How did Budget 2025 stack up?

Panellists say this year's Budget will likely be remembered for its goodies, but it should also be credited for expanding on moves to help workers stay nimble and support families.

- Anjali Raguraman

A generous Budget that provides both families and companies with extra resources to deal with immediate needs, while also setting serious money aside to deal with Singapore's future ones - that was the consensus at a post-Budget panel convened by The Straits Times.

While it will likely be remembered for its largesse, panellists said the Republic's diamond jubilee Budget should be credited for expanding on moves made in recent budgets to help workers stay nimble, and to make Singapore a more family-friendly place.

The discussion on Feb 19, which took place a day after Prime Minister Lawrence Wong delivered the Government's $143.1 billion spending plan, was led by The Usual Place podcast host and ST correspondent Natasha Ann Zachariah and ST senior business correspondent Claire Huang.

On the panel were Minister in the Prime Minister's Office and Second Minister for Finance and National Development Indranee Rajah; Singapore University of Social Sciences labour economist Walter Theseira; and Singapore Business Federation (SBF) chief policy officer Musa Fazal.

"The key takeaway for me is that the Budget is actually doing a good job of building on what the most recent budgets have done in trying to support our families and workers," said Associate Professor Theseira.

The continuation of the CDC Vouchers Scheme - to the tune of $800 per household in financial year 2025 - and the new SG60 vouchers showed a continued emphasis on mitigating cost of living pressures for Singaporeans, he noted.

Mr Musa said support for businesses has likewise been generous in this Budget, and companies appreciated the 50 per cent corporate income tax rebate, which will save large companies as much as $40,000 in taxes.

Ms Indranee said that besides alleviating immediate cost pressures, Budget 2025 was about the Government allocating its financial resources strategically in key areas to ensure the Singapore economy will continue to grow.