Singapore Budget 2025: Cost-of-living mitigation includes more direct benefits for people of all ages

Singapore Prime Minister and Finance Minister Lawrence Wong presents his first national budget today, following the power transition last year. A cluster of direct benefits to offset cost-of-living issues is one of the key features of this budget, which PM Wong began presenting around 3.30pm local time today.

In its live coverage, The Straits Times has listed some of the benefits unveiled so far. They are:

• New 5-year Matched MediSave scheme for eligible lower-income Singaporeans in the 55-70 year age group
• Increase in Home CareGiving Grant to SGD 600 per month, and a rise in the upper limit for qualifying for this grant, so that more people can benefit from it
• Vouchers worth SGD 600 for all Singaporeans over the age of 21 in July 2025, and vouchers worth SGD 800 for those over the age of 60
• Credits worth SGD 100 for all Singaporeans over the age of 18 for new SG Culture Pass
• Credits worth SGD 100 (in SG60 credits) for all ActiveSG members

“A Budget for all Singaporeans,” as PM Wong promised

On February 17, on the eve of presenting his first budget after becoming Singapore’s head of state, Lawrence Wong had promised “a Budget for all Singaporeans”.

In a post on X, he had written: “I will be delivering the #SGBudget2025 tomorrow. It will be a Budget for all Singaporeans. It will also be a Budget that involves all of you, and advances our #ForwardSG plans for a stronger and more united society. Let’s move onward together for a better tomorrow!”

Today, PM Wong’s budget speech referred to a revision of the taxation system in Singapore in order to meet public spending needs by mopping up more revenue, and also to ensure more fiscal prudence.

Those who were better off would pay more in taxes in Singapore, said the prime minister. This was the reason why the government raised property tax rates for all non-owner-occupied residential properties and also for all higher-value owner-occupied residential properties, he said.