As Singapore gears up for significant changes in 2025, several key events and developments are on the horizon. The economy is projected to experience a slowdown, with growth estimates ranging from 1% to 3% [1566dd57]. This economic context sets the stage for the upcoming Budget 2025, which will be delivered by Prime Minister Lawrence Wong on February 18, 2025. The budget is expected to address pressing issues such as the cost of living and job security, reflecting the challenges faced by many Singaporeans [1566dd57].
In addition to economic concerns, Singapore will celebrate its 60th anniversary of independence, with festivities commencing on New Year’s Eve [1566dd57]. The celebrations will coincide with a general election anticipated by November 2025, although there is speculation about the possibility of an earlier election date [1566dd57].
Significant policy changes are also on the agenda. By April 1, 2026, parental leave is set to increase to 30 weeks, enhancing support for families [1566dd57]. Furthermore, adjustments to the Central Provident Fund (CPF) system will include the closure of the Special Account for individuals aged 55 and older [1566dd57].
The gig economy will see new protections for workers as the Platform Workers Act comes into effect on January 1, 2025, providing greater rights and benefits for gig workers [1566dd57]. Additionally, the Draft Master Plan 2025 is scheduled to be unveiled in June 2025, outlining development strategies for the next 10 to 15 years [1566dd57].
These developments occur against a backdrop of rising operational costs and workforce challenges that have been highlighted by various stakeholders, including the American Chamber of Commerce and the Singapore National Employers Federation [7a9f2205]. As Singapore navigates these changes, the government is expected to focus on supporting small and medium-sized enterprises (SMEs) to ensure their sustainability and growth amidst economic pressures [7a9f2205].
With these multifaceted challenges and opportunities ahead, 2025 promises to be a pivotal year for Singapore, shaping its economic landscape and societal framework for years to come [1566dd57].