across Singapore. With support from the PSG, it adopted an AI-enabled restaurant management system to automate ordering and billing, and streamline operations – serving customers faster and growing its revenues in the process.
We will expand the PSG to support a wider range of digital and AI-enabled solutions, so that every firm, regardless of size, can access tools that help them work smarter and compete more effectively.
To build a vibrant AI-enabled economy, it helps to have a focal point – one that brings together AI founders, practitioners, researchers and innovators, and catalyses more collaborations and interactions.
We have started a pilot initiative called Lorong AI. It is a dedicated co-working space that serves as a convening hub for our AI community. We will build on this pilot and establish a larger AI park at One-North. This will be a new cluster to catalyse ideas, forge collaborations and translate AI initiatives into practical solutions for businesses and public services.
Just as we support enterprises, we must do the same and more, for our workers.
AI will change how we work. Some tasks will be automated. New roles will emerge. Many existing jobs will evolve. I know this creates real anxiety for workers. The pace of change can be unsettling, especially when livelihoods are at stake.
But we will not allow technological change to come at the expense of our workers. We will press ahead with AI – because we must. At the same time, we will put in place strong support to help our workers adapt and progress – because we will take care of our own.
The Government will stand with our workers throughout this transition. No one will have to navigate the changes alone. We will help Singaporeans acquire new skills, adapt to new roles, and use AI as a tool to be more productive and effective at work. Where jobs are impacted, we will manage the transitions carefully, and work closely with the National Trades Union Congress (NTUC) and our unions to help workers move into new areas and opportunities.
Our commitment is clear: every Singaporean who is willing to adapt and learn will continue to secure a good job and make a good living here in Singapore. [ Applause. ]
To succeed in this new reality, we must prepare both our future workforce and those already working today. For the next generation, we will strengthen AI literacy for students across all our Institutes of Higher Learning (IHLs). Just as importantly, our IHLs will continue to emphasise strong foundations, so that students learn to use AI wisely, not as a shortcut, and are equipped with rigorous thinking and deep disciplinary skills.
At the workplace, we will help workers use AI to take over routine tasks, so that they can focus their time and energy on higher-value activities – work that requires judgement, creativity and human insight, and that cannot be replaced by machines.
Take accountancy as an example. Today, accountants can use AI to automate large parts of data consolidation, preparation and book-keeping. This allows them to move up the value chain, spending more time on client advisory, forensic work and complex analysis, where professional expertise and trust matter most.
To support workers through this transition, we will help them build practical AI capabilities. Because AI is already reshaping many forms of white-collar and cognitive work, we will start with the accountancy and legal professions, and progressively extend them to other fields.
Beyond these specific sectors, every Singaporean can take the initiative to learn and pick up AI-related skills. Today, many AI chatbots, like ChatGPT or Gemini, are widely available and easy to use. For many, they are just smarter versions of a search engine. But there is much more to AI than just doing a search. With the right guidance and prompts, these tools can do a lot more – helping users analyse information, generate ideas nd solve problems.
Using AI well requires learning, practice and the right support.
There is already a wide range of AI-related courses on the SkillsFuture website, from fully online options to part-time and full-time programmes. But we know it is not always easy to navigate the options and identify what is most relevant. So, we will redesign the SkillsFuture website to make AI learning pathways clearer and easier to access so that Singaporeans can quickly find courses that match their work needs and proficiency levels.
Learning must go beyond theory. It must translate into hands-on applications. While most AI tools are free at the basic level, access to more advanced models requires a paid subscription. To further encourage learning, we will provide Singaporeans who take up selected AI training courses six months of free access to premium AI tools. This will allow them to practise, experiment and apply what they have learnt.
Several Ministries – the Ministry of Digital Development and Information, the Ministry of Education (MOE), the Ministry of Manpower (MOM) and the Ministry of Trade and Industry (MTI) – are involved in these cross-cutting efforts. And the Ministers will provide more details at the Committee of Supply.
Sir, Singapore will not be passive in the face of rapid changes around us. We will adapt. We will compete. We will continue to move forward with confidence. By harnessing AI as a strategic advantage, we will shape our own future and secure our place in this changed world.
Singaporeans, and especially our workers, are at the centre of everything we do. Ultimately, what matters is not just the policies we announce, but the outcomes they deliver in people's lives. That is why we track results carefully and assess whether our efforts are making a real difference.
Earlier this week, MOF released an Occasional Paper on income growth, inequality and social mobility trends. It shows that over the past decade, we have made good progress with broad-based wage increases and smaller income gaps. These improvements did not happen by chance. Left entirely to market forces, they would not have occurred on their own. Indeed, in many advanced economies, as growth slows, inequality becomes more entrenched.
Singapore faces these same underlying pressures. That is why the Government has and will continue to lean against these trends, and strive to ensure that the fruits of growth are shared widely and fairly. Every Singaporean, regardless of where they start in life, should have a fair chance to pursue their aspirations and realise their full potential.
So, in this Budget, we will continue to strengthen support for lower-wage workers.
