00:00 Increasing GST, higher transport fares, more expensive meals,
00:03 we've all felt the impact of the rise in cost of living recently.
00:06 The schemes and measures introduced in the past budgets
00:09 were, for the most part, aimed at providing Singaporeans
00:11 with the means to bounce back from the pandemic.
00:13 The Forward SG exercise was first introduced in 2022
00:16 to help chart a course for post-pandemic Singapore.
00:19 Budget 2024 is described to be the first instalment in the Forward SG roadmap.
00:23 Delivered by DPM Lawrence Wong on Friday,
00:25 active ageing, upskilling and continuous learning
00:28 were a few of the components of the budget.
00:29 But don't worry, there's something for everybody,
00:31 including CDC vouchers and GST vouchers.
00:34 We've summarised the key points from the statement,
00:36 so skip to these time codes to find out what Budget 2024 means for you.
00:39 First, for seniors and young seniors,
00:41 HYSG is a national programme introduced last year
00:43 to support seniors in active ageing.
00:45 Minister Wong announced more active ageing centres,
00:48 a wider range of programmes, community care apartments,
00:51 and more senior-friendly amenities like bus stops with senior-friendly features.
00:55 The Majula package for seniors and young seniors will include
00:58 the Earn and Save bonus, which sees eligible seniors earning up to $6,000 a month,
01:03 getting an annual bonus of up to $1,000 if they remain employed.
01:06 The Retirement Saving bonus,
01:08 where seniors with less than the basic retirement sum
01:10 will get a one-time bonus of between $1,000 and $1,500.
01:14 Last but not least, seniors born in 1973 or earlier
01:17 will get a one-time Medisave bonus of either $750 or $1,500.
01:23 You know that lousy feeling you get when you calculate your pay after CPF deductions?
01:27 Well, for those people aged between 55 and 65,
01:29 your CPF contributions will be raised by 1.5% between 25.
01:33 So, more of that.
01:34 For those aged 55 and above,
01:36 your special accounts will be closed,
01:37 with all the money moving into your retirement account instead.
01:40 For those who are lucky enough to have maxed out your retirement account,
01:43 your savings will be moved into the ordinary account instead.
01:45 Adding on to this, the enhanced retirement sum will be increased to $426,000,
01:50 which gives you a monthly payout of about $3.3k.
01:52 And now for IT graduates and students.
01:54 On average, IT graduates earn about 50% of what university students earn,
01:59 and about 75% of what other polytechnic graduates earn.
02:02 And this is what Minister Lawrence Wong had to say during his speech.
02:04 We want to encourage and support more young ITE graduates in their upskilling efforts,
02:11 so they can excel in the profession they have trained in,
02:14 and get themselves on a better career and wage trajectory.
02:18 For Singaporean ITE graduates aged 30 and below,
02:21 they will receive a $5,000 top-up into their PSAA accounts upon their enrolment to a diploma.
02:25 Upon completion of said diploma,
02:27 they will receive a $10,000 top-up into their CPF ordinary accounts
02:30 to help them prepare for either buying a house or future retirement.
02:33 And now for mid-career workers.
02:34 Minister Wong introduced a new SkillsFuture Level Up Programme meant to support you guys.
02:38 A further $4,000 SkillsFuture Credit Top-up will be provided to those aged 40 and above,
02:43 starting from May this year.
02:45 This top-up can only be used for selected training programmes with better employability outcomes.
02:49 They will also receive subsidies to pursue another full-time diploma at polytechnics,
02:53 ITE or art institutions starting from 2025.
02:56 If they enrol at selected full-time courses,
02:58 the government will also provide a monthly training allowance equivalent to 50% of your average income
03:03 over the latest 12-month period,
03:05 capped at $3,000 per month and only for up to 24 months.
03:08 Now for all Singaporeans, this is our favourite part.
03:11 Singaporeans will receive various forms of support to help with the increase in cost of living.
03:15 First off, all Singaporean households will receive $600 in CDC vouchers,
03:20 $300 in June this year and $300 in January 2025.
03:23 Eligible households will also receive a one-time USAFE rebate between $550 to $950,
03:29 as well as a one-off 2-4 month SNCC rebate.
03:33 Finally, eligible Singaporeans will also be receiving between $200 and $2,150 in cash.
03:38 Of course, these are not the only groups to be benefiting from this year's budget.
03:41 Eligible companies can receive benefits like income tax rebates and cash payouts
03:45 while also enjoying the maximum working capital loan quantum being raised to $500K.
03:50 Those unemployed will also now be eligible for a temporary financial support scheme.
03:54 Also, the qualifying income cap for Workfare Income Supplement Scheme will be raised,
03:58 with Workfare payouts also being raised.
04:00 There will also be a 50% personal income tax rebate, capped at $200,
04:04 with dependent relief tax thresholds also doubling.
04:07 Most homeowners can also expect to pay lower property tax as annual value bands are raised.
04:11 The proposed Budget 2024 totals up to a whopping $131.4 billion,
04:16 a 6% increase from last year's budget.
04:18 For details of eligibility and other budget announcements,
04:21 head over to Asia1.com for the latest updates.
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