Singapore Budget 2024 Debate Highlights Concerns and Proposals

MPs raise issues on CPF Special Account closure, call for expanded SkillsFuture support and better aid for retrenched workers.

MPs express concerns over the closure of the CPF Special Account for those aged 55 and above, proposing a reevaluation of the Ordinary Account interest rate mechanism.
Debate on expanding the scope of SkillsFuture credit top-up to include more training programs and introducing interest-free SkillsFuture loans for workers.
Calls for a multi-tier approach to support retrenched workers, including temporary financial support and suggestions for unemployment insurance.
Suggestions for structural improvements to taxes and the introduction of wealth taxes and gambling duties to support individuals and businesses.
MPs emphasize the need for Singapore to leverage AI and robotics for economic growth, while ensuring fair competition and support for displaced workers.