Deputy Prime Minister and Minister for Finance, Mr Lawrence Wong, has just delivered the new Budget 2024 “Building Our Shared Future Together” today.
In this year’s budget announcement, Minister Wong addressed several key issues that many Singaporeans are concerned with. He spoke about the worldwide inflation, slower local economic growth and the impact of rising costs on the daily lives of Singaporeans.
Minister Wong announced a series of measures aimed at supporting Singaporeans, particularly the disadvantaged individuals such as the low-income groups, mid-career workers and seniors, to cope with the higher cost of living.
For the business community, Minister Wong urged organisations to prepare for the future by staying competitive in a changing economy. Besides emphasising on the importance of innovation, he also advised businesses to invest in their workforce through reskilling and upskilling to ensure that workers have the relevant skills to support evolving industries. With these efforts, businesses can then remain competitive and contribute towards creating good jobs and a strong economy for all Singaporeans.
Let’s explore how Budget 2024 can impact businesses across various sectors in the coming months.
1. Enhancements to the Enterprise Support Package
- 50% corporate income tax rebate, capped at $40,000, for YA 2024
- Cash payout of $2,000 for businesses that employ at least ONE local employee in 2023
2. Enhancements to the Enterprise Financing Scheme
- Max working capital loan quantum to be permanently raised from $300,000 to $500,000 to help SMEs meet their increased working capital and operational cash flow needs
- Max trade loan quantum of $10 million will be extended till 31 March 2025 to support businesses’ internationalisation efforts
- Project loans for domestic construction projects will be extended till 31 March 2025, with a max loan quantum of $15 million
3. Extension of SkillsFuture Enterprise Credit (SFEC)
- Extended by another year to 30 June 2025
- Employers can use it on supportable schemes beyond 30 June 2024
- Final claims to be submitted before 30 June 2025
4. Extension of Energy Efficiency Grant (EEG)
- To cover more sectors including Manufacturing, Construction, Maritime and Data Centres and their users
- Additional support for companies with more ambitious plans to reduce carbon emissions
5. National Productivity Fund
- $2 billion top-up to support investment efforts
6. Enhancements to Progressive Wage Credit Scheme
- Fund to be topped up by $1 billion to support lower-income workers
- Employers who raise salaries for lower-wage workers will receive higher co-funding support from the government, from current 30% to max 50%
- Qualifying wage ceiling to be raised from $2,500 to $3,000 in 2025
7. Increase to the Local Qualifying Salary (LQS)
- Companies that hire foreign workers will have to pay their local employees a higher LQS of $1,600, up from $1,400, from July 2024
- Minimum hourly rate will also be increased from $9 to $10.50 per hour
8. Enhancements to the CPF
- CPF contribution rates for 55 to 65 year olds to be raised by 1.5%
- CPF Transition Offset to be extended for another year to support companies’ rising business costs
Interested to know how your company can benefit from the budget?
[EVENT OVER – Join our upcoming webinar instead]
You are all welcomed to join our Webinar.
You are invited to join us at the 361DC Post Budget Sharing Event
Thursday, 21 March 2024
Time: 1pm to 5pm
$88 per ticket (free for our customers)
Lifelong Learning Institute (LLI), Lecture Theatre, Level 2
11 Eunos Road 8, Singapore 408601 (Next to Paya Lebar MRT)
Gain expert insights and network with industry experts to ensure your company thrives in the evolving economic landscape
For our valued client, you are invited to attend this event at no cost. Simply use the promo code “361dc” during registration to secure your complimentary spot.
Click on the button now to register, limited seats available!
Here’s what some of the attendees said about the event:
“The 361DC Post Budget Sharing 2024 seminar was insightful, interesting and well orgainzed. It was one of the few seminars that had virtually no drop outs after break time. Demos and tibits provided by the speakers were very useful.” – 姜宇Evan Jiang
“The seminar is really informative and useful to know more aboutthe grants and budgeting process. I am really appreciative of giving the opportunity for the learning new things and hope to have more of seminar in future.” – Htike San
Due to the overwhelming registration, we have decided to conduct a webinar on the Singapore Budget on 18th April. Do click on the button below to register for the webinar!
Alternatively, you can contact us at 6515 7906 or enquiry@361dc.com.
