Here are three key highlights:

1. Payouts for households

To ensure families are not left behind, the Assurance Package will be enhanced to further support Singaporeans financially. Households can look forward to $600 worth of Community Development Council (CDC) vouchers, with half distributed in June and the other half in January 2025 for purchases at participating hawkers and supermarkets.

In addition, eligible households can expect Cost-of-Living (COL) U-Save payouts to offset utility expenses. These range from a total of $550 to $950, depending on the type of flat, along with COL Service and Conservancy Charges Rebate to cover up to four months of charges.

Eligible Singaporeans will also receive a one-off cash payment of $200 to $400 in September this year.

2. Benefits for students and workers

Part of Budget 2024’s focus is to equip workers for life. In that vein, DPM Wong announced a $4,000 top-up in SkillsFuture Credit for Singaporeans aged 40 and above, and a training allowance of up to $3,000 for selected full-time courses. Those aged under 40 will receive the top-up once they turn 40.

Institute of Technical Education (ITE) students aged 30 and below will get a $500 top-up to their Post-Secondary Education Account if they enrol in a diploma programme. The funds can be used to offset the costs of the programme. A $10,000 Central Provident Fund (CPF) top-up will be credited once they attain the diploma.

Lower-wage workers are also covered. The Local Qualifying Salary, the lowest salary employees of companies who employ foreign workers must receive, will be raised from $1,400 to $1,600 this year. The Workfare Income Supplement scheme, which supplements lower-wage workers’ salaries and CPF contributions, will also see its qualifying income cap go up to $3,000.

Support for parents with young children

As Singapore continues to encourage young families to have children, Budget 2024 will offer help by lowering preschool fees to a level comparable to that of primary school and after-school student care. Monthly childcare fee caps in government-supported preschools will be reduced in 2025 from $680 and $720 to $640 and $680 per month for anchor and partner operators respectively, with plans to further reduce them in 2026.

Existing preschool subsidies for lower-income families will now also be extended to non-working mothers, so that they receive the same amounts of subsidies as working mothers.