In a bid to create better jobs for its citizens, Prime Minister Lee Hsien Loong said at the May Day Rally yesterday that Singapore will remain open to attract innovation and knowledge-intensive companies. Rikvin, a leading company incorporation specialist in the city-state, recognizes that the country will continue to offer generous incentives to such companies to remain innovative, move up the value chain and prosper after they incorporate in Singapore.
Commenting further, Ms. Christine Lim, General Manager of Rikvin, said, “As communicated by the country’s leaders in their Labour Day messages this week, an open economy is necessary for creating better opportunities for Singapore workers. This has consistently been our view, along with that, that innovation-driven businesses are key to reinvigorating the economy and creating better quality jobs as the workforce acquires better skills. In addition, it is essential to keep on upgrading in order to remain relevant in the face of relentless competition globally.”
MOVING TOWARDS QUALITY GROWTH
According to Minister for Manpower Tan Chuan-Jin in his May Day Message earlier this week, the government is fully committed to helping companies revamp their businesses so that they can create better job opportunities and enjoy better growth. This includes helping them tap programs such as the Inclusive Growth Programme and Productivity and Innovation Credit Scheme (PIC Scheme).
Analysis by Rikvin shows that this is part of a wider strategy to upgrade the economy qualitatively as it undergoes a large-scale restructuring. Last September, the country’s amended EntrePass Scheme came into effect. The scheme was tweaked to attract technopreneurs, high-potential startups and companies which offer high-value added services.
In addition, since 2011, the government has consistently expanded the scope of the PIC Scheme to help companies improve the efficiencies in their operations and upskill their workers. At this year’s Budget, the government announced that the scope of the PIC Scheme has been expanded further and extended until 2018.
The process of restructuring is no doubt painful and costly for some companies. However, technology has a history of winning and we have no other option than to remain relevant, realistic and less resistant to the velocity of change.
QUALITY GROWTH NECESSARY FOR THE FUTURE
“Innovative and quality companies are the order of the day in Singapore’s knowledge-based economy because as workers become more skilled, they aspire to contribute their skills to organizations that give them opportunities to grow and rise up the ranks. The process of restructuring is no doubt painful and costly for some companies. However, technology has a history of winning and we have no other option than to remain relevant, realistic and less resistant to the velocity of change,” added Ms. Lim.
“Furthermore, as communicated by National Trades Union Congress Chief Lim Swee Say earlier this week, the labour market will remain tight until 2030. This leaves no room for companies to conduct business in the same way as they have, and especially in the company of highly innovative companies. This is because competition for good workers will not let up and companies that don’t maximise the potential of their employees or treat them better will lose out to others that do. Ultimately the companies that are game to rise up to the country’s vision will not only prosper, but shape the city-state’s future,” affirmed Ms Lim.