{"id":9443,"date":"2023-02-16T03:45:09","date_gmt":"2023-02-16T03:45:09","guid":{"rendered":"https:\/\/employmenthero.com\/sg\/resources\/budget-announcement\/"},"modified":"2025-06-29T18:15:31","modified_gmt":"2025-06-29T18:15:31","slug":"budget-announcement","status":"publish","type":"resources","link":"https:\/\/employmenthero.com\/sg\/resources\/budget-announcement\/","title":{"rendered":"The 2024 Singapore Budget explained"},"content":{"rendered":"\n\n\n<div class=\"wp-block-group alignfull resource-sticky-downloadable-template has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group alignfull blog-template-header has-light-violet-50-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group alignfull has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\"><div style=\"--bb--crumb-gap:.4em;\" 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<\/span>\n            <span class=\"eh-social-sharing-button__copied_text\">\n            URL copied for sharing!        <\/span>\n    <\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group post-title-mobile has-global-padding is-layout-constrained wp-container-core-group-is-layout-6 wp-block-group-is-layout-constrained\"><h2 class=\"blog-template-title wp-block-post-title\">The 2024 Singapore Budget explained<\/h2>\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-5 wp-block-group-is-layout-flex\">\n<p class=\"has-sm-font-size\">Published<\/p>\n\n\n<div class=\"wp-block-post-date has-sm-font-size\"><time datetime=\"2023-02-16T03:45:09+00:00\">16 Feb 2023<\/time><\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns content-flex is-layout-flex wp-container-core-columns-is-layout-1 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:55%\">\n<div class=\"wp-block-group sticky-downloadable-title has-light-violet-50-background-color has-background has-global-padding is-layout-constrained wp-container-core-group-is-layout-10 wp-block-group-is-layout-constrained\" style=\"padding-bottom:var(--wp--preset--spacing--24)\"><h1 class=\"blog-template-title wp-block-post-title\">The 2024 Singapore Budget explained<\/h1>\n\n\n<div class=\"wp-block-group is-nowrap is-layout-flex wp-container-core-group-is-layout-9 wp-block-group-is-layout-flex\"><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group content-wrapper content-single-content wysiwyg has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n\nThe long-awaited <a href=\"https:\/\/www.mof.gov.sg\/singaporebudget\" target=\"_blank\" rel=\"noopener\">Budget 2024 announcements<\/a> were finally made by Deputy Prime Minister and Finance Minister, Lawrence Wong, in Parliament on 16th Feb. Amidst high inflation rates, GST hikes, massive layoffs, the rising cost of living, and global economic uncertainty, everyone certainly had a personal wishlist they were hoping the government would fulfil.\n\nAmong an extensive list of new initiatives and updates, from Assurance Package enhancements to tax changes for businesses, what are the key changes that employers as well as HR and payroll professionals need to be aware of? We\u2019ve done the work for you \u2014 so just sit back, relax, and read through this summary of key updates.\n\n<strong>Before we jump in, here are some headline numbers to know:<\/strong>\n<ul>\n \t<li aria-level=\"1\">Singapore\u2019s economy <a href=\"https:\/\/www.mti.gov.sg\/Newsroom\/Press-Releases\/2024\/02\/MTI-Maintains-2024-GDP-Growth-Forecast-at-1_0-to-3_0-Per-Cent\" target=\"_blank\" rel=\"noopener\">grew by 1.1%<\/a> in 2023;<\/li>\n \t<li aria-level=\"1\">Overall unemployment rates have <a href=\"https:\/\/www.straitstimes.com\/business\/retrenchments-in-singapore-doubled-in-2023-even-as-unemployment-dipped-slightly\" target=\"_blank\" rel=\"noopener\">dipped slightly<\/a><a href=\"https:\/\/www.straitstimes.com\/business\/retrenchments-in-singapore-doubled-in-2023-even-as-unemployment-dipped-slightly\" target=\"_blank\" rel=\"noopener\">,<\/a>\u00a0from 2.1% in 2022 to 1.9% in 2023;<\/li>\n \t<li aria-level=\"1\">Global inflation <a href=\"https:\/\/www.euromonitor.com\/article\/global-inflation-tracker-q4-2023-inflation-eases-despite-high-economic-uncertainty\" target=\"_blank\" rel=\"noopener\">was about 6.9%<\/a>; <a href=\"https:\/\/www.businesstimes.com.sg\/singapore\/singapores-headline-inflation-averages-48-2023-core-inflation-42\" target=\"_blank\" rel=\"noopener\">Singapore\u2019s was 4.8%<\/a>; and<\/li>\n \t<li aria-level=\"1\">Singapore\u2019s economic growth is expected to <a href=\"https:\/\/www.mti.gov.sg\/Newsroom\/Press-Releases\/2024\/02\/MTI-Maintains-2024-GDP-Growth-Forecast-at-1_0-to-3_0-Per-Cent\" target=\"_blank\" rel=\"noopener\">remain positive but slow<\/a>, at 1% to 3% this year.