Singapore Budget 2024: Investing in the future of Single Singaporeans under 45

Singapore’s Budget 2024 presents a forward-looking and inclusive plan that targets various aspects of societal development, including support for single Singaporeans under 45. With initiatives spanning from education and employment to financial benefits, the budget aims to bolster the resilience and prosperity of this demographic.

It’s going to be a year of productivity

Excluding all the 1-time goodies that the government is giving out, it looks like the government is championing for a year of productivity by incentivising Singaporeans to embrace lifelong learning. If you are still choosing not to take on new skills and courses (that the government wants you to take), you are going to lose out on most of the eligible incentives this year.

ENHANCED SKILLSFUTURE CREDITS FOR LIFELONG LEARNING

In a significant move to promote lifelong learning, the budget introduces additional SkillsFuture Credits for mid-career individuals. Singaporeans aged 40 and above will receive a top-up of $4,000 in SkillsFuture Credit. This top-up aims to support mid-career workers in pursuing quality learning and skills training, focusing on programmes with better employability outcomes. The new credit is more targeted in scope, restricted to selected training programmes, including part-time and full-time diploma, post-diploma, and undergraduate programmes, as well as courses for the Progressive Wage Model sectors. This enhancement encourages continuous learning and skill upgrading, recognising the evolving job market’s demands and ensuring Singaporeans remain competitive and adaptable.

SUBSIDIES FOR FULL-TIME DIPLOMA PURSUIT

To further support career transitions and advancements, the budget extends subsidies for Singaporeans aged 40 and above to pursue full-time diplomas at Polytechnics, ITE, and Arts Institutions. This initiative opens new avenues for professional development and reflects a holistic approach to education and workforce readiness, aiming to give every Singaporean another chance at subsidised education rates.

MONTHLY TRAINING ALLOWANCE WHEN TAKING UP SELECTED FULL-TIME COURSES

A monthly training allowance will be provided to Singaporeans aged 40 and above who enroll in selected full-time courses. The allowance will be equivalent to 50% of one’s average income over the latest available 12-month period, capped at $3,000 per month. Each individual can receive up to 24 months of training allowance throughout their lifetime, supporting them financially while they upgrade their skills through full-time studies. 

WORKFARE INCOME SUPPLEMENT (WIS) SCHEME ENHANCEMENTS

The WIS scheme will see enhancements to uplift lower-wage workers, including an increase in the qualifying income cap from $2,500 to $3,000 and higher maximum annual payouts from $4,200 to $4,900. These adjustments aim to provide a more substantial financial safety net and encourage continued employment among lower-wage earners.

PROGRESSIVE WAGE CREDIT SCHEME (PWCS) ENHANCEMENTS

The PWCS will receive a top-up to support employers in raising the wage ceiling of lower-wage workers from $2,500 to $3,000 in 2025, with the government co-funding wage increasing from a maximum of 30% to a maximum of 50%. This move aims to narrow the wage gap and improve living standards for lower-wage workers.

ONE-TIME BENEFITS FOR FINANCIAL RELIEF

The budget introduces one-time benefits to alleviate the cost-of-living pressures, including $200 LifeSG credits for all Singaporeans and a personal income tax rebate of 50%, capped at $200 for 2024. These initiatives provide immediate financial relief and a clear focus on increasing productivity

CONCLUSION

Singapore Budget 2024 lays down a strategic framework designed to support single Singaporeans under 45 through enhanced educational opportunities, employment support mechanisms, and one-time financial reliefs. By focusing on lifelong learning, equitable wage structures, and immediate financial benefits, the budget aims to ensure a resilient and prosperous future for all.

Get a quick catch up on Singapore Budget 2024’s benefit-list and impact on:
1. Middle-aged Singaporeans
2. Married Singaporeans with 2 kids
3. Retirees

TFC’s Alternative Budget Debate

If you want more from the Budget, we are reading between the policy lines to dissect the economic focus, social impact, and effectiveness of Singapore’s budget playbook, as well as uncover the anxiety of different groups affected by the announcement. We share our thoughts on what the hidden messaging is from the Budget announcement and which class is affected. 

You can now be our community contributor and make a pitch to have topics you are most curious off and favourite personality be on our show.
Join our community group and drop us your insights on this topic.