On February 18, 2025, Prime Minister and Finance Minister Lawrence Wong delivered Singapore's Budget 2025 statement in Parliament. This comprehensive budget addresses immediate concerns such as the rising cost of living and job security, while also laying the groundwork for Singapore's long-term economic resilience and social cohesion.
In this blogpost, we summary the key points in a way where students can extract information that serves as contextual knowledge for use in Essay writing, both in the Secondary English exams and General Paper (GP) in JC.
Addressing Cost of Living and Job Security
In response to global economic uncertainties and domestic inflationary pressures, Budget 2025 introduces several measures to support Singaporeans:
Cash Handouts: To alleviate the high cost of living, the government will provide S$800 vouchers to every household. Additional assistance includes support for utility bills and credits for children and young adults.
Support for Seniors: Recognizing the contributions of older Singaporeans, those over 60 will receive a special S$800 handout as part of the SG60 celebrations.
Job Security Initiatives: The budget emphasizes upskilling workers through programs designed to enhance employability in a volatile global environment. This includes corporate tax rebates and wage support for low-income employees.
2. Economic Resilience and Innovation
To position Singapore for sustained growth, the budget outlines strategic investments:
Tax Incentives for Local Investments: To invigorate the local stock market, tax incentives will be introduced to encourage more companies to list in Singapore and for fund managers to invest in domestic companies.
Semiconductor R&D Facility: A S$1 billion investment will establish a semiconductor research and development facility, reinforcing Singapore's commitment to technological innovation.
3. Social Cohesion and Community Support
As Singapore commemorates its 60th year of independence, the budget includes initiatives to strengthen social bonds:
Support for Families: Incentives are provided for families with more children, aiming to address the nation's aging population and encourage higher birth rates. This includes an SG60 baby gift for Singaporean babies born in 2025. More details will be unveiled in March 2025.
Assistance for Hawkers: Food vendors in hawker centers will receive S$600 in rent support, acknowledging their cultural and economic contributions.
4. Implications for Students: The Importance of Staying Informed
For secondary and junior college students, especially those preparing for essay writing and General Paper examinations, staying updated with current affairs is crucial. Here's why:
Enhanced Contextual Knowledge: Understanding the latest policies and global events allows students to craft essays with relevant examples to demonstrate depth and relevance.
Critical Thinking Development: Analyzing government budgets and their societal impacts fosters critical thinking, enabling students to evaluate and discuss complex issues effectively.
Real-World Application: Incorporating current events into academic work demonstrates the ability to apply theoretical knowledge to practical situations, a skill highly valued in examinations.
At Hess Academy, we emphasize the integration of current affairs into our curriculum, ensuring that our students are well-prepared to engage with contemporary issues thoughtfully and analytically.
Learn more about our Secondary IP English program.
Learn more about our Secondary English (O level) program.
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