Past Budget Measures

As we look forward to Budget 2017 on 20 February, check out some of the past budget measures that are still making a positive impact to businesses and the lives of Singaporeans every day.

Economic Schemes

Economic schemes Short Description Year of Implementation Cost of Initiatives Scheme Beneficiaries Remarks
Industry Transformation Programme – (MTI) To strengthen enterprises and industry, and to drive growth through innovation. 2016 $4.5 billion More than 20 sectors that comprise more than 80% of Singapore’s GDP Builds on Quality Growth Programme (Budget 2013) to achieve inclusive growth driven by innovation and higher productivity
SkillsFuture – (MOE/MOM/MTI/SkillsFuture SG) To provide Singaporeans with the opportunities to develop their fullest potential throughout life, regardless of their starting points. 2015 Increased spending on continuing education and training from $600 million per year (2010-2015) to over $1 billion per year (2015-2020) All Singaporeans who want to improve themselves through learning and education Comprises of SkillsFuture Earn and Learn, SkillsFuture Study Awards, SkillsFuture Fellowships, SkillsFuture Leadership Development Initiative, SkillsFuture Mentors
Capability Development Grant  - (SPRING) This programme is designed to help SMEs build their capabilities across 10 key business areas. Enhanced in 2012 to raise support level from 50% to 70% $600 million (FY15-17) SMEs It supports a range of innovation activities from developing intellectual property to new brands and currently supports 1,200 projects a year
National Trade Platform – (Customs/SPRING/GovTech/IMDA) The NTP is a one-stop trade information management system that will enable electronic data sharing among businesses and government 2017 Expected to cost more than $100 million Supports firms, particularly in the logistics and trade finance sectors It has the potential to bring over $600 million worth of man-hour savings each year to firms

Social Schemes

Social schemes Short Description Year of Implementation Cost of Initiatives Scheme Beneficiaries Remarks
KidSTART – (MSF/ECDA) Initiative that draws together government and community resources to help vulnerable children up to age 6 receive age-appropriate learning and developmental support, through three components: Regular home visits, playgroup sessions and enhanced pre-school support Pilot introduced in 2016 The 3-year pilot is estimated to cost more than $20 million About 1,000 children are expected to benefit Set up due to research which shows that experiences in the early years of a child’s life significantly influence his or her physical, cognitive, and social development
Special CPF Housing Grant (SHG) – (HDB)     A grant to help low-income families make a first-time purchase of a Build-to-Order flat, on top of the existing Additional CPF Housing Grant

SHG was introduced in 2011 to provide additional help to low-income citizen families, with a monthly income ceiling of $2,250, and a maximum grant quantum of $20,000. It was also initially restricted to 3R and smaller flats in non-mature estates (NMEs)
Introduced in 2011 NA Low- to middle-income families There were two significant enhancements since introduction in 2011:

1. In 2013, the Government increased the income ceiling to $6,500 and extended it to households buying 4R and smaller new flats in NMEs

2. In 2015, the Government increased the income ceiling to $8,500 and doubled the maximum grant quantum to $40,000
GST Voucher (GSTV) Scheme – (MOF) The permanent GSTV scheme was introduced by the Government in Budget 2012 to help lower-income Singaporeans. The GSTV is given in three components – Cash, Medisave and U-Save Introduced in 2012 ~$6 billion set aside in GST Voucher Fund for FY12 to FY20 ~1.54 million Singaporeans and ~840,000 households In 2016, 1.3 million citizens received up to $500 cash comprising the regular GSTV – Cash and the one-off GSTV – Cash Special Payment
Special Employment Credit (SEC) – (MOM) SEC encourages employers to hire Singaporeans aged 55 and above by offering wage offsets Introduced in 2011 and extended to end of 2019 $1.1 billion over the next 3 years (2017-2019) SEC will cover about 340,000 workers, or about three in four older Singaporean workers The SEC is not the only scheme that the Government has introduced to support the continued employment of older workers. Other measures include re-employment legislation, WorkPro, Workfare Training Support and initiatives under the Tripartite Alliance for Fair Employment Practices
Silver Support Scheme – (MOM/CPF) Silver Support helps the bottom 20% of Singaporeans aged 65 and above, with a smaller degree of support extended to cover up to 30% of seniors. It supplements the incomes of those with less means and little family support Introduced in 2016 $320 million in the first year Will benefit more than 140,000 seniors Three sets of criteria used in combination to determine eligibility: lifetime wages, housing type, level of household support
Workfare Income Supplement (WIS) – (MOM/CPF/ Workforce SG) Supplements incomes of the bottom 20% of workers, with some support also provided to those in the 30th income percentile Introduced in 2007 and will be enhanced in 2017 $770 million in 2017 460,000 Singaporean workers Qualifying income ceiling will be increased from $1,900 a month to $2,000 a month from 1 Jan 2017
Community Network for Seniors (MOH) The networks will comprise local stakeholders, such as Voluntary Welfare Organisations (VWOs), community volunteers, schools and businesses. At the core is a small team of full-time officers who will study the health and social needs of seniors and draw together stakeholders to provide coordinated support Pilot started in 2016 NA Pilot launched at three precincts across the island Integrates resources and efforts of government agencies, VWOs and local volunteers
Last updated on 8 Feb 2017