Singapore Budget 2024 : For individuals, Seniors, Families and Households
The Singapore Budget has just been announced.
These are the support that will be provided to individuals for Budget 2024. From the policies announced, it is clear that the budget has been largely tailored with seniors in mind.
For Individuals
|
| Source: MOF |
Cost of Living Special Payment (Sep 2024)
$200-$400 Cash for adult Singaporeans with assessable income of up to $100,000 and own no more than 1 property. It will be based on assessable income based on YOA 2023 ( 2022 income)
CPF Medisave Top-up (Dec 2024)
All adult Singaporeans aged 21 to 50 will receive a one-time Medisave Bonus of up to $300.
|
| Source: CPF |
NS Life Credits (NOV 2024)
$200 for past and present National Servicemen
Personal Income Tax
Rebate of up to 50% of tax payable (Cap at $200)
Enhancement to Workfare Income Supplement Scheme (From 2025)
|
| Source: CPF |
Qualifying cap to increase from $2500 to $3000. Workfare payments to increase with maximum annual payment increased from $4200 to $4900
For Seniors (50 and above from 1973)
Earn and Save Bonus (From March 2025)
Working Seniors will receive an annual bonus in a Special Account or Retirement Account (Depending on their age)
|
| Source: CPF |
Retirement Savings Bonus (Dec 2024)
|
| Source: CPF |
Seniors with retirement savings below the Basic Retirement Sum for 2023 of $99400 will receive a one-time bonus in their Special Account or Retirement Account. The bonus will be paid in Dec 2024.
Medisave Bonus (Dec 2024)
|
| Source: CPF |
All seniors will receive a one-time bonus in the Medisave account.
Raising of Enhanced Retirement Sum (ERS)
From 2025, ERS will be raised from three times to four times. A member turning 55 years old in 2024 can receive $3,300 per month from CPF life from 65 if he chooses to top up ERS to 4x.
Silver Support Scheme
|
| Source CPF |
Quarterly payments are to be increased by 20% from 2025. Only applicable to Seniors who do NOT own a 5-room or larger HDB or private property or Multiple Properties
Enhancement to Matched Retirement Savings Scheme
Tax relief for cash top-ups that attract MRSS matching grants will be removed. Givers can continue to receive up to $16,000 in tax relief on cash top-ups that do not receive the matching grant.
ABSD for single Singaporeans aged 55 and above refund
Single Singaporeans can now apply for an ABSD refund if they purchase a replacement unit for their first property if the replacement unit value is LESS than the value of the first property sold.
For Households
CDC Vouchers $600 (Jun 2024 & Jan 2025)
$300 will be provided end of Jun 2024, with another $300 in Jan 2025
U Save Rebates (Apr, Jul, Oct 2024, Jan 2025)
Up to $950 of rebates
Service and Conservancy Charges Rebates (Apr, Jul, Oct 2024, Jan 2025)
Up to 4 months of rebates
For Families
|
| Source: MOF |
Parenthood Provisional Housing Scheme (Open Market) Voucher
For eligible families to rent HDB in the open market.
Reduced monthly Full-Day Childcare fee cap
For Government-supported preschools from 2025, $540 for Anchor Operators and $680 for Partner Operators.
Preschool Subsidies
Enhance existing preschool subsidies for low-income families
Education
SkillsFuture Level-Up Programme For Aged 40 and above
$4000 Skills Future Credit(Mid Career) top-up in May 2024 to be used for selected industry-oriented training courses with better employability outcomes.
Mid Career Enhanced Subsidy for Publicly-funded Full-time Diploma
Skills future Mid-career Training Allowance of up to half of 12 months monthly income (Cap at $3000) for selected full-time courses.
No comments