The Local Qualifying Salary (LQS) sets the minimum salary that local employees must be paid in firms that hire foreign workers. We will raise the LQS for full-time local employees from $1,600 to $1,800. [ Please refer to Annex D-1 . ]
To help businesses defray some of the cost, we will enhance the Progressive Wage Credit Scheme (PWCS). We will raise the PWCS co-funding support for this year, from 20% to 30%.
We will also extend the PWCS for two more years, to 2028. From next year, we will raise the minimum wage increase to qualify for PWCS support from $100 to $200. This will better encourage and reward the firms that invest in their workers.
These measures build on the Progressive Wage Model (PWM), which we have developed together with NTUC and our tripartite partners. The PWM goes beyond a simple flat minimum wage and instead links pay increases to skills, productivity and career progression – and it is delivering results.
We will also continue to strengthen training support for the PWM. Last year, I announced additional support under the Workfare Skills Support for workers who take up long-form training courses. We will go further to enhance the basic tier of the scheme and increase the hourly allowance for workers who upgrade their skills.
We will also do more to support lifelong learning for all Singaporeans through SkillsFuture.
When we first started SkillsFuture more than a decade ago, the training landscape looked very different. At that time, our IHLs were still largely focussed on pre-employment training. But we knew this was no longer sufficient. That was why we set up SkillsFuture Singapore in 2016 under MOE to embed lifelong learning within our education system.
Today, we have achieved this objective. Working adults at all stages of their careers can access a wide range of high-quality training options across our IHLs. All our autonomous universities, polytechnics and Institutes of Technical Education (ITE) have internalised lifelong learning as part of their mission. For example, NUS and the Nanyang Technological University (NTU), our two largest universities, have made lifelong learning an integral part of how they organise their teaching and learning. They offer flexible pathways for alumni and adult learners to take modular courses, earn stackable credits and progressively build these into recognised qualifications.
Singaporeans, too, are increasingly embracing lifelong learning. Last year, more than 600,000 individuals took up training with SkillsFuture support, offered by IHLs and private training providers.
While SkillsFuture Singapore under MOE focused on skills training, we also had Workforce Singapore under MOM to engage employers and help jobseekers find jobs. Over the years, we have worked to strengthen coordination between these two agencies.
But in an era of faster technological change and more frequent job transitions, stronger alignment is needed, and our systems must work more seamlessly together. Hence, the ESR committee recommended that the Government review how we organise jobs and skills support for Singaporeans.
We have carefully considered this recommendation and will take a decisive step forward. We will merge SkillsFuture Singapore and Workforce Singapore into a new statutory board jointly overseen by MOE and MOM. This new agency will be a one-stop shop for skills training, career guidance and job matching services.
For workers and jobseekers, that means support will be more seamless – from career planning, to skills acquisitions, and job matching and transitions. For employers, the support will be more integrated – covering workforce planning, job redesign, hiring and workforce development.
The Minister for Education and the Minister for Manpower will share more at the Committee of Supply.
This goes beyond making an organisational change. It is about continually strengthening our system of lifelong learning and career support, so Singaporeans can continue to adapt, grow and realise their full potential. In a world where change is constant, we must remain a society that never stops learning and never stops striving to do better.
We are also strengthening support for specific segments of our workforce.
In 2024, we launched the SkillsFuture Level-Up Programme to help mid-career workers undergo a skills reboot. The take-up has been encouraging: over 60,000 Singaporeans aged 40 and above have already benefitted from substantial training courses.
Mr Jeffrey Loh is one of the many adult learners who has benefited from the programme. After 18 years as an air steward, he was keen to reskill and pursue new opportunities aligned with his interests. So, he enrolled in a Digital Product Management course at the Singapore Institute of Technology. Most of his course fees were offset by SkillsFuture subsidies and credits. He also received the Mid-Career Training Allowance during the three-month course, which helped support his daily expenses while he trained. Now, Jeffrey is doing well in a new role as a Duty Terminal Manager with Changi Airport Group.
We will continue to enhance the Level-Up programme. From next month, the Mid-Career Training Allowance will be extended to those who take up not just full-time, but also part-time training. We will also expand coverage to include more industry relevant courses.
Another important group is our senior workers. We will support our seniors so they can continue to contribute meaningfully. This includes helping them plan ahead for their later-stage careers and supporting them in refreshing their skills. We will also equip employers to design age-friendly jobs and multi-generational workplaces.
MOM has convened a Tripartite Workgroup on Senior Employment to study these issues comprehensively. Their recommendations will be released later this year. In the meantime, we will extend the Senior Employment Credit to end-2027, to support employers who continue to employ senior workers.
As we create better jobs and upskill Singaporeans, we must also remain open to global skills and talent. Foreign professionals and workers strengthen our teams, transfer knowledge and enable companies to grow. This in turn creates more and better opportunities for Singaporeans.
At the same time, we will continue to ensure that our foreign workforce complements a strong Singaporean core. In line with this approach, we will refine and update our foreign worker policies to reflect evolving conditions.
