Finance Minister Heng Swee Keat has unveiled the 2019 Budget, aimed at building a strong and united Singapore. In his speech, Mr Heng shared how the Government will be helping and supporting Singaporeans, young and old. He also outlined the five themes of the Budget:
- A safe and secure Singapore
- A vibrant and innovative economy
- A caring and inclusive society
- A global city and home for all
- A fiscally sustainable future
Strengthening economic competitiveness
Singapore’s economy grew by 3.2% in 2018. However, Mr Heng cautioned that global growth is expected to moderate with increased uncertainties this year. To further support industry transformation, Mr Heng outlined three key thrusts:
- Building deep enterprise capabilities
- Building deep worker capabilities
- Encouraging strong partnerships, within Singapore and across the world
He also said that the Government expects to spend $4.6 billion over the next three years on the new and enhanced economic capability-building measures in Budget 2019.
A caring and inclusive society
Touching on the social measures of Budget 2019, Mr Heng said the Government’s long-term plan is to build a caring and inclusive society. The plan is driven by three thrusts:
- Uplifting every Singaporean
- Greater assurance for healthcare
- Fostering a community of care
Merdeka Generation Package
Mr Heng also announced details of the Merdeka Generation Package (MGP). The $6.1b Merdeka Generation Package will benefit close to 500,000 Singaporeans. And for those missed out on the MGP, especially Singaporeans aged 50 and above, he also announced benefits for them.
Celebrating our Bicentennial
A total of $1.1 Billion is also set aside as a Bicentennial Bonus to Singaporeans to commemorate this significant moment in Singapore’s history. In addition to the special Bicentennial initiatives, the Government will provide another year of Service and Conservancy Charges (S&CC) Rebate to some 930,000 HDB households, said Mr Heng.
Concluding his speech, Mr Heng emphasised the importance of having a prudent and fiscal economy policy to prepare Singaporeans and to build a more caring and inclusive society for all.
