SINGAPORE - Apart from relieving Singaporeans’ worries about rising costs of living, Budget 2024 also sets a stronger foundation for the country as it enters its next phase of development, said Prime Minister Lee Hsien Loong on Feb 17.
Speaking in Mandarin, PM Lee said that while Singapore had overcome the Covid-19 pandemic, the country has to make sufficient preparations for other challenges in the future.
Hence, the plans outlined in this year’s Budget provide lifelong assurance for workers and continue to ensure equality and mobility in society, he said.
The Budget also further supports families and seniors, while ensuring fiscal sustainability, to build a stronger and more united Singapore, he said in his speech at the annual Chinese New Year dinner held in Teck Ghee, his ward.
More than 1,300 residents and guests attended the dinner on Feb 17 held at Teck Ghee Community Club.
Deputy Prime Minister Lawrence Wong had on Feb 16 delivered the Budget statement, laying out a $131.4 billion proposal that covered immediate challenges such as cost-of-living pressures as well as longer-term goals of economic growth and better jobs.
PM Lee said: “I hope that these comprehensive, pragmatic and effective policies and schemes will promote Singapore’s economic growth and help Singaporeans to have more stable lives.”
He added that looking into the longer term, for people to live better lives, the country must continue to develop economically and provide jobs for its people with good salaries so they can take care of their families.
But for Singapore to truly be prosperous and peaceful – apart from having an inclusive Budget – what is more important is a high level of trust between the people and the Government, he said.
“People must continue to have confidence and faith in the Government’s policies and support them,” he added. This way, everyone can work together to safeguard Singapore, for the benefit of future generations, he said.
Acknowledging that cost of living continues to be a concern for Singaporeans, PM Lee said that while the outlook is better for 2024 compared with 2023, inflation is still higher than it has been in the past. Hence, he hoped that the latest measures would help address the concerns.
Efforts announced in Budget 2024 include $600 in Community Development Council vouchers, split into two tranches in June 2024 and January 2025, as well as a Cost-of-living Special Payment of up to $400 for lower- to middle-income Singaporeans.
There will also be U-Save and service and conservancy charges rebates for households living in Housing Board flats.
“These are all measures which will make a difference to every household, especially to those who need it the most,” said PM Lee in English. “But apart from helping people with cost of living and also the Majulah Package to help the older citizens take care of their needs, this is also a Budget which looks after the future.”
It looks after the working population, to keep them able to be upskilled, retrained and employed, he added.
The Government is looking to take care of present needs, take care of people who have brought Singapore to where it is today and also provide for the country’s future, he said.
“We can do that because we are doing it together as one people,” said PM Lee. “It’s a troubled world, many things are not going right in the world, but we will do whatever we can in Singapore. And there’s a lot that we can do, to make things go right for us, and to secure for ourselves a future which will be good every year.”