We will raise the Employment Pass (EP) minimum qualifying salary for new applicants from $5,600 to $6,000 from January 2027. This maintains the quality of the EP holders, as local wages rise. For the financial services sector, which has higher salary norms, we will raise the minimum qualifying salary from $6,200 to $6,600. The qualifying salaries for older EP applicants will be raised in tandem. For renewal applications, the changes will apply a year later in 2028, to give businesses more time to adjust. [ Please refer to Annex D-2 . ]
Likewise, we will raise the qualifying salaries for S Pass holders. From January 2027, the minimum qualifying salary for new S Pass applicants will be raised from $3,300 to $3,600. For the financial services sector, this will be raised from $3,800 to $4,000. Qualifying salaries for older S Pass applicants will be raised in tandem, with renewal applications affected one year later, from 2028.
We will also adjust Work Permit levies. For the Marine and Process sectors, levies for basic skilled workers will be raised by $100 and $150, respectively. For the Manufacturing and Services sectors, we will simplify the current tiered levy structure. The details are in the Annex to the Budget.
To give businesses time to adjust, these changes will take effect from 2028. The Minister for Manpower will share more at the Committee of Supply.
The wide range of workforce measures I have outlined reflects Singapore's overall approach: to stay open to skills and expertise that strengthen our economy, while ensuring that Singaporeans remain firmly at the centre of our workforce and our policies. We will help Singaporeans adapt to change with confidence, move across career transitions with assurance, and build meaningful and fulfilling careers.
Sir, families are the bedrock of society and the first line of support for every individual. Through Forward Singapore, we have made significant moves in recent years to support Singaporeans and their families – from parents, to seniors, caregivers and persons with disabilities. We have also ramped up the supply of HDB flats to ensure that public housing remains accessible and affordable for couples and families.
In this Budget, we will make further moves to give families more support and greater assurance.
Many young couples hope to become parents. We want to create the right conditions, so they feel confident and ready to start a family. The decision to get married and have children is deeply personal. But for those who wish to take the step, the Government will do more to support them along the way.
One of the biggest concerns for young couples is the cost of raising a family. Over successive Budgets, we have strengthened support to help parents manage these expenses.
For example, we introduced the Large Families Scheme to support families who have, or aspire to have, three or more children. For every third or subsequent child, the scheme will provide up to $16,000 in additional benefits.
At last year's Budget, we announced $500 in Child LifeSG Credits for each Singaporean child aged 12 and below, to help their parents defray their day-to-day household expenses. This year, we will provide another $500 in Child LifeSG Credits to families for each Singaporean child aged 12 and below. [ Please refer to Annex E-1 . ]
We will continue to keep preschool and student care affordable, to support the critical early years of a child's development.
Over the years, we have reduced preschool fee caps and increased subsidies. Today, childcare fees for dual-income families are comparable to primary school and after-school student care fees. Lower- and middle-income families also receive means-tested subsidies, which further reduce out-of-pocket expenses.
We will enhance these further. From the start of next year, we will extend means-tested preschool subsidies to more families, by raising the monthly household income threshold to $15,000. This will benefit more than 60,000 families. Eligible parents, including those who previously qualified, can also receive more in infant care and childcare subsidies. [ Please refer to Annex E-2 . ]
We will also strengthen support for student care. We will raise the monthly household income threshold for Student Care Fee Assistance to $6,500, so that more families can qualify. Beyond these enhancements, we are undertaking a holistic review of the student care sector to study how to better meet the caregiving needs of families with primary school-aged children.
We will continue to help lower-income families, especially those with young children, move towards greater stability, self-reliance and social mobility. We take a family-centric approach to support such families. Under ComLink+, each family is paired with a dedicated family coach, who works with them to develop personalised action plans and to coordinate support.
To recognise and reinforce the families' own efforts, we introduced Progress Packages. These are more than financial assistance; they are a form of social contract where family coaches work with the families to set clear goals, like securing a stable job, saving towards a home, or ensuring their children enrol in and attend preschool regularly. When these milestones are achieved, the families receive additional payouts.
Take Mdm Hurul and Mr Hafiz for example. They had taken important steps on their own to stabilise their finances. What they needed was sustained guidance and support to keep moving forward. With support from their family coach, and through their own hard work, they have made good progress over the past year. Through the Progress Packages, their financial circumstances have improved, and they are now closer to securing their own 4-room HDB flat.
ComLink+ is built around close and sustained support for families. It relies on dedicated family coaches, case workers from Family Service Centres and volunteer befrienders who work directly with families to help them make steady progress.
Over time, we have strengthened our capabilities on the ground and we are now ready to enhance the ComLink+ Progress Packages. First, we will provide a new payout of $500 per quarter for all ComLink+ families who make a commitment to work with family coaches and take active steps to make progress. Second, we will enhance the additional payouts that families receive when they make concrete progress in their goals of maintaining stable employment and good preschool attendance for their children. Third, we will provide more of these payouts in cash, while continuing to set aside monies in their CPF accounts. This will help families meet immediate needs, while also building their longer-term financial security.