<\/li>\n<\/ul>\n<strong>In this factsheet, we cover:<\/strong>\n\n\n\n&nbsp;\n<ul class=\"listitem\">\n \t<li aria-level=\"1\">Progressive Wage Credit Scheme (PWCS) enhancements<\/li>\n \t<li aria-level=\"1\">Introduction of the $1.3 billion Enterprise Support Package<\/li>\n \t<li aria-level=\"1\">Enhanced Enterprise Financing Scheme<\/li>\n \t<li aria-level=\"1\">Extension of the SkillsFuture Enterprise Credit till June 2025<\/li>\n \t<li aria-level=\"1\">Enhanced Partnerships for Capability Transformation (PACT) scheme<\/li>\n \t<li aria-level=\"1\">Enhanced support for green loans under the Enterprise Financing Scheme<\/li>\n \t<li aria-level=\"1\">Energy Efficiency Grant (EEG) expanded to include more sectors and an advanced tier<\/li>\n<\/ul>\n\n\n<strong>Download the factsheet today.<\/strong><\/div>\n\n\n\n<div class=\"wp-block-group content-wrapper content-single-content_secondary_container wysiwyg has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n\n\nCheck out our <a href=\"https:\/\/employmenthero.com\/sg\/resources\/\" target=\"_blank\" rel=\"noopener\">Resources page<\/a> for more helpful tips and information. For Singaporean small and medium businesses on the up.<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-column form-column is-layout-flow wp-block-column-is-layout-flow\">\n<div class=\"wp-block-group sticky-offset-top has-global-padding is-layout-constrained wp-block-group-is-layout-constrained wp-container-2 is-position-sticky\">\n    <div class=\"hero-landing-marketo-form  wp-block-employmentherocom2025-marketo-form is-layout-flow wp-block-marketo-form-is-layout-flow\">\n                    <div class=\"marketo-form-scroll-to\">\n                Register for the factsheet.            <\/div>\n            <button class=\"sticky-marketo-form-scroll-to\">\n                Register for the factsheet.            <\/button>\n                            <div class=\"eh_marketo_form-container col-2\" 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C5.20097822,13.2064956 5.34697566,13.1875473 5.49176982,13.1613904 C6.61362375,12.9593437 7.63039162,12.3585585 8.36398864,11.4636626 L9.59594229,9.94923914 C10.0136795,9.43578101 9.94709821,8.67146367 9.44693666,8.24224316 C8.94677511,7.81302264 8.20254916,7.8816073 7.78481199,8.39527139\" id=\"Fill-4\" fill=\"#000000\" mask=\"url(#mask-4)\"><\/path> <\/g> <\/g> <\/g> <\/g> <\/svg> \n    <\/span>\n            <span class=\"eh-social-sharing-button__copied_text\">\n            URL copied for sharing!        <\/span>\n    <\/div><\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-group alignfull eh-single-resource-whitepapers-layout has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div class=\"wp-block-group alignfull has-light-violet-50-background-color has-background has-global-padding is-layout-constrained wp-block-group-is-layout-constrained\">\n<div id=\"stop-el\" class=\"wp-block-group has-global-padding is-layout-constrained 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class=\"wp-block-post post-21776 resources type-resources status-publish has-post-thumbnail hentry resource-type-guides-and-playbooks topic-business-basics topic-leadership-and-management topic-productivity industry-agriculture industry-automotive industry-business-consulting industry-childcare industry-colleges-and-sporting-clubs industry-construction industry-consumer-services industry-customer-service industry-early-education industry-ecommerce industry-education industry-entertainment industry-finance