Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam has delivered the Singapore Budget Statement for the Financial Year 2013 on 25 February. During the announcement, he defined quality growth for Singapore as inextricably linked to inclusive growth.
This vision has in turn set the stage for many punitive measures against companies that continue to rely on basic-skilled foreign workers but do not demonstrate high productivity growth. Though many measures are painful for companies, Mr. Tharman has announced a a 3-Year Transition Support Package as well as some labour schemes to offer businesses some respite as well as assistance to adjust to the new national vision.
In addition, he introduced new measures to strengthen Singapore’s social safety net, especially for low to middle income earners, the elderly and school children.