With these enhancements, a family with two children under ComLink+ can receive around $10,000 per year in cash and Central Provident Fund (CPF) top-ups, while their children are in preschool. And we hope this will provide them with the necessary support to stabilise their finances and secure a better life for themselves and their children. [ Applause. ] [ Please refer to Annex E-3 . ]
The Minister for Social and Family Development will provide more details at the Committee of Supply.
We will also do more for persons with disabilities, as well as their families and caregivers. Minister of State Goh Pei Ming is leading a task force to review how we can provide more meaningful support at different life stages for persons with disabilities and their families. This includes expanding capacity in community-based facilities, keeping services affordable, and supporting graduates of special education schools to secure meaningful employment and live well in the community.
We look forward to the recommendations of the task force. Strengthening support for persons with disabilities is a key priority for the Government and a shared responsibility for all of us. So, the Government stands ready to set aside additional resources to advance these efforts.
As our population ages, we will also provide more support for our seniors so they can age with dignity, security and peace of mind.
We recently enhanced CareShield Life to provide higher payouts, giving seniors greater assurance against long-term care costs. We also increased CareShield Life premium subsidies to help cushion the impact of the higher premiums. I will top up the Long-Term Care Support Fund by $400 million to fund the additional subsidies.
With longer lifespans, retirement adequacy is another major concern for many Singaporeans. Our aim is clear: Singaporeans who work and contribute to CPF consistently should be able to meet their basic retirement needs with confidence. Over the years, we have enhanced the CPF system to achieve this. We introduced Silver Support to uplift seniors with less means and the Majulah Package to give additional assurance to our "Young Seniors" as they approach retirement.
In this Budget, we will take further steps to strengthen retirement support.
First, we will provide a CPF top-up of up to $1,500 for Singaporeans aged 50 and above, and with CPF retirement savings below the Basic Retirement Sum. Those with lower balances will receive larger top-ups, so that support is targeted at where it is most needed. [ Please refer to Annex E-5 . ]
Second, we will proceed with the next step of planned CPF contribution rate increases for senior workers in 2027. This will help older workers build up their retirement savings in their later working years. The Government will also continue to provide the CPF Transition Offset to employers, covering half of the increase in employer contributions for 2027. [ Please refer to Annex E-4 . ]
Third, we will offer more investment options for CPF members who wish to grow their savings further.
Today, the CPF system provides stable, risk-free interest rates to help Singaporeans build up their retirement nest egg. With the extra interest that CPF offers, CPF members can earn up to 6% per annum, risk-free, on their CPF balances.
Some CPF members, especially those with a longer runway to retirement, are prepared to take more risk to generate potentially higher returns. But experience shows that most people do not do well picking and trading individual stocks. It is very hard to beat the market consistently.
For retail investors, a more sensible approach is broad and diversified exposure through low-cost funds. But even then, risks remain. Because some may invest when markets are high, and retire during a downturn, precisely when they need their savings.
That is why the CPF Advisory Panel earlier recommended introducing a Lifetime Retirement Investment Scheme. This is essentially a life-cycle investment approach, with a predefined glide path to retirement. In other words, members take on more risk, with greater exposure to equities, when they are younger; and their investments are automatically rebalanced towards safer assets as they approach retirement.
We studied this recommendation carefully. Currently, such life-cycle investment products are available in the market, but they have traditionally come with high fees. So, rather than leave this entirely to the market, the Government will help shape and develop such products under a new scheme for CPF members.
Later this year, CPF Board will engage the industry and invite expressions of interest from potential providers. A key requirement will be that the fees are kept low. We will select two to three credible providers to keep choices simple for members. The Government will also be prepared, in-principle, to provide some time-limited support to kick-start the scheme. Participation in the new investment scheme will be voluntary. CPF members can choose whether to opt in.
At the same time, we will strengthen efforts to help members understand whether this option is suitable for them – in particular, for members who are younger and have a long runway to retirement, and who can better ride out short-term market fluctuations.
I have set out the broad framework today. But there are still many details to work out, and MOM and CPF Board will share more when ready.
The Government will continue to do whatever is necessary to help Singaporeans manage cost pressures for as long as it is needed.
Although inflation has eased in recent years, we know that many Singaporeans still face anxieties and pressures. So, we will continue to provide additional support this year.
First, I will provide a Cost-of-Living Special Payment, comprising $200 to $400 in cash, to Singaporean adults earning up to $100,000 in Assessable Income and who do not own more than one property. [ Please refer to Annex E-6 . ]
Second, there will be additional U-Save rebates to help households with their utilities expenses. Eligible HDB households will receive 1.5 times the regular amount of U-Save rebates, or up to $570 this financial year. [ Please refer to Annex E-7 . ]
Third, I will provide another $500 in Community Development Council (CDC) Vouchers [ Applause. ] for all Singaporean households in January 2027. Similar to previous rounds of CDC Vouchers, half can be used at participating supermarkets, while the other half can be used at participating heartland merchants and hawkers.
