For students who are preparing to study in Singapore, 2024 will be a year full of opportunities and challenges.
With the introduction of a series of new policies by the Singapore government, the life of studying abroad will usher in unprecedented changes.
From the academic environment to daily life, from parents to students, this article will comprehensively analyze how these new policies will affect your study abroad career.
Everybody look!
1
The property tax rate has been raised
The property tax on owner-occupied properties will increase in 2024.
The tax rate will be increased from 5% to 23% in 2023 to 6% to 32% in 2024 for the portion of housing with an annual value of more than S$30,000.
At the same time, owners of non-owner-occupied homes will also face higher property taxes, increasing from 11% to 27% in 2023 to 12% to 36% in 2024.
2
Consumption tax increases
From 1 January 2024, Singapore's GST will rise to 9%.
For those in Singapore, this means that every aspect of life will be affected.
For example, for every S$100 spent, you need to pay an extra S$1 in tax.
Whether it's grocery shopping or shopping, you'll end up paying a higher fee.
As a result, people lamented that Singapore is getting more and more expensive.
3
The maximum personal income tax rate has been raised
From the 2024 tax year, there will be an increase in taxes that high-income earners will need to pay.
For people with taxable income between S$320,000 and S$500,000, the marginal personal income tax rate remains at 22%.
However, the marginal tax rate will be raised to 23% from the current 22% for those with taxable income between S$500,000 and S$1 million.
For those with taxable income of more than S$1 million, the marginal tax rate will be increased from 22% to 24%.
However, for most people, this adjustment is likely to have little impact.
4
Water bills have risen
Over the next two years, Singapore will see a significant increase in water tariffs, with a significant increase of S$0.5 per cubic metre (equivalent to 1,000 litres) of water.
Specifically, there will be a one-off increase of S$0.5 per cubic metre from 1 April 2024 and a further S$0.5 from 1 April 2025.
5
Cost-of-living assistance and stabilization support program
The Singapore government plans to provide residents with additional fee subsidies and community shopping vouchers in 2024 to help mitigate the impact of high inflation and rising consumption tax.
The government will provide a S$200 community shopping voucher per family, as well as a 0.5-month miscellaneous fee rebate for families living in HDB flats.
In addition, an additional S$20 utility rebate will be offered every quarter from January 2024 to December 2025.
For Singaporeans aged 21 and above, the government will provide a centering and assistance matching grant of up to S$600, which is expected to benefit about 2.9 million people, of which about 2.5 million will receive an additional special cash grant of S$200.
These measures are designed to help Singaporeans find relief during a period of high inflation and GST increases.
The government plans to release this amount by mid-2024 or the end of the year.
6
Drug subsidy program for long-term caregivers
Singapore's Ministry of Health will adjust end-of-life allowances for hospitalisation, home and day palliative care to better meet the needs of citizens.
All citizens will receive a minimum of 50 per cent and a maximum of 80 per cent based on the monthly per capita household income and the annual value of housing.
Permanent residents will receive an allowance of 25 to 50 per cent depending on their income and housing situation.
At present, high-income local patients are not entitled to any allowance, but the new measure will increase the allowance for almost all patients by up to 55 percentage points.
From the first quarter of next year, the claims for Medishield Life for inpatients will also be increased, with the daily claim cap for patients receiving general care increasing from S$250 to S$460 and specialist care from S$350 to S$500.
In addition, the Ministry of Health will remove the lifetime benefit cap for Medisave for home and day palliative care, with patients who used to be able to use up to S$2,500 to pay for palliative care services.
However, patients who use Medisave to pay for their care will still retain the S$2,500 cap.
These measures are aimed at improving the level of medical protection for patients and reducing their financial burden.
Parents take a look!
1
Paid paternity leave for fathers in Singapore has been increased to 4 weeks
From 1 January 2024, the Singapore government will extend paid paternity leave for fathers from 2 weeks to 4 weeks.
This new policy will be implemented in phases, with the additional 2 weeks of paternity leave on a voluntary basis.
If the company is willing to provide this extra leave to its employees, the government will provide a subsidy for the company concerned.
The move is designed to give businesses more time to adapt and adjust their staffing and operational arrangements.
2
Tuition fees are rising
From 2024 to 2026, the tuition fees for international students (IS) in Singapore to attend government schools or government-aided schools will increase year by year.
The Ministry of Education has announced the specific changes in tuition fees for different academic years on its official website.
This means that the cost of studying abroad in Singapore will increase further, putting forward higher requirements for the budget planning of families who are planning to study abroad.
International students and their parents studying in government schools in Singapore need to be prepared in time for the tuition fee increase over the next three years.
3
Adjust the number of days that pre-school education centres are closed
On Friday (27 October), Singapore announced a series of measures, including adjusting the number of days of closure of pre-primary centres each year.
ECDA provides ample time and space for early childhood workers to promote their professional and personal development and help them reach their full potential.
From next year, the Early Childhood Development Agency of Singapore will officially include Teachers' Day and Children's Day in the holidays of pre-primary education centres to improve the working conditions of early childhood teachers.
Currently, the Early Childhood Development Agency allows pre-school centres to be closed for six days a year, with Teacher's Day being one of the days, but Children's Day is not designated as a holiday for pre-primary centres.
If these two holidays are classified as holidays, then pre-school education centers can be closed for eight days per year.
Students take a look!
1
Secondary schools have comprehensively promoted the subject placement system
Students can choose the level of the subjects they want to take according to their ability, including G1 (basic level, equivalent to the difficulty of the technical class), G2 (standard level, equivalent to the difficulty of the ordinary course) and G3 (advanced level, equivalent to the difficulty of the fast course).
Removing these labels has undoubtedly reduced the pressure on parents and students.
This will allow students of different levels to take classes together and "build on their strengths" by taking subjects at different levels, which will both improve the foundation of weaker subjects and take the subjects they are good at to the next level.
In other words, from 2027 onwards, there will no longer be an O level and an N level, and secondary school graduates from this cohort and beyond will receive the same Singapore Cambridge Certificate of Secondary Education (SEC), and the specific subsequent allocation of Polytechnic (Poly) and Institute of Technical Education (ITE) is still being refined.
2
Tuition Assistance
Starting from the 2024 academic year, Singapore Citizens and Permanent Residents who wish to pursue a Master's degree programme at Nanyang Technological University will enjoy a discount of S$5,000 on tuition fees, with a discount of up to S$10,000 for those eligible for financial aid.
In addition, NTU alumni can enjoy an additional 10% discount on tuition fees.
This means that alumni who are not citizens or permanent residents also receive a 10% discount.
Previously, in order to reallocate resources, the Ministry of Education announced that in 2019 it would adjust the allowance for taught master's programs and post-baccalaureate professional diploma programs, and most courses would end the 50% allowance for international students, meaning that they would have to pay the full fee.
3
Singapore University of the Arts (THE Arts) is about to start classes
Nanyang Academy of Fine Arts and LASALLE College of the Arts have formed an alliance to establish the University of the Arts Singapore (UAS), the first government-backed private arts university in Hong Kong, to nurture talents in the arts field and strengthen Singapore's arts and culture education system.
The University of the Arts Singapore is open for applications in the third quarter of 2023, with the first cohort of students to start in August 2024.