Singapore's commitment to national security is evident in the continued investment in defense, with approximately 3% to 4% of GDP allocated to MINDEF annually. Over the past decade, domestic security expenditure has doubled to over $8 billion, reflecting a steadfast dedication to safeguarding citizens. Moving forward, investments in the Singapore Armed Forces (SAF) and Home Team will persist, ensuring their capabilities are enhanced to tackle evolving threats. To honor national servicemen, a $200 LifeSG credit initiative is introduced, benefiting 1.2 million servicemen and costing $240 million. Additionally, Singapore is adapting to the digital defense landscape by establishing the Digital and Intelligence Service within the SAF and launching the National Cybersecurity Command Centre in Punggol Digital District to bolster cyber defense capabilities and foster collaboration with industry and academia.

The government will implement key adjustments to bolster support for lower-wage workers through Workfare, Progressive Wages, and the Local Qualifying Salary (LQS). Workfare, designed to supplement incomes and CPF savings, will undergo enhancements effective January 2025. The qualifying monthly wage cap will increase to $3,000, with maximum annual payments rising to $4,900 across all age brackets and wage levels. Self-employed individuals will also see corresponding increases. The LQS, part of the Progressive Wages initiative, will rise from $1,400 to $1,600 per month starting in July 2024. This ensures that local workers are fairly compensated, influencing foreign worker quotas accordingly. Enhancements to the Progressive Wage Credit Scheme (PWCS) will strengthen support for employers in raising wages. Co-funding for eligible wage increases in 2024 will increase, and the wage ceiling for co-funding will rise to $3,000 in 2025 and 2026. These adjustments aim to uplift lower-wage workers while maintaining control over the foreign workforce, fostering a fairer and more sustainable employment landscape in Singapore.

The SkillsFuture Level-Up Programme unveils a series of measures targeting mid-career Singaporeans aged 40 and above, aiming to enhance their professional trajectories. This includes a $4,000 SkillsFuture Credit top-up with no expiry date, enabling enrolment in over 7,000 industry-oriented courses. Additionally, individuals gain access to subsidized full-time diploma programs and a forthcoming SkillsFuture Mid-Career Training Allowance, providing partial income support for those undertaking extensive reskilling endeavors, with further details to be announced later.

In the Singapore Budget 2024, the Minister for Finance announced two key tax changes for individuals. Firstly, for the Year of Assessment 2024, all tax-resident individuals will receive a 50% Personal Income Tax (PIT) Rebate, capped at $200, to address concerns about the cost of living. Secondly, the income threshold for various dependent-related reliefs, including Spouse Relief and Parent Relief, will be raised from $4,000 to $8,000 for the Year of Assessment 2025, aiming to extend benefits to more taxpayers supporting dependent family members and allowing family members the flexibility to engage in employment.

In the ever-evolving technological landscape, Artificial Intelligence (AI) stands out as a beacon of transformative power, akin to historical milestones such as the advent of electricity, the internal combustion engine, the computer, and the internet. AI's potential to revolutionize industries and boost productivity in various sectors, including drug discovery, logistics, and autonomous driving, is unparalleled.

The Refundable Investment Credit (RIC) scheme aims to boost Singapore's investment appeal by incentivizing substantial investments that contribute to the nation's economic growth. This initiative targets key sectors and emerging industries, offering credits upon approval facilitated by EDB and EnterpriseSG.