Mr Speaker, we will continue to review and enhance our social support system – across education, housing, healthcare and retirement, and for different groups, be it families, parents, seniors, persons with disabilities or caregivers. We will keep working at this, steadily and responsibly, so that Singapore remains an inclusive and united society and a place that we are all proud to call home. [ Applause. ]
Next, let me touch on security challenges as well as our longer-term sustainability concerns.
The world has never been free of conflict. But in recent years, it has become more dangerous. In 2024 alone, there were 61 state-based armed conflicts worldwide, the highest number recorded since the Second World War.
The conflicts are not confined to distant regions. Closer to home, we witnessed one of the most serious armed clashes involving Association of Southeast Asian Nations (ASEAN) member states in years. A long-standing border dispute between Cambodia and Thailand escalated into an open military confrontation – drones, rocket launchers and even fighter jets were deployed. Civilians were wounded, displaced and lives were lost.
These developments are deeply troubling. They reflect a shrinking space for negotiation, a greater willingness to use force, and a higher risk of miscalculation, with consequences that can easily spill across borders.
History has taught us a hard lesson: no one will come to our rescue if Singapore faces a crisis. We alone are responsible for our defence and survival. This is why we must stay vigilant and be prepared for a wider range of security challenges.
Since Independence, we have invested steadily to safeguard Singapore's peace and stability. That has allowed us to adopt new technologies, and build credible and strong capabilities in both the Singapore Armed Forces (SAF) and the Home Team.
The recent conflicts we see around us have also underscored how the nature of warfare is changing. Unmanned aerial systems are now a common feature of modern conflict. They are used not only for surveillance, but also for precision strikes, electronic warfare and coordinated operations. Drones are cheaper, more accessible and increasingly sophisticated, allowing even smaller actors to project force in new ways.
We will study these developments carefully. We will invest decisively in capabilities that are essential to Singapore's defence. And that includes strengthening our ability to deploy, counter and operate alongside unmanned systems across all domains.
Beyond the physical battlefield, the digital domain has emerged as an increasingly contested arena. We are seeing a sharp rise in attacks by both state-sponsored and non-state actors in cyberspace. They range from scams targeting individuals, to highly sophisticated attacks on critical information systems.
Singapore is an attractive target. We have faced attacks from malicious cyber actors, including hostile information campaigns and deliberate attempts to undermine our national security.
Over the years, we have strengthened our defences. We established the Cyber Security Agency; built expertise within the Home Team Science and Technology Agency; and stood up the Digital and Intelligence Service in the SAF. These efforts have enabled us to detect, disrupt and fend off many attacks. But the threat landscape continues to evolve, with attacks becoming more frequent, more coordinated and more sophisticated. We will therefore continue to strengthen our cybersecurity posture by deepening capabilities, improving coordination across agencies and better safeguarding our most critical systems.
It is also no longer sufficient to defend government systems alone. Many private sector companies play a critical role in delivering essential services and their systems are likewise vulnerable. The attackers often exploit smaller or less-protected companies as weak links to gain access to larger systems, and cause widespread disruption. Yet many companies lack the resources or expertise to deal with these advanced cyber threats.
So, we will therefore deepen partnerships with industry, especially owners of critical information systems to improve our preparedness and strengthen our collective cyber defence.
All this underscores the importance of sustained investments in our security. For now, we expect to keep defence spending at about 3% of GDP. But we are prepared to spend more if the need arises. Importantly, our security effort goes beyond the Ministry of Defence alone. It also includes investments in the security of our critical infrastructure and in the Home Team. Taken together, we expect overall security-related expenditures to rise in the coming years to keep Singapore safe and secure in a far more complex threat environment.
Beyond immediate security threats, we must also confront a longer-term challenge to Singapore and that is the growing impact of climate change. We are already feeling its effects: higher temperatures, heavier rainfall, and more frequent extreme weather events.
Unfortunately, global momentum on climate action has slowed. At the 30th Conference of the Parties in Brazil last November, countries were unable to agree on concrete decarbonisation roadmaps. At around the same time, the International Maritime Organization delayed adoption of its Net Zero framework, as member states could not reach consensus.
Some governments are scaling back their climate ambitions. But for Singapore, retreating from action is not an option. We will continue to do our part, not only to address climate risks, but also to secure our longer-term resilience and competitiveness.
A key pillar of our climate strategy is the carbon tax. It sends a clear price signal to encourage emissions reduction. This is already having an impact. Firms are investing more in low-carbon solutions, and improving energy efficiency.
We had earlier announced our carbon tax trajectory for this decade. The tax has just been raised to $45 per tonne for this year and next, and the plan is to reach $50 to $80 per tonne by 2030. For HDB households, the additional U-Save rebates that I highlighted earlier will help to cushion the impact of the carbon tax. For businesses, we will extend the Energy Efficiency Grant and support for green loans under the Enterprise Financing Scheme. These will help firms invest in energy-efficient and sustainable solutions.
