SINGAPORE, Feb 18 — Singapore Prime Minister and Finance Minister Lawrence Wong today presented Singapore’s 2025 Budget on Tuesday (February 18).

This marks his first Budget as prime minister, having led the previous three as the key controller of the country’s finances.

In his speech, Wong reflected on the nation’s progress over the past 60 years of independence, highlighting the “remarkable journey” Singapore has undertaken.

He acknowledged the challenges faced by earlier generations, including the Cold War and domestic racial tensions, before noting the emergence of a new “global contest,” marked by economic and trade barriers.

A strong finish to 2024

Wong noted that Singapore’s economy finished 2024 on a positive note, with growth of 4.4 per cent, easing inflation, and wage increases that outpaced the cost of living.

He also pointed to the country’s income inequality, which, after government transfers, is at its lowest point since 2000.

Confidence in the future

While acknowledging ongoing challenges, including US-China tensions, Wong expressed confidence in Singapore’s future, saying the country is in a stronger position than it was 60 years ago.

He likened the Budget to a relay race, where each generation of Singaporeans passes the baton to the next.

“Budget 2025 is a Budget for all Singaporeans,” he said, introducing the six key themes of this year’s Budget:

  • Tackling cost pressures
  • Advancing Singapore’s growth frontier
  • Equipping workers throughout life
  • Building a sustainable city
  • Nurturing a caring and inclusive society
  • Rallying as one united people

Easing the burden of rising costs

With rising costs affecting both individuals and businesses, Wong confirmed the government’s continued commitment to providing support, but also emphasised fiscal responsibility.

“As individuals and businesses deal with the effects of inflation, the government will continue to provide support for as long as needed, but within its means,” said Wong.

Financial assistance: Vouchers, rebates, and top-ups

A range of measures will directly benefit Singaporeans, including:

S$800 (RM2,651) in CDC vouchers for every household (half for supermarkets, half for merchants and hawkers).

S$760 in U-Save rebates for eligible HDB households — double the usual amount.

S$500 in LifeSG credits for every Singaporean child aged 12 and below, to be used for essentials like groceries and utilities.

S$500 top-up to Edusave or Post-Secondary Education Accounts for those aged 13 to 20.

Targeted support for vulnerable groups

The government also announced more targeted measures to assist those in need, including:

Higher ComCare Assistance: A one-person household on long-term assistance will receive a S$120 increase in their monthly payout, bringing the total to S$760.

Enhanced Singapore allowance: Some pensioners will see their monthly ex-gratia payments rise from S$350 to S$390.