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Why Budget 2024 is pro-business as it is pro-social

It’s time for Singaporeans to regard the social and the economic as two sides of the same coin

    • The slew of ostensibly social measures should not negate the central importance of a vibrant, thriving and sustainable economy to a shared future.
    • The slew of ostensibly social measures should not negate the central importance of a vibrant, thriving and sustainable economy to a shared future. PHOTO: YEN MENG JIIN, BT

    Eugene K B Tan

    Published Mon, Feb 19, 2024 · 05:00 AM

    THE initial impression of Budget 2024, delivered on Friday (Feb 16) by Finance Minister Lawrence Wong, is that it is a pro-social fiscal policy.

    About three-quarters of the speech was devoted to equipping workers to remain employable, creating pathways towards social equality and mobility, providing more assurance for families and seniors by supporting families through every stage and strengthening retirement adequacy, and forging a stronger and more united nation. 

    To this end, S$5 billion will be allocated towards implementing measures to remake the social compact, following the culmination of the Forward Singapore exercise last October.

    Singapore Budget 2024Lawrence Wong

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