Explainer: The Scheme Adjustments to Support Singaporean Families From 2024
Deputy Prime Minister and Minister for Finance Lawrence Wong is set to deliver Singapore's 2024 Budget Statement this Friday, Feb. 16.
A year ago, on Feb. 14, Wong presented his Moving Forward In a New Era Budget speech, which focused on three thrusts to safeguard Singapore's future: economic growth, the strengthening of social compact, and building the nation's collective resilience.
Under the strengthening of social compact, Wong presented scheme adjustments to better support families, seniors, and vulnerable groups, with some of these changes having taken effect when we ushered in 2024.
As Singaporeans gear up for Budget 2024, let's take a look at Budget 2023's promised scheme adjustments in support of Singapore's families beginning this year onward.
Strengthening Social Compact
One of the main foci of Wong's social compact thrust was family. In his Budget 2023 speech, he emphasised that families "form the bedrock of our society, and are the anchors of emotional, social, and financial support for all of us."
Double Government-Paid Paternity Leave
To better help parents manage commitments to their family and work, Wong doubled the government-paid paternity leave of Singaporean fathers whose children were born on or after Jan. 1, 2024. The adjustment bumped the paternity leave to four weeks from two weeks; it was a move borne from an increase in paternity leave take-up, with over half of Singaporean fathers taking paternity leave compared to 10 years ago.
According to Wong, the additional two weeks shall be given voluntarily by able employers, so they may be reimbursed by the government. With this adjustment, he underscored the importance of paternal involvement as the norm in Singaporean society.
Double Unpaid Infant Care Leave
Aside from doubling government-paid paternity leave, Wong also hiked unpaid infant care leave for every parent in their children's first two years, from six days to 12 days annually.
Every parent of Singaporean children is eligible for the doubled unpaid infant care leave, granted that they have been working for their employer continuously for three months. The adjustment, as per Wong, will allow parents to spend more time with their newborn and work on other caregiving concerns.
The doubled unpaid infant care leave also took effect from Jan. 1, 2024, onwards for eligible parents with Singaporean children below two years of age.
These two scheme adjustments have thus increased a working couple's parental leave from 22 weeks to up to 26 weeks in their baby's first 12 months.
From Percentage to Fixed Dollar Relief for Working Moms
Meanwhile, to aid parents with expenses in raising their kids, Wong likewise adjusted the Working Mother's Child Relief (WMCR) to fixed dollar relief from a percentage of a mother's earned income.
This scheme adjustment applies to Singaporean children who were born or adopted on or before Jan. 1, 2024, and will be reflected in the Year of Assessment 2025.
Under this adjustment, eligible working moms will be able to receive the same tax relief for her child under the same child order. For example, a mother will be able to claim S$8,000 for her first child in the future, S$10,000 for her second, S$12,000 for her third, and so on.
The goal of the WMCR adjustment, Wong said, was to primarily "provide more government support for eligible lower- to middle-income working mothers."
Get the latest curated content with The Beat Asia's newsletters. Sign up now for a weekly dose of the best stories, events, and deals delivered straight to your inbox. Don't miss out! Click here to subscribe.
Most Popular in Singapore
Glide With Your Kids: Where to Learn Ice Skating in Singapore
Sorry Fur Parents, Pets Are Still Not Allowed on Public Transport
Social Impact Hub 64 Club Street Opens as a Community-Centric Space for All
Best Autism Therapy Clinics and Centres in Singapore
Everything You Need to Know About One Punggol, SG’s Newest One-Stop Lifestyle Hub
Trending in Singapore
Going Somewhere? Here Are Ride-hailing Apps in Singapore Apart From Grab
Buy, Sell, and Consign Preloved Luxury Bags at These Stores in Singapore
Otaku Mode! Five Must-visit Novelty Stores in Singapore If You Love Anime
How Tough Are You? Food Challenges in Singapore to Test Your Mettle
Singapore's Ultimate Guide of the Best Happy Hour for Every Day of the Week