industry-financial-services industry-franchises industry-health-and-fitness industry-health-services industry-healthcare industry-hospitality industry-it-and-technology industry-legal industry-logistics-manufacturing industry-media-communications industry-not-for-profit industry-professional-services industry-public-relations industry-real-estate industry-real-estate-and-strata-management industry-recruitment industry-retail industry-stem industry-technology 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Initiative\" style=\"width:100%;height:100%;object-fit:cover;\" srcset=\"https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/10\/start-digital-grant-sg-1.png 1200w, https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/10\/start-digital-grant-sg-1-225x300.png 225w, https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/10\/start-digital-grant-sg-1-768x1024.png 768w, https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/10\/start-digital-grant-sg-1-1152x1536.png 1152w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/><\/a><\/figure>\n\n\n<div class=\"wp-block-group blog-3-col-details wp-container-content-3 is-vertical is-content-justification-left is-nowrap is-layout-flex wp-container-core-group-is-layout-17 wp-block-group-is-layout-flex\" style=\"margin-top:0;padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-16 wp-block-group-is-layout-flex\"><div style=\"font-style:normal;font-weight:600\" class=\"taxonomy-resource-type eh-resource-type wp-block-post-terms\"><img decoding=\"async\" class=\"wp-block-post-terms-icon\" width=\"20\" height=\"20\" alt=\"icon-blog\" loading=\"lazy\" src=\"https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2025\/04\/Blog.png\"><a href=\"https:\/\/employmenthero.com\/sg\/resources\/guides-and-playbooks\/\" rel=\"tag\">Guides and Playbooks<\/a><\/div>\n\n<h3 class=\"wp-block-post-title\"><a href=\"https:\/\/employmenthero.com\/sg\/resources\/ncss-techandgo-start-digital-grant\/\" target=\"_self\" >Everything You Need to Know About the Start Digital Grant Under the NCSS TechAndGO! Initiative<\/a><\/h3>\n\n<div class=\"wp-block-post-excerpt has-text-color has-contrast-2-color has-small-font-size wp-container-content-2\"><p class=\"wp-block-post-excerpt__excerpt\">Discover the Start Digital Grant under NCSS&#8217;s TechAndGO! initiative. <\/p><\/div><\/div>\n\n\n<a style=\"font-style:normal;font-weight:600;\" class=\"wp-elements-9dfcbcb7662772ecb2d671e8976a6c51 wp-block-read-more has-text-color has-violet-500-color\" href=\"https:\/\/employmenthero.com\/sg\/resources\/ncss-techandgo-start-digital-grant\/\" target=\"_self\">Read more<span class=\"screen-reader-text\">: Everything You Need to Know About the Start Digital Grant Under the NCSS TechAndGO! Initiative<\/span><\/a><\/div>\n<\/div>\n<a href=\"https:\/\/employmenthero.com\/sg\/resources\/ncss-techandgo-start-digital-grant\/\" target=\"_self\" class=\"group-block-link\"><\/a>\n<\/li><li class=\"wp-block-post post-21624 resources type-resources status-publish has-post-thumbnail hentry resource-type-checklists topic-employment-law topic-hiring-onboarding topic-payroll industry-agriculture industry-automotive industry-business-consulting industry-childcare industry-colleges-and-sporting-clubs industry-construction industry-consumer-services industry-customer-service industry-early-education industry-ecommerce industry-education industry-entertainment industry-finance industry-financial-services industry-franchises industry-health-and-fitness industry-health-services industry-healthcare industry-hospitality industry-it-and-technology industry-legal industry-logistics-manufacturing industry-media-communications industry-not-for-profit industry-professional-services industry-public-relations industry-real-estate industry-real-estate-and-strata-management industry-recruitment industry-retail industry-stem industry-technology industry-utilities-public-services industry-veterinary-services industry-youth-services\">\n\n<div class=\"wp-block-group has-border-color has-neutral-100-border-color has-white-background-color has-background is-vertical is-layout-flex