While Singapore will continue to contribute responsibly to climate action, we recognise that our actions alone cannot determine global outcomes. We will therefore calibrate our moves cautiously, doing our part to reduce emissions as a responsible global citizen, while taking into account what other countries are doing, in order not to put ourselves at a competitive disadvantage.
So, beyond 2027, we are assessing Singapore's carbon tax trajectory carefully, in light of international developments. Singapore already has the highest carbon tax rate in the whole of Asia. If global climate momentum continues to weaken, we may need to position ourselves towards the lower end of the $50 to $80 per tonne range by 2030.
Looking further ahead, our path to net zero will depend heavily on technological breakthroughs and sustained international cooperation. Without these, it will be increasingly difficult for a small, resource-constrained country like Singapore to move further on our own. The progress of our transition to net zero may therefore be uneven. But our efforts will be credible, forward-looking and aligned with global realities.
Even amidst these uncertainties, we continue to make concrete progress. For example, on clean energy, our sustained push to expand solar deployment is delivering results. We have reached our 2030 solar deployment target of two gigawatt-peak ahead of schedule. We will therefore raise the target to three gigawatt-peak by 2030. Beyond that, we will continue to maximise solar deployment across all viable surfaces and progressively set more ambitious targets further into the future.
We are also advancing plans to import low-carbon electricity from the region. They are at various stages of development. While not all will materialise, those that do will help to reduce our carbon footprint and strengthen our energy resilience.
Importantly, we are actively pursuing possibilities to further diversify our energy mix, be it through hydrogen, geothermal energy, or civilian nuclear power. We are building up capabilities in nuclear energy to be able to assess its safety and viability for Singapore. We have initiated cooperation with the US and France, and are discussing similar arrangements with other partners like South Korea.
In transport, we remain committed to achieving 100% cleaner vehicles by 2040. Incentives are in place to encourage early adoption of electric vehicles and charging infrastructure is being expanded nation-wide.
We are also greening our aviation and maritime sectors. In aviation, we are supporting demand for sustainable aviation fuel, with a target of 1% sustainable fuel use for flights departing Singapore this year.
In shipping, we are partnering industry to develop a low-carbon ammonia bunkering solution on Jurong Island. If successful, Singapore will be among the first countries in the world to supply ammonia commercially as a fuel for international shipping.
Sir, the years ahead will be beset by uncertainties, from geopolitical tensions to cyber threats and climate risks. We will face these challenges squarely and overcome them one by one. That is how we will move forward, steadily and decisively, to build a safer and more sustainable home for generations to come.
Singapore's greatest strength lies not just in our policies and plans, but in the spirit of our people. Time and again, we have defied the odds – not by chance, but by standing together as one people, especially in our most testing moments, whether it be Separation or financial crises or the current geopolitical uncertainties.
Around the world, we see growing polarisation and a tendency for groups to turn on each other. Many societies are becoming more divided and more ungovernable. We cannot let this happen in Singapore. So, in this Budget, we will continue to invest in renewing and strengthening the bonds that bind us.
Our shared bonds are strong today. But they were not formed overnight, nor by chance. They were built patiently and deliberately, generation after generation.
Our arts and heritage play a vital role in this journey. They help us understand where we came from, express who we are today, and imagine who we can become as a people. Multiculturalism is a defining part of our identity. We cherish and embrace our distinct cultural traditions and heritage, even as we continue to build common ground and a shared identity that unites us as Singaporeans.
Our cultural and heritage institutions embody this approach – celebrating the richness of each community, while expressing our distinctive Singaporean identity. We will continue to strengthen these institutions. We will open the revamped Malay Heritage Centre later this year. We will work with the Singapore Chinese Cultural Centre to expand its reach and engagement. The Indian Heritage Centre just marked its 10th anniversary, and we will provide further support to enhance its outreach and programming.
Sport is another powerful force that brings Singaporeans together. Through sport, we learn resilience, teamwork and the determination to press on even when the odds are stacked against us. We will continue to roll out the Sports Facilities Master Plan, so that Singaporeans can more easily access affordable and quality sports facilities.
In the coming years, we will open the new Punggol Regional Sport Centre, the Toa Payoh Integrated Development, sport facilities in Farrer Park and Tengah, as well as revamped sport centres in Hougang and Queenstown. We will also expand the Dual-Use Scheme, so that Singaporeans can conveniently access sports facilities in schools. We will complement these facilities with more sports programming, bringing Singaporeans of all ages and abilities together through shared participation.
On the foundation of our shared bonds, we must continue to nurture a strong sense of solidarity. We see this in giving, volunteering and everyday acts of kindness. These actions break down barriers, draw us closer, and remind us that we are all in this together. They form the foundation of a "we first" society. The Government will do our part to encourage and support this.
Today, we provide 250% tax deductions for qualifying donations to Institutions of a Public Character (IPCs) and eligible institutions. We will extend this scheme for another three years until end-2029.
Beyond financial contributions, many Singaporeans give something equally valuable – their time and skills through volunteering. This spirit of giving can be strengthened when companies make it easier for their employees to serve the community. That is why the Ministry of Culture, Community and Youth (MCCY) and the National Council of Social Service have been working closely with professional groups and industry bodies to encourage businesses to integrate giving, volunteering and socially responsible practices into their operations.
