S’pore’s Budget 2024: Your Roadmap to Financial Aid & Cash Bonuses

In response to concerns over the cost of living, Deputy Prime Minister Lawrence Wong unveiled significant measures during his Budget 2024 address last February 16, 2024, aimed at providing increased financial support to Singaporeans. Here’s a comprehensive timeline outlining the various cash payouts and assistance schemes slated for implementation:

– U-Save: S$110- S$190
– S&CC Rebate: 0.5 – 1 month

– CDC Vouchers: S$300

– U-Save: S$165-S$285
– S&CC Rebate: 0.5 – 1 month

– Cash Payout: S$450 or S$850

– Cash Payout: S$200- S$400

– U-Save: S$110- S$190
– S&CC Rebate: 0.5 – 1 month

– NS Life SG Credits: S$200

– Cash Payout: S$200- S$600
– CPF MediSave: S$100-S$1500
– CPF RA or SA: S$1000-S$1500
– Personal Income Tax Rebate for YA 2024: Up to S$200

– U-Save: S$165- S$285
– S&CC Rebate: 0.5 – 1 month
– CDC Vouchers: S$300


Enhanced by an additional S$1.9 billion, the Assurance Package offers:
– S$600 in CDC vouchers distributed in June and January 2025 to all Singaporean households.
– Cost-of-living “special payment” ranging between S$200 and S$400 for eligible adult Singaporeans.
– Additional U-Save benefits totaling up to S$950 for eligible HDB households.
– An extra half-month of S&CC rebate in January 2025, totaling up to four months’ rebate for eligible HDB households.


All NSmen, past and present, will receive S$200 digital credits redeemable via the LifeSG mobile app. Distributed in November, these credits are valid for one year.


In December 2024, adult Singaporeans aged 21 to 50 will receive a one-time MediSave bonus ranging from S$100 to S$300, based on various criteria, including age and property ownership.


The introduction of the SkillsFuture Level-Up program for mid-career workers will include a top-up of SkillsFuture Credit by S$4,000 for Singaporeans aged 40 and above, starting in May. Moreover, there will be a monthly training allowance for those aged 40 and above enrolling in selected full-time courses, capped at S$3,000 per month.


The income threshold for dependant-related tax reliefs will double from S$4,000 to S$8,000 for the year of assessment 2025, benefiting more taxpayers.


A 50% personal income tax rebate, capped at S$200, will be applicable for the year of assessment 2024, primarily benefiting middle-income workers.

Image Credits: unsplash.com

These initiatives underscore the government’s efforts to alleviate financial burdens and support the well-being of Singaporeans amidst economic challenges.

Sources: 1 & 2


How To Grow Your Nest Against Future Healthcare Costs

Singapore’s public and private hospitals offer some of the world’s most exceptional healthcare services. The only drawback is the rising healthcare costs of about 8-9% each year. Other countries are embracing this upward trend due to the global inflation.

The question now is: “How will you save for future healthcare costs?”


If you have a trusted financial advisor in your network, discuss about the feasibility of opening a separate savings account for your healthcare costs. You may choose to categorize this under your emergency fund for fuss-free budgeting. Otherwise, you will have to adjust your budget to accomplish this.


Whether we are purchasing a plane ticket or a small furniture, we are constantly on the hunt for the good deals. However, we can easily spend thousands of dollars on medical costs without comparing the hospital prices. Avoid sinking in a pile of debt by not jumping into the first offer.

For instance, you have a substantial amount of time to evaluate your options for an elective surgery. Maximize your time by shopping around.

Image Credits: pixabay.com

Image Credits: pixabay.com


A surefire way to manage overwhelming healthcare expenses is to prevent them from happening. Your road to wellness starts today! Make healthier choices by eliminating your unhealthy vices including your indulgence on junk food. Afterwards, commit to eating a balanced diet and to cultivating an active lifestyle.


Get the best health insurance that your money can afford! Frame your current situation and compare the insurance coverages that will suit your medical needs. For instance, some insurance policies cover long-term care. This only make sense if you plan to retain the policy throughout your retirement years.

Perform a quick cost-benefit analysis by check it out Singapore’s first health insurance comparison website: gobear.com.sg. It provides basic information such as the premium amount per month as well as the maximum payout per year.


Central Provident Fund administers a health insurance plan called MediShield Life. It aids in paying out huge hospital bills and certain outpatient treatments such as dialysis and chemotherapy. MediShield Life’s coverage is ideally for Class B2/C wards at public hospitals.

You may choose to stay in a Class A ward or a private hospital, but the payout will only make up a small proportion of your bill. You will have to fork out cash or pay from your Medisave.

1426860875422No one is entirely certain about what the future holds. Preparing now can help you manage the financial pain of later years!


You’d Be Surprised At How Much It Costs To Get Pregnant In Singapore

Once you have confirmed that you are pregnant, your mixed emotions will take a while to settle. Then, it is time to prepare for your much-awaited pregnancy. Before you deliver your child, it is vital to determine the costs related to your pregnancy here in Singapore.


Expecting mothers need to visit the OB/GYNs or gynecologists regularly. As a result, you will have to pay about S$60-75 per visit. But to save more, you may take on the maternity package that costs about S$400 in the public hospitals. This already includes charges for consultation and needed supplements.

Routinely care for both your baby and you includes: monitoring blood pressure and weight gain, lab tests for blood and urine, and monitoring your baby’s position, heartbeat, and size. Additional tests include ultrasound and fetal health screening.


To prepare you physically and emotionally to giving birth in Singapore, you may join pre-natal classes that cost about S$150-250. These classes will impart knowledge on handling labor pain, post-natal exercises, and nursing for your newborn baby.


Hospitalization for two days will cost you about S$3,000 in a private room at a private hospital. But, you can lower down the cost significantly by choosing a private room at a public hospital. Aside from the varied hospitalization fees, delivery fees vary depending on whether you have normal or C-section delivery. For normal deliveries, you can give birth with or without epidural. This costs about S$2,000-3,000 and the C-section only costs more.


Expect your bills to increase from the minute your give birth. You will have to pay not only for your gynecologist but also for the pediatrician of your baby. Also, you must get your newborn immunized against several diseases. All the compulsory immunizations are free but if you want to save more, then opt for the services by polyclinics.


Giving birth to a baby is a lovely experience. Couples may consider it as a miracle that they had dreamt of for long. But the reality is, getting pregnant in Singapore can bring hefty costs. Bills include pre-natal consultation, lab tests, fee for birth certification, baby immunization, baby clothing and accessories, and more. As a couple, you may prepare a minimum of S$10,000.

Fortunately, Permanent Residents and Singaporeans can deduct a percentage of the delivery costs through the Central Provident Fund (CPF) for their first four children. Furthermore, the Medisave Maternity Package allows you to use your Medisave savings to pay for the pregnancy and delivery expenses. Click here to know more.

Image Credits: John Spade via Flickr

Image Credits: John Spade via Flickr