Singapore commemorates the big 6-0 this year, and Budget 2025 is packed with initiatives to mark this milestone. Titled Onward Together for a Better Tomorrow, this year’s Budget speech saw Prime Minister (PM) Lawrence Wong unveil generous new initiatives that deliver fresh support and opportunities for all Singaporeans. This article will examine how these measures not only celebrate our nation’s resilience but also demonstrate Singapore’s commitment to continued growth in the next 60 years and beyond.

Celebrating resilience: SG60 gifts for all Singaporeans

Singapore has come a long way since independence and to celebrate our progress, PM Wong unveiled the SG60 Package comprising three main benefits:

• A one-off S$600 in SG60 vouchers for those aged 21 and above, with an additional S$200 for those aged 60 and above. Like Community Development Council (CDC) vouchers, half can be spent at supermarkets, and the rest at heartland merchants and hawkers. 
• A 60% personal income tax rebate (capped at S$200) for Year of Assessment 2025.
• The mysterious SG60 Baby Gift for all Singaporean babies born this year, though we’ll have to wait till the Prime Minister’s Office Committee of Supply debate for full details.

On top of that, all Singaporeans will receive S$100 in ActiveSG and SG Culture Pass credits respectively, encouraging both an active lifestyle and greater cultural engagement. Personally, I’m glad to see greater investment in these sectors as they not only add colour to our lives but also act as a social glue. So, start planning that trip to the museum or head to the gym and crush those health resolutions this year.  

Continued growth for the future: Supporting our workers and families

With artificial intelligence and automation reshaping jobs, continuous learning is more crucial than ever. To help Singaporean employees aged 40 and above stay ahead, the SkillsFuture Level-Up Programme announced at the previous Budget offers $4,000 in credits to offset out-of-pocket course fees, plus monthly training allowances up to S$3,000 for selected full-time courses. The initiative has been expanded to now include part-time courses, with workers enrolled in such programmes receiving a fixed monthly allowance of S$300.

Beyond our workforce, families have always been at the heart of Singapore, and this year’s Budget reflects that. A fresh round of S$800 in CDC vouchers will be disbursed between May 2025 and January 2026 to each household, alongside U-Save rebates to help with utility costs. Families with children aged 12 and below will also receive S$500 in LifeSG credits per child, providing extra support for everyday essentials.

Particularly encouraging for families or those planning to start a family is the new Large Families Scheme to support those with three or more children. Key benefits parents can expect are:
 

• S$5,000 top-up to the Child Development Account First Step Grant for each third and subsequent child born on or after 18 February 2025, to help with preschool and healthcare costs
• S$5,000 MediSave Grant for mothers of third and subsequent children, which can be used for pregnancy and delivery expenses
• S$1,000 in LifeSG credits per year for each third and subsequent child until they turn six, providing extra support for early childhood expenses

These measures are a welcome boost amid the rising cost of raising a child, building on last year’s Budget enhancements. Additionally, the new MediSave Grant gives parents financial assurance when it comes to their children’s healthcare needs. For greater protection, they can insure their child with an Integrated Shield Plan, from just S$194 a year, which is payable using MediSave. Even better, if both parents are insured under a Singlife Shield plan, their child will receive discounted coverage under Plan 2 until they turn 20.

Bigger families would certainly help alleviate some of the challenges posed by our ageing population, but they also come with added responsibilities. For those in the sandwich generation, like me, caring for ageing parents while raising children can be challenging. Planning ahead makes all the difference, and savings plans like Singlife Smart Saver offer flexibility with features like the Life Stage Add-on, which allows you to enjoy lower premiums on each add-on savings plan. This helps you save for your family’s needs, such as education and retirement, while lowering premium costs.

Couples planning to get married can also rejoice as PM Wong announced that more than 50,000 new HDB flats will be launched over the next three years, including 3,800 flats in 2025 with waiting times under three years. When coupled with the increase in Sale of Balance Flats up for grabs, this initiative makes young Singaporeans’ dream of owning a home more attainable. Check out our guides on how to DIY your dream home on a budget and lessons from a first-time homeowner. As a MINDEF or MHA insured member, you can enjoy an extra 10% discount on all our Home Insurance plans, ensuring that your home contents, renovations, and features not covered by fire insurance are well protected.

A shared legacy: Building a more inclusive Singapore

Keeping in mind vulnerable members of our society, Budget 2025 provides increased support for our seniors and persons with disabilities (PWDs).

Here’s a summary of the measures these groups can expect:
 

• Dollar-for-dollar MediSave top-ups – Lower-income Singaporeans aged 55 to 70 will get a government match of up to S$1,000 per year on voluntary MediSave top-ups.
• Matched Retirement Savings Scheme for PWDs of all ages – The scheme which was introduced for seniors during the previous Budget has now been expanded to eligible Singaporeans with disabilities under 55 years, offering matching contributions to their CPF Special Account to boost their retirement savings. 
• Higher long-term care subsidies – Support for residential care (like nursing homes) will increase by up to 15 percentage points, while home and community-based care services will see subsidies rise by up to 10 percentage points. 
• Increased Home Caregiving Grant – The grant’s maximum payout will go up from S$400 to S$600 per month, giving families extra financial relief when caring for loved ones at home.
• Expanded eligibility – More households will now qualify for the long-term care subsidy and home caregiving grant benefits, with the raised income cap.
• Subsidies for seniors living in private property – The Active Seniors Programme, which subsidises home modifications like grab bars and slip-resistant flooring, will now extend to private property residents too.

These measures ensure that no one is left behind and for greater assurance, you can take steps to be financially prepared on your own terms. Long-term care plans such as Singlife CareShield Standard / Plus and Dementia Cover can augment existing government schemes to give you the level of support you want during challenging times.

Conclusion: A vision for tomorrow

As we celebrate how far we’ve come as a society this SG60 this year, it’s clear from Budget 2025 that it’s equally important to prepare for a bright future and the challenges that lie ahead. From addressing climate change and exploring new energy sources to supporting local businesses and cementing our status as the world’s top airport for decades to come, there’s a lot in the works. Honestly, I can’t wait to see what Singapore will be like in the distant future.

To echo the lyrics of the national day song ‘Count on me Singapore’, we’re about to show the world just what Singapore can do, and it all starts with each of us doing our part. At Singlife, we’re here to support you every step of the way. Check out our Milestone Map to start planning, or chat with your financial adviser representative to map out your journey to financial freedom.