In a bid to close wage gaps, Wong announced several initiatives including raising the local qualifying salary to $1,600 from $1,400. The minimum hourly wage was also increased to $10.50 from $9.
The measures proposed at the Singapore Budget 2024, which tackle issues such as the higher cost of living and business costs, as well as closing the wage gap, is a fairly expected one, say CGS International analysts Lock Mun Yee and Lim Siew Khee.
To partly defray the higher cost of living, deputy prime minister (DPM) Lawrence Wong said that Singaporean households will receive $600 in Community Development Council (CDC) vouchers. A cost-of-living special payment of between $200 to $400 will be given to adult Singaporeans with assessable income of up to $100,000. These same adults must also not own more than one property.
