Strengthening Singapore's social fabric key behind Jubilee Budget: Deloitte

It will set the course for the next 50 years.

Strengthening Singapore’s social fabric is the main thrust of the Jubilee Budget, an analysis by Deloitte stated.

According to Deloitte, the measures laid out in the budget focuses on the country’s need to build for the future following 50 years of growth and independence.

“Overall, the Jubilee Budget encapsulates the Minister’s vision of Singapore in the years to come, which was elegantly summed up as a place where meritocracy of skills matter more than a hierarchy of grades earned early in life,” Deloitte stated.

View Deloitte’s full commentary here. 

Here’s more from Deloitte:
5 growth clusters of the future were identified, along with a comprehensive and concerted effort under the umbrella ‘SkillsFuture’ initiative for individuals to improve their skills and capabilities and develop their potential to the fullest.

Likewise, SMEs will find increased support for their efforts in innovating as well as internationalising their operations. On the social front, retirement adequacy was further strengthened with the announcement of a host of measures, including tweaks to the CPF system and the introduction of a Silver Support scheme.

Changes to the corporate tax system were generally muted, with extensions announced for major tax incentives for the insurance, maritime and REIT industries.

On the other hand, the top-tier personal income tax rate, which has remained static at 20% for close to a decade, was raised by 2 percentage points to 22% to help meet increased expenditure in social spending and major infrastructure projects, but more importantly, to make our tax regime more progressive.