Singapore has unveiled a sweeping financial support plan as part of its Budget 2025, aimed at tackling rising living costs, strengthening family units, supporting workers, and preparing citizens for a resilient future. Timed ahead of the May 3 general elections, the measures under Budget 2025 dubbed a “future-ready strategy” highlight a mix of cash handouts, long-term social programs, and economic upskilling efforts.

SG60 Package: Celebrating Progress, Easing Costs

In commemoration of the country’s 60th year of independence, the government introduced the SG60 Package, which combines symbolic gestures with meaningful support for everyday Singaporeans.

Under this scheme:

• Every Singaporean aged 21 and above will receive a S$600 cash payout.
• Seniors aged 60 and above will get an additional S$200.
• A 60% personal income tax rebate, capped at S$200, will be granted for the 2025 year of assessment.

This initiative, according to Deputy Prime Minister and Finance Minister Lawrence Wong, is intended not only to celebrate a national milestone but also to offer practical relief amid persistent inflationary pressures. Full details can be found on MOF’s Budget 2025 website.

Stronger Support for Families and Children

Recognizing the burden on families particularly those with more children the Budget outlines targeted schemes to promote child development and reduce financial strain on parents.

Highlights include:

• A S$5,000 MediSave grant and additional LifeSG credits for families with three or more children.
• A S$5,000 First Step Grant added to the Child Development Account (CDA) for each third and subsequent child born from February 18, 2025.
• S$500 LifeSG Credits for every child aged 12 and below.
• Top-ups of S$500 to Edusave or Post-Secondary Education Accounts for students aged 13 to 20.

Preschool affordability also gets a boost with monthly fee caps lowered to S$610 for Anchor Operators and S$650 for Partner Operators, as detailed by the Ministry of Social and Family Development (MSF).

Empowering Mid-Career Workers and Lifelong Learning

As the global economy evolves, Singapore’s workforce strategy is pivoting towards upskilling and mid-career support. Budget 2025 introduces:

• The SkillsFuture Level-Up Programme: Mid-career Singaporeans aged 40 and above will receive S$300 monthly training allowances from early 2026 for attending eligible full-time programs.
• An enhanced Workfare Skills Support (WSS) scheme, offering up to 50% of income replacement for full-time training, and S$300 monthly allowances for part-time training for workers aged 30 and above.
• An additional S$200 million to the Company Training Committee Grant, to help businesses implement structured training programs.

Details are available on SkillsFuture Singapore (SSG) and the Ministry of Manpower (MOM).

Caring for Seniors: Retirement and Healthcare Boosts

Singapore’s rapidly aging population is another priority. Several enhancements target the financial and healthcare needs of older citizens:

• The Matched MediSave Scheme matches voluntary contributions dollar-for-dollar (up to S$1,000 annually) for lower-income seniors aged 55–70.
• The Silver Support Scheme gets a 20% boost in quarterly payouts, and the qualifying income threshold is raised.
• The Home Caregiving Grant is raised from S$400 to S$600 monthly.
• Subsidies for long-term care services are increased by up to 25% for home/community care and 20% for residential care.

For more, visit the Ministry of Health (MOH) and Agency for Integrated Care (AIC).

Climate and Sustainability: Greener Choices Encouraged

To encourage households to adopt greener lifestyles, the government will issue Climate Vouchers:

• S$100 for HDB households.
• S$400 for private property owners.

These vouchers can be used to purchase energy- and water-efficient appliances. More information can be found at National Environment Agency (NEA).

Housing: Supporting Second-Chance Homeowners

Families living in public rental flats with children now have more support under an expanded Fresh Start Housing Scheme. Eligible second-timer families can receive up to S$75,000 in grants to purchase a new two-room Flexi or three-room flat with a shorter lease. The initiative aims to offer stability to families working towards long-term housing goals.

See Housing & Development Board (HDB) for qualification details.

Final Thought

The 2025 Budget represents a deliberate shift in Singapore’s social and economic policy—from reactive support to proactive empowerment. While immediate cash assistance offers short-term relief, the broader strategy is to future-proof citizens through education, healthcare, and economic security.

As Singapore approaches a pivotal general election, this bold support package underscores the government’s commitment to inclusive growth and national resilience.