wp-container-core-group-is-layout-21 wp-block-group-is-layout-flex\" style=\"border-width:1px;min-height:100%\"><figure style=\"aspect-ratio:16\/9;width:100%;height:100%; padding-bottom:0;padding-top:0;margin-bottom:0;\" class=\"wp-block-post-featured-image\"><a href=\"https:\/\/employmenthero.com\/sg\/resources\/hr-and-payroll-compliance-checklist\/\" target=\"_self\"  style=\"height:100%\"><img loading=\"lazy\" decoding=\"async\" width=\"1040\" height=\"900\" src=\"https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/10\/thumbnail-10-point-compliance-checklist-SG.png\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"10 point HR and payroll compliance checklist\" style=\"width:100%;height:100%;object-fit:cover;\" srcset=\"https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/10\/thumbnail-10-point-compliance-checklist-SG.png 1040w, https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/10\/thumbnail-10-point-compliance-checklist-SG-300x260.png 300w, https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/10\/thumbnail-10-point-compliance-checklist-SG-1024x886.png 1024w, https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/10\/thumbnail-10-point-compliance-checklist-SG-768x665.png 768w\" sizes=\"auto, (max-width: 1040px) 100vw, 1040px\" \/><\/a><\/figure>\n\n\n<div class=\"wp-block-group blog-3-col-details wp-container-content-6 is-vertical is-content-justification-left is-nowrap is-layout-flex wp-container-core-group-is-layout-20 wp-block-group-is-layout-flex\" style=\"margin-top:0;padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-19 wp-block-group-is-layout-flex\"><div style=\"font-style:normal;font-weight:600\" class=\"taxonomy-resource-type eh-resource-type wp-block-post-terms\"><img decoding=\"async\" class=\"wp-block-post-terms-icon\" width=\"20\" height=\"20\" alt=\"icon-blog\" loading=\"lazy\" src=\"https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2025\/04\/Blog.png\"><a href=\"https:\/\/employmenthero.com\/sg\/resources\/checklists\/\" rel=\"tag\">Checklists<\/a><\/div>\n\n<h3 class=\"wp-block-post-title\"><a href=\"https:\/\/employmenthero.com\/sg\/resources\/hr-and-payroll-compliance-checklist\/\" target=\"_self\" >10 point HR and payroll compliance checklist<\/a><\/h3>\n\n<div class=\"wp-block-post-excerpt has-text-color has-contrast-2-color has-small-font-size wp-container-content-5\"><p class=\"wp-block-post-excerpt__excerpt\">Get peace of mind with our 10 point HR and payroll compliance checklist. <\/p><\/div><\/div>\n\n\n<a style=\"font-style:normal;font-weight:600;\" class=\"wp-elements-9dfcbcb7662772ecb2d671e8976a6c51 wp-block-read-more has-text-color has-violet-500-color\" href=\"https:\/\/employmenthero.com\/sg\/resources\/hr-and-payroll-compliance-checklist\/\" target=\"_self\">Read more<span class=\"screen-reader-text\">: 10 point HR and payroll compliance checklist<\/span><\/a><\/div>\n<\/div>\n<a href=\"https:\/\/employmenthero.com\/sg\/resources\/hr-and-payroll-compliance-checklist\/\" target=\"_self\" class=\"group-block-link\"><\/a>\n<\/li><li class=\"wp-block-post post-20770 resources type-resources status-publish has-post-thumbnail hentry resource-type-webinar topic-hiring-onboarding industry-agriculture industry-automotive industry-business-consulting industry-childcare industry-colleges-and-sporting-clubs industry-construction industry-consumer-services industry-customer-service industry-early-education industry-ecommerce industry-education industry-entertainment industry-finance industry-financial-services industry-franchises industry-health-and-fitness industry-health-services industry-healthcare industry-hospitality industry-it-and-technology industry-legal industry-logistics-manufacturing industry-media-communications industry-not-for-profit industry-professional-services industry-public-relations industry-real-estate industry-real-estate-and-strata-management industry-recruitment industry-retail industry-stem industry-technology industry-utilities-public-services industry-veterinary-services industry-youth-services search-tags-ondemand-webinar\">\n\n<div class=\"wp-block-group