Live updates: Singapore Budget 2025

Singapore’s Prime Minister and Minister for Finance, Lawrence Wong, will deliver the #SGBudget2025 speech for Financial Year 2025 in Parliament today (Tuesday, 18 February 2025) at 3:30 PM.

Follow this page for real-time updates as the Budget unfolds, and don’t miss our in-depth post-Budget analysis in our daily e-Bulletin.

Stay tuned for the latest updates! In the meantime, check out our coverage on what HR leaders are hoping for in Budget 2025.

- Report by Colette Wong, Priya Sunil, Sarah Gideon & Umairah Nasir.

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Singapore marks 60 years of independence in 2025, entering its next phase of growth with resilience. Budget 2025 focuses on:

• Tackling cost pressures
• Supporting businesses
• Strengthening the economy
• Preparing for global uncertainties

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Economic performance and outlook

• Strong post-pandemic recovery: Economy grew 4.4% in 2023, inflation eased
• Income growth: Median income rose 3.4% above inflation
• Lowest income inequality since 2000
• 2025 growth forecast: 1-3% (average 1.5-2.5%)
• Challenges ahead: Global uncertainties, US-China tensions

Tackling cost pressures

Benefits for households:

• $1.9bn Enhanced Assurance Package to ease financial burden
• $800 CDC Vouchers for all Singaporean households
  • $500 in 2025, $300 in 2026
• U-Save rebates for HDB households
  • $440 to $760, depending on flat type
• Child LifeSG Credits
  • $500 for all Singaporean children aged 12 and below
• Edusave Account / Post-Secondary Education Account (PSEA) Top-up
  • $500 for all Singaporean children aged 13-20

Social support & sustainability:

• Higher ComCare assistance for individuals facing financial stress
  • 1-person long-term assistance increased to $120/month
• Increase in monthly pension payouts
• Sustainability efforts to build a greener, more inclusive Singapore

Supporting businesses

• 50% Corporate Income Tax Rebate in 2025
  • Minimum rebate of S$2,000, capped at S$40,000 per company
• Higher co-funding levels for wage increases under the Progressive Wage Credit Scheme in 2025 and 2026 to help businesses manage rising labour costs
• Continued investment in workforce upskilling to enhance competitiveness
• Workfare Skills Support Scheme: Expanded Opportunities for Lower-Wage WorkersWorkers aged 30 and above will receive additional support through an enhanced tier of the Workfare Skills Support Scheme.
• This new tier will follow the SkillsFuture Level-Up Programme model, helping lower-wage workers access longer-term reskilling and upskilling opportunities.Currently, the scheme mainly funds short courses lasting a few days, but the enhancement aims to provide more substantial training for career growth.

SkillsFuture Level-Up programme: More flexibility for workers

• From early next year, the training allowance will be extended to include part-time courses, benefiting more Singaporeans aged 40 and above.
• Eligible workers can receive a fixed allowance of S$300 per month to help with learning costs.
• Further details will be announced by the Education Minister at the Committee of Supply.

New Skillsfuture workforce devlopment grant: To equip everyone with skills to adapt in a changing economy

• Up to 70% funding support for job redesign activities.
• Redesigned SkillsFuture enterprise credit - an online wallet system to immediately offset costs instead of waiting for reimbursement.
• Companies with at least three resident employees will receive an additional $10,000 in credit inn the second half of 2026 and will last up to 3 years.
• Existing credits due to expire in June will be expanded until the new credit is ready. 
• Tripartite partnership training support: To fund an additional $200 mn to help more companies transform and to support employer-led training.

Supporting corporate leadership roles

• To provide financial support of up to $6,000 over six months to help workers who lose their jobs to get back on their feet in April.
• Provision of career matching service locations to expand across the island.

Strengthening support for seniors and ex-offenders 

• Extension of Senior Employment Credit (SEC) to 56 years old.
• Qualifying age for the highest SEC wage support will increase from 68 to 69 years old as of today.
• Government to reimburse companies up to 7% of the wages that they give to workers aged 69 at birth.
• Increasing CPF rates for those aged above 55 to 65 by 1.5 percentage points in 2026.
• Extension of Uplifting Employment Credit to provide more wage offsets to employers hiring ex-offenders. 

Transforming living environment - net zero emissions 2050 goal

• To aim to reduce carbon emissions to between 45 to 50mn tons of carbon dioxide by 2035.
• To introduce new vehicle zero emission scheme and electric vehicle (EV) charging grant: an Additional Flat Component (AFC) for heavy vehicles and buses – AFC will be set to $50 per year for heavy vehicles and $190 per year for mini buses and large buses. Phased over 3 years starting from January 2026.
• Additional funding of $5 bn for coastal protection fund to raise ground levels for additional state homes and new waterfronts. This will begin works from 2030 with an estimate duration of two decades.
• To give out additional $100 climate vouchers to HDB households to all Singaporeans living in private properties in efforts to encourage citizens to switch to sustainable products.

Forward Singapore agenda: a more caring and inclusive society 

• Eligible families in the Fresh Start Housing Scheme who are second-time buyers to receive $75,000 to buy new two room flexi or standard 3 room flat on shorter lease.
• From 18 February, for each third and subsequent child born, an $5,000 increase in Child Development Account First Step Grant.
• $5,000 Large Families MediSave Grant to their mother's MediSave account.

LifeSG Credits

• Each Singaporean child aged 12 and below will receive $500 in LifeSG credits to their parents 
• Each third and subsequent child: $1,000 in Large Family LifeSG credits to their parents, in the years that the child turns 1 to 6. 
• Lower monthly full-day childcare fee caps in government-supported preschools.
• $500 Edusave account or PSEA top-up for all Singaporean children aged 13-20.

Supporting Seniors

• Introduction of 5-year Matched MediSave scheme. 
• For lower-income seniors aged 55 and 70.
• Government will match voluntary MediSave top-ups dollar for dollar for up to $1,000 per annum.
• Higher long-term care subsidies and grants.
• Higher Home Caregiving Grant of up to $600 per month.
• Maximum qualifying per capita household income to be increased to $4,800.
• Expanded EASE (Enhancement for Active Seniors) programme
• Upgrading programme offering senior-friendly fixtures and accessibility options to be expanded to eligible SGean private property households for 3 years up to 2028. 

SG60 Vouchers 

• Singaporeans aged 21 and up will receive special SG60 Vouchers.
• Citizens aged 21-59 will receive S$600, while those aged 60 and above will get $800. To be distributed in July.
• SG60 Baby Gift for all Singaporean babies born in 2025.
• 60% personal income tax rebate for the year of assessment 2025, capped at S$200.
• $100 SG60 ActiveSG credit top up in June 2025 for all ActiveSG members.
• $100 SG Culture Pass credits in Sept 2025 for all Singaporeans aged 18 and above.

Cultivating the arts and heritage

• Singaporeans aged 18 & above will get $100 in credits to attend local arts and heritage activities.
• $100mn top up and 5-year extension to Cultural Matching Fund 
• $250mn SG Gives matching grant
• $270mn top-up and three-year extension to Tote Board's Enhanced Fund-Raising Programme
• A funding of $60mn over 5 years for Self-Help Groups.
• $600 rental support for each stall in hawker centres and markets managed by the government and government-appointed operators.
• Up to $1bn over the next 20-30 years to upgrade & build hawker centres.

Lead image / PM Wong's Facebook post