Singapore Budget 2015 - #22
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- Category: Singapore News
To promote industry collaborations, the Government will enhance two schemes: SPRING’s Collaborative Industry Projects (CIP) and the Partnerships for Capability Transformation (PACT).
Source: MOF #SGBudget2015
Singapore Budget 2015 - #21
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- Category: Singapore News
Our foreign worker policies have been effective.
Foreign workforce growth, excluding Construction, has slowed significantly from 60,000 in 2011 to just over 16,000 in 2014.
In Construction, foreign worker growth in 2014 was around 10,000, far below that recorded in the previous two years.
In light of this significant slowdown, which gives us some space to adjust the pace of our foreign worker tightening measures, the Government will defer this year’s round of announced levy increases for every sector, for S Pass and Work Permit Holders.
In doing so, the Government is adjusting the pace but not the overall direction of our measures. Restructuring towards a more manpower efficient and productive economy remains crucial.
Source: MOF #SGBudget2015
Singapore Budget 2015 - #20
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- Category: Singapore News
In Budget 2014, the Government announced a one-year Temporary Employment Credit (TEC), which provides employers an offset of 0.5% of monthly wages to help them adjust to the increase in Medisave contribution rates which took effect in January 2015.
Budget 2015 will provide enhancements to the TEC in two ways:
a. Raise the TEC to 1% of wages in 2015, to provide employers with additional support for labour costs
b. Extend the TEC by two years, with effect from Jan 2016. There will be an additional TEC of 1% of wages in 2016 and 0.5% of wages in 2017
Source: MOF #SGBudget2015
