Lawrence Wong on household, business support

SINGAPORE — Singapore will increase support for households and companies in the city-state as the country continues to grapple with higher prices, Deputy Prime Minister and Finance Minister Lawrence Wong said Friday when he delivered the 2024 budget.

Speaking in parliament, Wong said the government will provide more vouchers and cash handouts to Singaporean households, as well as rebates for utility bills through the so-called Assurance Package that’s designed to help households cope with rising costs.

The total bill for these added household measures will come up to an additional $1.41 billion, or 1.9 billion Singapore dollars.

“Let me assure everyone, we will always have your backs.”

Companies in the city-state will also get more support amid higher business costs, Wong said, announcing the Enterprise Support Package worth SG$1.3 billion.

All companies in Singapore will get a 50% corporate income tax rebate, capped at SG$40,000. 

Cash payouts of at least SG$2,000 will also be given to companies who hired at least one local employee in 2023.

“The enhanced Assurance Package and the Enterprise Support Package will provide some near-term relief to Singaporean households and firms. These are needed during this period when inflation, while moderating, remains on the high side,” said Wong.

“But they are not permanent solutions. Over the longer term, the best way to deal with inflation is to ensure that our firms and workers are more productive, and that real incomes continue to rise sustainably.” 

Singapore’s headline inflation in December stood at 3.7% in December, having steadily fallen since its peak of 7.5% recorded in September 2022.

Core inflation is expected to slow to an average of 2.5% to 3.5% for 2024, the Monetary Authority of Singapore projected.

This is a breaking news story. Please check back for updates.