Singapore’s PM Lawrence Wong Announces Cash Handouts in Pre-Election Budget

Singapore’s Prime Minister and Finance Minister, Lawrence Wong, has unveiled a budget featuring direct cash handouts to help citizens cope with rising living costs ahead of the country’s upcoming general election.

• Cash Assistance:
  • S$800 vouchers for every household
  • S$600 for Singaporeans aged 21 and above
  • S$800 for those over 60 (marking Singapore’s 60th anniversary)
  • Extra support for utility bills, young families, and hawker stall operators
• Economic Outlook:
  • Singapore’s economy is expected to grow between 1-3% in 2025, down from 4.4% in 2024
  • Inflation forecasted at 1.5-2.5%
  • Concerns over global economic uncertainties due to US-China tensions and policy shifts in the US
• Stock Market Revamp:
  • Tax incentives to encourage local listings
  • Government review of pension fund investment rules to improve market liquidity
• Nuclear Power Consideration:
  • Assessing nuclear energy as a potential power source for AI, semiconductor, and biopharma industries
• Opposition Leader’s Legal Issues:
  • Workers’ Party leader Pritam Singh was fined S$7,000 per charge for lying to Parliament but remains eligible to contest elections
    

With the election due by November 2025, Wong’s budget aims to address financial strains faced by citizens while maintaining Singapore’s economic competitiveness.