Each households to get S$800 in CDC vouchers: Singapore Budget 2025

Singapore’s government will boost some payments and rebates to households to defray living costs that remain top of mind for voters, Prime Minister Lawrence Wong said in his first budget presentation since taking office last year.

Inflation in the city-state is forecast to slow but prices remain high, Wong said Tuesday. The payments will include S$800 ($596) to help citizens cover costs at supermarkets and restaurants, Wong said, with an initial disbursement of S$500 coming in May.

The budget will help Singapore’s government lay the groundwork for elections that have to take place by November. Elevated costs from food to housing remain a major concern for voters. Persistent geopolitical risks could add to price pressures in the trade-dependent nation.

Wong, 52, took over as Singapore’s fourth prime minister in May 2024.

An expansionary budget would help shore up Singapore’s economy as it braces for the impact of US President Donald Trump’s tariffs and the splintering of global trade. The city-state expects growth to come in at one percent to three percent this year, down from 4.4 percent in 2024.

There will also be a 50 percent rebate on corporate taxes for companies, capped at S$40,000, Wong said.

(Bloomberg)