has-border-color has-neutral-100-border-color has-white-background-color has-background is-vertical is-layout-flex wp-container-core-group-is-layout-24 wp-block-group-is-layout-flex\" style=\"border-width:1px;min-height:100%\"><figure style=\"aspect-ratio:16\/9;width:100%;height:100%; padding-bottom:0;padding-top:0;margin-bottom:0;\" class=\"wp-block-post-featured-image\"><a href=\"https:\/\/employmenthero.com\/sg\/resources\/from-hi-to-hired-hire-faster-hire-smarter\/\" target=\"_self\"  style=\"height:100%\"><img loading=\"lazy\" decoding=\"async\" width=\"2560\" height=\"1707\" src=\"https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/08\/AdobeStock_535507625-scaled-1.jpeg\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"From Hi to Hired: Hire Faster, Hire Smarter.\" style=\"width:100%;height:100%;object-fit:cover;\" srcset=\"https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/08\/AdobeStock_535507625-scaled-1.jpeg 2560w, https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/08\/AdobeStock_535507625-scaled-1-300x200.jpeg 300w, https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/08\/AdobeStock_535507625-scaled-1-1024x683.jpeg 1024w, https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/08\/AdobeStock_535507625-scaled-1-768x512.jpeg 768w, https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/08\/AdobeStock_535507625-scaled-1-1536x1024.jpeg 1536w, https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2024\/08\/AdobeStock_535507625-scaled-1-2048x1366.jpeg 2048w\" sizes=\"auto, (max-width: 2560px) 100vw, 2560px\" \/><\/a><\/figure>\n\n\n<div class=\"wp-block-group blog-3-col-details wp-container-content-9 is-vertical is-content-justification-left is-nowrap is-layout-flex wp-container-core-group-is-layout-23 wp-block-group-is-layout-flex\" style=\"margin-top:0;padding-top:var(--wp--preset--spacing--10);padding-right:var(--wp--preset--spacing--10);padding-bottom:var(--wp--preset--spacing--10);padding-left:var(--wp--preset--spacing--10)\">\n<div class=\"wp-block-group is-vertical is-layout-flex wp-container-core-group-is-layout-22 wp-block-group-is-layout-flex\"><div style=\"font-style:normal;font-weight:600\" class=\"taxonomy-resource-type eh-resource-type wp-block-post-terms\"><img decoding=\"async\" class=\"wp-block-post-terms-icon\" width=\"20\" height=\"20\" alt=\"icon-blog\" loading=\"lazy\" src=\"https:\/\/employmenthero.com\/sg\/wp-content\/uploads\/sites\/3\/2025\/04\/Webinar.png\"><a href=\"https:\/\/employmenthero.com\/sg\/resources\/webinar\/\" rel=\"tag\">Webinars<\/a><\/div>\n\n<h3 class=\"wp-block-post-title\"><a href=\"https:\/\/employmenthero.com\/sg\/resources\/from-hi-to-hired-hire-faster-hire-smarter\/\" target=\"_self\" >From Hi to Hired: Hire Faster, Hire Smarter.<\/a><\/h3>\n\n<div class=\"wp-block-post-excerpt has-text-color has-contrast-2-color has-small-font-size wp-container-content-8\"><p class=\"wp-block-post-excerpt__excerpt\">This session will equip you with techniques to streamline hiring, enhance candidate experience. <\/p><\/div><\/div>\n\n\n<a style=\"font-style:normal;font-weight:600;\" class=\"wp-elements-9dfcbcb7662772ecb2d671e8976a6c51 wp-block-read-more has-text-color has-violet-500-color\" href=\"https:\/\/employmenthero.com\/sg\/resources\/from-hi-to-hired-hire-faster-hire-smarter\/\" target=\"_self\">Read more<span class=\"screen-reader-text\">: From Hi to Hired: Hire Faster, Hire Smarter.<\/span><\/a><\/div>\n<\/div>\n<a href=\"https:\/\/employmenthero.com\/sg\/resources\/from-hi-to-hired-hire-faster-hire-smarter\/\" target=\"_self\" class=\"group-block-link\"><\/a>\n<\/li><\/ul><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Here\u2019s a quick overview of what to look out for as a business owner or HR and payroll professional.<\/p>\n","protected":false},"featured_media":17980,"menu_order":0,"template":"","meta":{"inline_featured_image":false,"_lite_auth_enabled":false,"_lite_auth_trigger_method":"scroll","_lite_auth_scroll_percent":25,"_lite_auth_click_element_query":"","exclude_from_algolia":false,"reading_time":"1 min 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