National Day Rally 2024: What are the key takeaways?

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Prime Minister Lawrence Wong outlined several significant policies and initiatives aimed at shaping Singapore’s future in his first ever National Day Rally as Singapore’s Prime Minister. This marks an important time for Singaporeans and PR as a new leader bring forth a wind of change in priorities and policies. This year is all about the idea of “A Singapore where we realise our dreams.” PM Wong has broken down this year’s speech into 5 important points. Economy, Families, Housing, Education and Sports.

Economy

PM Wong has highlighted the changing mindset of countries outsourcing services from cheaper locations in Asia and focusing on their self-reliant capabilities. Gone are the days when it was “Invented in California, Made in China.” Now it is “Invented in California, made in the USA” Singapore will be heavily investing in research and development in new infrastructure and technologies to remain competitive in this changing economic landscape.  

This has yield favourable results with many MNCs leader being keen to grow their presence here as Singapore is seen as a safe, reliable and trusted partner. This means more job opportunities for Locals and Foreigners alike in Singapore. It is not enough for Singapore itself to be competitive, we will have to remain competitive, and we will be touching on how to stay competitive in this economy in the upcoming points.

There are many opportunities for you as a foreigner working in Singapore to upskill and upgrade to take charge in this booming economy. We have seen many of our clients upgraded from a Work Permit to a PR through upgrading their Educational Qualifications and unlocking a higher salary .

Families

PM Wong has also made sure to touch on the importance of families in Singapore and policies are being implemented to ensure that the mindset of the father being the main breadwinner and the mother being the main housekeeper is being changed. Women, as much as men are likely to be successful in their careers and policies are being implemented to ensure new dads have the opportunity to be around their newborn through the new mandatory 4 weeks of paternity leave which used to only be 2 weeks and is optional by the company for the remaining 2 weeks.  

With an ongoing effort to make Singapore more family-friendly. PM Wong hopes that more young adults will turn their aspirations of starting a family into a reality.

By unlocking your S Pass and E Pass, you are presented with an opportunity to be a sponsor to your family members and get them to live with you in Singapore. We have seen many of our clients’ PR chances improved as this move shows ICA that you are committed to be in Singapore for the long haul.

Housing

Singapore’s Housing Strategy Overview

The Singapore government is addressing housing concerns by ramping up the supply of Build-To-Order (BTO) flats to stabilize the market. By early next year, all COVID-19-delayed BTO projects will be completed, to deliver at least 100,000 new flats by 2025.

Efforts to keep HDB flats affordable include increasing the Enhanced CPF Housing Grant, especially for lower-income families, and introducing a new HDB classification system—Standard, Plus, and Prime flats—with varying subsidies and restrictions.

For seniors, the government is expanding options like Community Care Apartments, while also studying ways to improve existing homes for aging in place.  

Singles will soon receive extended priority access to BTO flats if they wish to live near their parents. These initiatives are part of a broader effort to strengthen families and ensure affordable housing for all Singaporeans.

Housing is still far from being affordable for foreigners with the current ABSD rate of 60% which had been doubled due to the increase demand. However, the government is taking proactive measures to ensure public housing remains affordable for all Singaporeans and PR looking to settle down. It might be a good idea to unlock your Permanent Residency status to unlock eligibility for public housing at a lower ABSD rate.

Education

Singapore's Education System: Fostering Growth and Creativity

Singapore's education system is highly regarded globally but is also competitive, leading to stress and pressure among students. However, the government is committed to improving the education system and its infrastructure, emphasizing diverse learning approaches such as play-based learning and creative thinking. Recent reforms, like the new PSLE scoring system and the discontinuation of streaming in secondary schools, aim to reduce pressure and promote a more holistic education.

Singapore will also update the Gifted Education Programme (GEP) to benefit more students across all primary schools. The government supports various pathways for students, including technical, vocational, and applied degrees, ensuring that every child can reach their full potential regardless of their starting point.

Singapore will also improve its bilingual education by giving more students to take up higher mother tongue education to ensure their ethnic and racial roots are being preserved for generations to come.

The ultimate goal is to nurture diverse abilities, embrace flexibility, and create an environment where all students can thrive and succeed.

However, school fees for foreigners comes at a high price tag which is likely to be increased in the future totalling up to more than 6 digits in costs. By unlocking your PR, you are eligible for subsidies that will bring down the cost significantly to ensure that your child gets a world-class standard bilingual education.

Sports

Other than just promoting the arts in Singapore, PM Wong has also touched on how he wishes to promote the sporting culture in Singapore which is the core goal of the Kallang Alive plan.

The government is committed to promoting sports in Singapore through several key initiatives aimed at enhancing infrastructure, supporting athletes, and fostering a strong sporting culture.

1. Developing the Kallang Alive Masterplan

The Kallang Alive Masterplan is central to our efforts in promoting sports. This comprehensive plan involves several major developments:

• New Indoor Arena: A new 18,000-capacity indoor arena will be built, replacing the current indoor stadium. This larger venue will allow Singapore to host more top-tier sporting events and give our athletes the opportunity to compete on home ground.

• Enhanced Training Facilities: We will establish state-of-the-art sports science and medicine facilities and bring together national training centers for key sports under one roof. This will improve synergies and create a cohesive environment for our athletes.

• Relocating the Sports School: The Singapore Sports School will be moved from Woodlands to Kallang, enabling student-athletes to train alongside senior athletes in a dedicated environment. This move aims to nurture the next generation of sports talent.

2. Creating an Inclusive Sports Hub

Kallang will not just be for elite athletes but for all Singaporeans. The following initiatives are aimed at making sports accessible to everyone:

• Pedestrianized Community Boulevard: The main road through the Sports Hub will be converted into a pedestrian-friendly boulevard. This space will be filled with sports facilities and programs for the public, encouraging more people to engage in sports.

• Lifestyle Destination: Kallang will be transformed into a vibrant lifestyle destination where Singaporeans can enjoy sporting events, entertainment, and family activities. This development aims to make sports a bigger part of everyday life in Singapore.

3. Supporting Young Athletes

To cultivate the next generation of sports talent, the government will continue to support young athletes:

• Government Support for Full-Time Training: More young Singaporeans are now taking sports seriously, with increasing support from the government. This includes full-time training programs and initiatives to help athletes excel at the highest levels.

• Community Mobilization through President’s Challenge: Through the President’s Challenge, the community will be further mobilized to work with the government in nurturing sports talents, especially those from disadvantaged backgrounds. This collective effort will ensure that all Singaporeans have the opportunity to pursue their sporting dreams.

These actions reflect our commitment to making sports a key part of Singapore's national identity, fostering a culture where all citizens can participate and excel in sports.

Conclusion

With a strong foundation and a forward-looking approach, Singapore is not just preparing for the future but shaping it. The government’s dedication to enhancing the quality of life for its people and creating opportunities for all demonstrates that Singapore remains a place where aspirations can be realized, and where every individual has a stake in the nation’s continued success.

As we look ahead, the steps outlined in this year’s National Day Rally remind us that with collective effort and shared purpose, Singapore will continue to be a land of promise and possibility for generations to come.

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‍Disclaimer: All information provided is accurate as of 2024 and is intended for informational purposes only. Information and data may change after this date, and readers are encouraged to verify the accuracy and relevance of the information independently before making any decisions. The content provided by Kenneth & Co. does not constitute professional advice from the government, and readers are advised to consult with qualified professionals for specific guidance tailored to their individual circumstances. Kenneth & Co. disclaims any liability for any harm, loss, or inconvenience caused by the use of the information provided.