To support these efforts, the Government earlier introduced the Corporate Volunteer Scheme, which provides 250% tax deductions when employees volunteer or are seconded to IPCs. We will extend this Corporate Volunteer Scheme for another three years until end-2029.
Singaporeans also contribute by starting ground-up initiatives to meet community needs. The Government supports such efforts through the "Our Singapore Fund". Since its introduction in 2016, the fund has supported over 800 ground-up projects, from community-building and sports, to municipal and digital readiness initiatives.
One example is "Little Hands, Big Hearts SG". It is an initiative by Kaizen and Kay, aged 7 and 9, together with their parents, to involve others in monthly community service projects. Their first project focussed on fire safety awareness. They designed a poster and worked with the Nee Soon Town Council to display it at Housing and Development Board (HDB) lift lobbies. They also brought other children and their families to visit Yishun Fire Station, where they presented care packs and handmade gifts to the officers on duty.
They have more projects in the pipeline: from a beach clean-up and support for seniors, to donating school supplies to children and writing appreciation cards to our migrant workers. It is a wonderful example that shows anyone, no matter how young, can step up to make a difference.
Last year alone, the Our Singapore Fund received more than 250 applications. At the same time, we have heard feedback on how the fund can be improved, including the need for larger grant amounts, longer funding horizons and broader eligibility.
So, we will launch a new $50 million SG Partnerships Fund. This is to catalyse ground-up initiatives and help them build sustained capabilities and impact. The new fund will provide differentiated tiers of funding over different time frames, including grants of up to $1 million for larger, multi-year projects.
We will also continue to partner our youths and open up more avenues for them to shape Singapore's future. Youth Panels have enabled young Singaporeans to work with the Government on issues that matter to them. In the first round, 120 youths contributed across four Panels. We will launch the next round of Youth Panels later this year, enabling more young people to step forward and make a difference.
The Acting Minister for Culture, Community and Youth will share more details on these initiatives at the Committee of Supply.
Sir, our forefathers understood that Singapore's success would ultimately depend on unity, not just shared prosperity but also shared responsibility. This conviction is captured in our Pledge, which begins with "we", and affirms that we are "one united people".
That sense of togetherness has carried us through uncertainty and brought us this far. If we continue to invest in one another – strengthening our bonds, looking out for those around us and putting the common good first, we can face the future with confidence and build a Singapore that endures and thrives. [ Applause. ]
Now, let me touch on our fiscal position. Our prudent fiscal approach remains one of Singapore's core strengths. We manage our public finances with discipline and care, ensuring that revenues are sufficient to meet expenditures, and that every dollar is used responsibly, for the benefit of both present and future generations.
The changes we made in the last term of Government have put Singapore on a healthy and sound fiscal footing. We have a tax and transfer system that is fair, progressive and anchored on shared responsibility. That gives us the capability and confidence to move forward.
This year, I will adjust vehicle taxes.
Currently, car buyers are taxed through the Additional Registration Fee. To encourage timely renewal of the vehicle population so that it is safer and less pollutive, we provide a Preferential Additional Registration Fee (PARF) rebate for cars deregistered by their 10th year. This is sized as a percentage of the Additional Registration Fee paid. Electric vehicles (EVs) are less pollutive than conventional petrol cars. As EVs become more common, the need to encourage early deregistration through the PARF rebate is reduced.
Therefore, I will reduce the PARF rebate by 45 percentage points. I will also lower the PARF rebate cap from $60,000 to $30,000. This will apply to all cars registered with Certificates of Entitlement obtained from the next bidding exercise.
Next, to discourage the consumption of tobacco products, I will implement a 20% increase in tobacco excise duty across all tobacco products with effect from today. The details of these tax changes are in the Annex. [ Please refer to Annex H-1 . ]
Sir, let me summarise our fiscal position. For Financial Year (FY) 2025, we expect higher revenues. This is partly due to the better-than-expected economic performance, which I shared earlier.
Another key driver is the increase in our Corporate Income Tax collections. In FY2024, Corporate Income Tax contributed 4% of GDP – significantly higher than in past years. I talked about this in our last Budget. Based on the latest estimates, we expect Corporate Income Tax collections to increase further in FY2025.
We also saw higher asset-related revenue collections such as Vehicle Quota Premiums and Stamp Duty, driven by strong demand for private vehicles and properties. Therefore, I expect to end FY2025 with a surplus of $15.1 billion, or 1.9% of GDP. For FY2026, I expect a smaller surplus of $8.5 billion, or 1% of GDP.
Our approach remains to keep the budget balanced over time, and across the ups and downs of the economic cycle. [ Please refer to Annex H-2 . ]
Looking beyond this Budget, our public finances remain sound and resilient. On the revenue side, we will proceed with the implementation of the Top-up Tax under Pillar Two of Base Erosion and Profit Shifting (BEPS). This will raise the effective tax rate for large multinational enterprises operating in Singapore to 15%. So, we expect higher corporate tax collections from FY2027 onwards.
