PM Wong’s Bold 2024 National Day Rally Speech initiatives - What They Mean for Current and Future Singapore Residents
On 18 Aug 2024, Singapore Prime Minister (PM) Wong gave his maiden National Day Rally speech. Aside from well time jokes, the speech contained small and mostly major initiatives the government would be making in the short and long term for the country and its residents. We summarise some of the more relevant initiatives that were announced in by the PM.
1. Economic Growth and Competitiveness
· SkillsFuture Level-Up Programme:
PM Wong announced a significant enhancement to the SkillsFuture initiative with the introduction of the SkillsFuture Level-Up Programme. From next year, Singaporeans aged 40 and above who take time off work for full-time training will receive an allowance of up to S$3,000 per month. This allowance can be used over a 24-month period, amounting to a total of up to S$72,000 per person. Additionally, part-time trainees will also receive a proportionate training allowance. More details will be released in due course.
· SkillsFuture Jobseeker Support Scheme:
To support lower- and middle-income workers who lose their jobs, the government will introduce a new scheme providing up to S$6,000 in financial support over six months. This scheme is designed to help individuals upskill and find better job opportunities.
2. Support for Families
· Preschool and Childcare Affordability:
The government will reduce fees at government-supported preschools, aiming to keep the cost of full-day childcare for dual-income families to around S$300 per month, similar to the costs of primary school and after-school care. Lower-income families may pay as little as S$3 per month with additional subsidies.
· Paternity and Shared Parental Leave:
Starting April 1, 2025, paternity leave will increase from 2 to 4 weeks, with the additional 2 weeks being made mandatory. Furthermore, a new Shared Parental Leave scheme will provide an additional 10 weeks of paid leave that can be shared between parents, with the first 6 weeks available from April 2025, and the full 10 weeks by 2026. This brings the total paid parental leave to 30 weeks or approximately 7.5 months. The 10 weeks of paid leave will be paid for by the government.
· Support for Large Families:
A new scheme to support large families will be introduced, focusing on providing more assistance to families with three or more young children. Details of this scheme will be shared in the upcoming Budget next year.
3. Housing
· Increased HDB Supply:
By December 2024, the government will exceed its goal of launching 100,000 new HDB flats from 2021 to 2025. The backlog of delayed Build-to-Order (BTO) projects due to COVID-19 will be cleared by early 2025.
· Enhanced CPF Housing Grant:
The government will increase the Enhanced CPF Housing Grant for first-time homebuyers, particularly benefiting lower-income groups. Specific details on the increase will be shared by Minister Desmond Lee soon.
· New HDB Classification System:
The first batch of BTO flats under the new Standard, Plus, and Prime classification will be launched in October 2024. For example, a young couple earning a combined S$7,000 could purchase a 4-room Plus flat in the Bayshore Vista project for S$580,000, with a S$25,000 Enhanced CPF Housing Grant and minimal cash outlay.
· Priority for Singles and Elderly:
Starting mid-2025, the current priority access for BTO flats, previously available only to married children and their parents, will be extended to single children and their elderly parents.
4. Education
· Discontinuation of GEP in Primary Schools:
The Gifted Education Programme (GEP) in primary schools will be discontinued and replaced with a new approach to stretch high-ability students in all schools. Starting 2026, every primary school will have its own programs to identify and support these students. Additionally, after-school enrichment modules will be available for further learning opportunities.
· ITE and Polytechnic Support:
The ITE Progression Award will provide graduates with a S$5,000 top-up in their Post-Secondary Education Account upon enrollment in a Diploma programme, and an additional S$10,000 in their CPF account upon completion.
· New Campus Developments:
SIT will move to its new campus at Punggol later in 2024, within the Punggol Digital District, and SUSS will also have a new campus soon. These developments will create more opportunities for students pursuing applied degrees.
5. Sports and Urban Development
· Kallang Alive Masterplan:
The Kallang Alive Masterplan includes the construction of a new indoor arena with an 18,000-seat capacity, new sports science and medicine facilities, and a new Home for Team Singapore, which will house national training centers and the Singapore Sports School. A community boulevard will also be developed, transforming the area into a vibrant lifestyle destination.
· Waterfront Development:
PM Wong announced plans for new developments along Singapore’s southern coastline, including new precincts at Nicoll, Kampong Bugis, Tanjong Rhu, Marina South, and Marina East. Over the next few decades, this 120-kilometer stretch will be transformed into a prime waterfront area with sustainable and car-lite precincts.
6. Conclusion
In our view, these are significant initiatives from the new PM and we expect some uptick in interest for non-residents to take up permanent residency or citizenship after these announcements, especially more so for interest in citizenship. There has already been notable uptick in interest for Singapore citizenship this year compared to previous years (see chart below of the index of level of people searching for “Singapore citizenship application” in Google).
Chart 1: Singapore citizenship application searches on Google
Note, Google does not release actual number of searches but rather a normalised index based on the searches since 2013.
Source: Google, E&H Immigration Consultancy
There tends to be strong interest in Singapore citizenship around July to Sep around the time leading up to and the month following the National Day Rally as there is lot of coverage across multiple media channels in radio, TV and social media platforms. This time with the PM Wong taking over the reins from former PM Lee earlier this year the new initiatives announced by the incoming PM being relatively significant in nature, and likely partly to lay the ground for a general election in the next 6-12 months, we think interest will be particular stronger this year.
If you're inspired by the new initiatives announced by PM Wong and are considering making Singapore your permanent home, now is the time to act. At E&H Immigration Consultancy, we specialize in guiding you through the process of applying for Permanent Residency or Citizenship in Singapore. Let us help you navigate these changes and make the most of the opportunities they present.
Visit our website at www.eh-immigration.com or reach out to us via email at info@eh-immigration.com to get expert advice and personalized assistance. Start your journey towards Singapore residency today with the professionals you can trust!
