The long-awaited Budget 2024 announcements were finally made by Deputy Prime Minister and Finance Minister, Lawrence Wong, in Parliament on 16th Feb. Amidst high inflation rates, GST hikes, massive layoffs, the rising cost of living, and global economic uncertainty, everyone certainly had a personal wishlist they were hoping the government would fulfil.

Among an extensive list of new initiatives and updates, from Assurance Package enhancements to tax changes for businesses, what are the key changes that employers as well as HR and payroll professionals need to be aware of? We’ve done the work for you — so just sit back, relax, and read through this summary of key updates.

Before we jump in, here are some headline numbers to know:

• Singapore’s economy grew by 1.1% in 2023;
• Overall unemployment rates have dipped slightly, from 2.1% in 2022 to 1.9% in 2023;
• Global inflation was about 6.9%; Singapore’s was 4.8%; and
• Singapore’s economic growth is expected to remain positive but slow, at 1% to 3% this year.

In this factsheet, we cover:

 

• Progressive Wage Credit Scheme (PWCS) enhancements
• Introduction of the $1.3 billion Enterprise Support Package
• Enhanced Enterprise Financing Scheme
• Extension of the SkillsFuture Enterprise Credit till June 2025
• Enhanced Partnerships for Capability Transformation (PACT) scheme
• Enhanced support for green loans under the Enterprise Financing Scheme
• Energy Efficiency Grant (EEG) expanded to include more sectors and an advanced tier

Download the factsheet today.