Budget 2024
A budget is a list that shows what the Government is going to spend public money on, based on the funds it collects. TRUE or FALSE?
TRUE. The expenses include essentials such as military defence and healthcare facilities, as well as social development programmes such as the expansion of the network of Active Ageing Centres.
There will be reduction of fees for special needs students. TRUE OR FALSE?
“We know that families of children with special needs face greater cost pressures due to higher fees for education and care services. We are studying further moves to alleviate the cost pressures on these families.”
WHAT By mid-2025, the maximum monthly fees at special education (Sped) schools will be lowered to $90 from $150, and fee caps at all special student care centres will be reduced.
FOR Singaporean special needs students.
WHY Although Sped school students already receive more subsidies than those in mainstream schools, the fees at most Sped schools remain higher due to higher underlying costs. Students aged seven to 18 in Sped schools also often attend special student care centres that offer subsidised care services before and after school. These moves will help reduce families’ out-of-pocket expenses.
The Assurance Package is to support all families in Singapore from different households. TRUE OR FALSE?
TRUE
WHAT A total of $1.9 billion in cash payouts, vouchers and rebates.
FOR Singaporean adults and households.
WHY To help Singaporeans cope with cost-of-living concerns and an uncertain economic outlook.
The Majulah Package is expected to have a total lifetime cost of about $8.2 billion and covers younger seniors as well as those of the Merdeka and Pioneer generations. TRUE or FALSE?
TRUE
Singapore is affected by negative global developments, such as conflict or disasters. TRUE or FALSE?
True! When there are conflict or disasters, which may mean companies and people here make less money.
There could also be a need to spend more public money if there are emergencies or simply to help households navigate difficult financial periods.
For ITE students who are aged 30 and below, they will be given some grants when they enrol succesffully in a diploma programme. TRUE OR FALSE?
TRUE!
Past and present national servicemen will be receiving $200 in credits in November 2024 so that they can fight for the country when there is a war.
FALSE.
To recognise their contribution to Singapore’s defence.
“We owe a huge debt to our national servicemen, who have served faithfully, and made immeasurable sacrifices for our peace and security.”
The Package will NOT include a one-time Retirement Savings Bonus for those whose CPF balances as at Dec 31, 2022. TRUE OR FALSE?
FALSE. The Package will include a one-time Retirement Savings Bonus for those whose CPF balances as at Dec 31, 2022.
Singapore had a challenging 2023, growing just _____%
a) 1.1
b) 2.2
3) 3.3
Describing the years ahead, Deputy Prime Minister and Finance Minister Lawrence Wong said that “the international environment has darkened dramatically”.
In delivering Budget 2024, he said Singapore had a challenging 2023, growing just 1.1 per cent. And the years ahead are expected to get more “messy”.
Those 40 and above will receive a top-up in SkillsFuture Credit of $_________ be able to pursue a second subsidised diploma, and also tap on a mid-career training allowance.
a) $2000
b) $4000
c) $5000
$4000.
Singaporeans aged 40 and above can cash in $4,000 in SkillsFuture Credit to pursue certain training programmes with better employability outcomes. These include 12 part-time and full-time diplomas, post diplomas and undergraduate programmes.
Younger Singaporeans will get the same top-up when they reach 40.
● In addition, from academic year 2025, they can enrol in another full-time diploma from polytechnics, the Institute of Technical Education, and arts institutions at a subsidised rate.
Parenthood Provisional Housing Scheme (Open Market) Voucher will be given to:
a) All married couples
b) Single income family
c) Young families who needs urgent housing while waiting for their BTO
C
“For young couples who are getting ready to settle down and form their own families, timely access to affordable housing is important.”
WHAT Under the Parenthood Provisional Housing Scheme, eligible families who are waiting for their Build-To-Order (BTO) flats to be completed can rent a subsidised rental flat from HDB. However, there is a high demand for such rental flats. To help ease this demand, the open market voucher, which will be available for a year, will provide some financial support for eligible families to rent flats on the open market.
FOR Eligible families who need a place to stay while waiting for their BTO flats to be completed. They must have a monthly household income of $7,000 or below.
WHY To give more support to young families that have urgent housing needs, especially for those with young children.
Age Well SG
Over the next decade, a total of $3.5 billion is being set aside for Age Well SG initiatives to help seniors to:
a) be financially free
b) keep active, access better care options and live more independently in the community
c) have a lot of friends and spend time with family
b) keep active, access better care options and live more independently in the community
Deputy Prime Minister and Finance Minister Lawrence Wong laid out __________ strategies for this year’s Budget spending.
a) two
b) three
c) four
FOUR strategies are being laid out:
1. First, he described ways the Government wanted to grow the economy, such as through investing in artificial intelligence, as well as in top-ups to various funds that will drive growth in the financial, advanced manufacturing, digital economy and healthcare sectors.
2. He unveiled plans to equip people better for the future. This includes grants to help people retrain for new emerging jobs, or to improve their skills.
3. He made provisions for a “trampoline”, to help people bounce back after meeting with setbacks or for those who are disadvantaged.
4. Mr Wong also described investments into the future, that would help Singapore “remain strong and effective against any challenges or threats”. For instance, Singapore would set up a Future Energy Fund – to develop the infrastructure for new sources of power – as well as build a new National Cybersecurity Command Centre, to improve Singapore’s cyber defences against threats.
S_ _ _ _ _ F_ _ _ _ _ Credit is introduced in 2015, all Singaporeans aged 25 and above will receive an opening credit of $500. This is a cash grant from the Government for a wide range of skills-related courses, that includes software programming and e-commerce.
SkillsFuture Credit
Pre-school subsidies for lower-income families with _____________ mothers will also be enhanced to match those received by families with _____________ mothers This will benefit up to 17,000 children.
Pre-school subsidies for lower-income families with non-working mothers will also be enhanced to match those received by families with working mothers. This will benefit up to 17,000 children.
“Silver upgrades” will be made to residential estates to enable seniors to live more independently and safely in the community. This will include amenities like therapeutic g_________ and barrier-free ramps.
gardens
Name 3 ways on how the money in Singapore's budget come from.
Public money comes from many sources.
1. Some are collected in the form of taxes, such as personal income and corporate income taxes.
2. Some are fees and charges, such as property licences or business permits.
3.There is also the Net Investment Returns Contribution, which refers to income gained from investing Singapore’s reserves. Organisations like Temasek Holdings and GIC invest locally and globally to grow the reserves.
When Institute of Technical Education graduates enrol in a diploma programme, they will now get a $__________ top-up to their Post-Secondary Education Accounts. A further $_________ will be topped-up to their CPF Ordinary Accounts when they attain their diplomas.
$5000 top-up in their PSEA & $10,000 in their CPF after attaining their diplomas
About 1.4 million Singaporean households will get an additional $600 in CDC vouchers, half of which will be given out in June 2024 and the rest in January 2025. The vouchers will be split equally for spending at participating merchants and h_________, as well as s___________.
hawkers & supermarkets
Who are the Singapore seniors?
Pioneer Generation, M________ Generation, Young seniors
Merdeka Generation (Pg 17)