Young Blood Steering Singapore’s Budget 2020
Singapore’s millennials are slipping into the adult electorate faster than a foxtrot in daylight, and this cohort is proving to be more than just a tiring caricature of “spoiled”. They’re the ones who’ll actually tackle the future, and the government’s 2020 Budget reflects that by balancing short‑term relief with long‑term vision.
Spotlight on the 8.3 Billion Dollar Boost
What made the Budget catch the eye of Singapore’s young professionals?
- Startup SG Equity: a pounce of $300 million to fine‑tune deep‑tech startups in sectors like agri‑food tech and advanced manufacturing. The idea? Turn Singapore’s bright ideas into profit‑generating enterprises.
- SMEs Go Digital: pushes SMEs to digitise and scale across 23 Industry Transformation Map sectors, giving them the tools to survive the relentless global competition.
“Everything is about staying ahead of the next tech wave,” Kenny Chia, a fresh SMU graduate and the face of the so‑called Strawberry Generation, says. He’s seen the ugly side of legacy models—department stores, cinemas, stockbrokers—crumbling because their rivals have embraced the future faster. He sees the same opportunity in startups; nimble, cheap, and with the right government backing, the next unicorn can show up in Singapore’s skyline.
Why Millennials Have a Leg Up
The Budget gives three direct payouts to the brand new generation:
- GST Pause: By pushing the hike to 2025, we’ll save around $300 a year on everyday spend, assuming a month‑long spend of roughly $1,200.
- Care & Support Package: a one‑off cash top‑up of up to $300, depending on your income bracket.
- SkillsFuture Credit: a $500 top‑up tailored for people under 30—think Python or web design, whatever suits your curiosity.
All three add up to a soft cushion for household budgets and a potential lift in future earnings.
Going Green: A Call to Action
Kenny couldn’t help but gush about the climate initiative that aims to retire internal‑combustion‑engine (ICE) cars by 2040. With rebates, taxation incentives, and a nationwide charging network, the budget is nudging Singapore toward a cleaner, quieter streetscape.
“It’s a win for public health, noise reduction, and the city’s future,” Kenny notes. The move is no small gesture—instantly reducing pollution and giving the local market a chance to transition to electric mobility.
What Else Should the Government Tweak?
Kenny’s eye is set on the CPF Investment Scheme (CPFIS). At stake is the 35% stock cap and a narrow list of approved equities. He sees two gains if open‑ended: a more vibrant stock market and better long‑term returns for Pax residents.
“The CPF‑OA funds are chilling at 2.5 % a year, barely fighting inflation,” Kenny says. A widened CPFIS could give the younger generation a chance to harness the power of compounding and higher risk tolerance.
Takeaway
Singapore’s Millennials might still be labeled “out‑of‑touch”, but the government’s 2020 Budget lifts them onto a platform where they can convert fresh ideas into profitable realities, adapt to global changes, and even strengthen financial stewardship. It’s a realistic, though unpretentious, step toward a future where the next generation doesn’t just wait for solutions—they build them.
