'Wow, an additional ang bao': Singaporeans weigh in on Budget 2025 announcements, Singapore News

PUBLISHED ONFebruary 20, 2025 9:09 AMByChing Shi Jie Lau Han An

The goodies that Prime Minister Lawrence Wong announced in his Budget speech on Tuesday (Feb 18) had new homeowner Astrid Yan feeling like it is Chinese New Year again.

"I was like, 'wow, I guess that's an additional ang pow to be collected across the year," she said about the $600 and $800 in SG60 and Community Development Council (CDC) vouchers respectively.

PM Wong, who is also finance minister, said the Budget is one for the future and that "no one will be left behind".

It is jam-packed with announcements from schemes to help lower-wage workers to encouraging Singaporeans to have three or more children.

Yan is one of the Singaporeans AsiaOne interviewed to share their thoughts on Budget 2025.

'A gift and blessing'

Yan is moving into a new Build-To-Order (BTO) flat in Kallang in May - the same month that the first $500 in CDC Voucher will be disbursed.

The 30-year-old in the sales industry also said that the SG60 voucher "is a great thing for all Singaporeans".

"The [$600] will really help with the expenses that we will have, especially with renovations going to be such a huge cost," said Yan. "Anything now is a gift for us, and a blessing.

"Even when it comes to getting groceries to kick-start whatever that's in our refrigerator, it's something that we can have. It's really better than nothing."

Another one-off SG60 goodie: $100 in credits for Singaporeans aged 18 and above to buy tickets for eligible local performances, exhibitions and more.

Yan said that the government's way of encouraging Singaporeans to attend arts and heritage activities "caught her attention".

"I was just sharing with my friends - it's kind of like [an] Asian parents' kind of way to incentivise us to learn more about our cultures better. It's interesting and not widely heard of," she added.

'Budget benefits all walks of life'

Dorcas Chung, 65, is semi-retired and believes that "anything to do with MediSave is good".

In the Budget, PM Wong said that the Government will match every dollar of voluntary cash top-up to the MediSave accounts of eligible seniors aged 55 to 70, capped at $1,000 per year.

He added the move will help senior Singaporeans with lower retirement savings build up their savings and boost their monthly payouts in retirement.

"It will help us a lot and is beneficial for the seniors," said Chung. "We have a lot of health problems as we age."

Chung liked that PM Wong announced more help for seniors, including those living in private property.

The Enhancement for Active Seniors (Ease) programme, which subsidises a range of fittings to make homes safe places for seniors aged 65 years and older, was previously limited to residents living in HDB flats,

"It benefits all walks of life, not only just a particular group of people," said Chung.

'Nothing will change after Budget'

Part-time cleaner Lim, however, felt that the Government's measures to ease rising costs will not improve his life significantly.

The 63-year-old, who declined to give his full name, earns about $850 a month. He and his wife live in a two-room flat in Clementi.

"The economy is so bad, and everything is so expensive. One plate of economy rice is now at least $3, that's the truth," said Lim. "Nothing will change after the Budget."

PM Wong in his Budget speech announced a slew of measures to help lower-wage workers, including monthly allowances for those taking part-time courses.

But Lim said that he is too old to be upskilling.

"The prime minister also said in last year's Budget that they will help people like us, but things still remain the same."

Meanwhile, 40-year-old Lee Han Quan is concerned with how the Government can afford to pay for all the Budget goodies.

"I hope the cash payouts will continue even after the election," he added.

PM Wong said that Budget 2025 is expected to see an increase in expenditure of 6.6 per cent.

To fund these measures, corporate income tax collections are estimated to increase by $1.8 billion and personal income tax collections are projected to rise by $1.3 billion.

The country is expected to end FY2024 with a surplus of $6.4 billion, said PM Wong, reversing a deficit of $2.6 billion in FY2023.

"While our revenues have increased, we have also spent more on Singaporeans," he added.