At the same time, our spending needs will grow across multiple fronts.
First, on external relations and security. We will need to invest more in expanding our overseas partnerships, and in building up deeper capabilities to keep Singapore safe and prepared for emerging threats.
Second, on the economic front. Even with the BEPS initiative, many other countries are rolling out generous incentives to re-shore and on-shore major investments. That is the reality of today's competitive landscape. To remain attractive and stay in the game, we must update and strengthen our investment promotion toolkit. That is one reason why MTI's expenditure has risen sharply in this Budget and why it is likely to remain elevated in the years ahead.
Third, on social needs. We had anticipated higher spending for healthcare and provided for it through the GST rate increase. But healthcare is not the only social need we must address. We also need to strengthen assurance for families, enhance social mobility and boost retirement adequacy so that Singaporeans can face each stage of life with confidence and peace of mind.
Finally, we must prepare for longer-term challenges. We have set aside resources through specific funds for major future needs, including critical infrastructure investments for our energy transition and coastal protection. In this Budget, we will make further top-ups to the relevant funds to support the development of Changi Airport, as well as our longer-term economic strategies.
We therefore expect both revenues and expenditures to continue rising. The Government will manage this increase carefully, ensuring that spending remains supported by revenues and consistent with our objective of maintaining a balanced Budget over the medium term.
Sir, our sound public finances give us the ability to act decisively and to invest where it matters most. This puts Singapore in a very different position from many other countries, where governments are constrained by debt and deficit pressures, and forced into difficult trade-offs over what to cut.
In contrast, we begin this term of Government in Singapore on a firm fiscal footing. We are therefore able to invest meaningfully and responsibly in policies and programmes that benefit all Singaporeans – now and in the years ahead.
Mr Speaker, Singapore has come a long way from its humble and tumultuous beginnings.
I recently visited an exhibition at the National Gallery organised by the Founders' Memorial. It takes us back to Singapore in the 1950s to the 1970s, and traces how our pioneers forged a shared identity amid diversity and uncertainty. One display revisits the Aneka Ragam Rakyat, or the People's Cultural Concerts, organised by the then Ministry of Culture shortly after we attained self-government. At one of these concerts, Mr Lee Kuan Yew addressed the crowd and described Singaporeans as "not mere spectators", but "active participants" in building a nation that belonged to all.
Indeed, Singapore has come so far only because generations of Singaporeans stepped forward. They took responsibility, contributed what they could and did their part to shape our collective future. That same spirit is alive today, especially amongst our youths.
Take for example Ayuni Nur Izyanti Md Zuraimi. Ayuni discovered her passion for volunteering at 15. Together with four friends, she started a non-profit called You(th) Can Do It . It connects youths with volunteer opportunities across different organisations via Telegram. Now 19 and studying Medical Biotechnology at Temasek Polytechnic, she continues to volunteer regularly with her friends, tutoring primary school students from disadvantaged families, and cleaning the homes of senior citizens.
There is also Shantini D/O Subramaniam. From a young age, Shantini helped care for her brother who has cerebral palsy and relies on a motorised wheelchair. That experience instilled in her a deep commitment to serve others. At just 11, she began volunteering at the Sree Narayana Mission Nursing Home. Today, at 23 and studying nursing at NUS, she leads the operations for Project Caring Hearts, a volunteer initiative that supports palliative patients through befriending programmes and community outreach.
Then there is Josef Tan Kai Heng. He first became active in community service while studying Electrical Engineering at ITE College West, volunteering with the Heartware Network. Two years ago, he joined a non-profit group as a volunteer to teach migrant workers digital skills. Now 19 and a Computer Engineering student at Singapore Polytechnic, he remains deeply committed to this cause, driven by his belief that migrant workers, who have contributed so much to Singapore's development, also deserve opportunities to upskill and progress.
These stories differ in form, but they are united in spirit. They remind us that nation-building has never been the work of a few, or of one generation alone. It is the cumulative effort of ordinary Singaporeans who choose, in their own ways, to step forward and make a difference.
Today, this sense of shared responsibility matters more than ever. We cannot afford to be mere spectators. We must be active participants, looking out for one another, strengthening our social bonds, and contributing to a Singapore that belongs to all of us.
This is the conviction that underpins Budget 2026. It is a Budget to support Singaporeans today, prepare our society for tomorrow and enable us to navigate this changed world with confidence. Together we will secure a stronger, fairer and brighter future for all.
Mr Speaker, I beg to move. [ Applause. ]
5.01 pm
Mr Speaker : The Question is, "That Parliament approves the financial policy of the Government for the Financial Year 1 April 2025 to 31 March 2026."
In accordance with paragraph (1) of Standing Order No 89, the debate now stands adjourned. Debate to be resumed on what day, Prime Minister?
Mr Lawrence Wong : Tuesday, 24 February 2026, Sir.
Mr Speaker : So be it. Leader.