17 Feb '12, 8am

Budget: Restructure economy, reduce reliance on foreign workforce

Budget: Restructure economy, reduce reliance on foreign workforce

SINGAPORE: Budget 2012 will prioritise to restructure Singapore's economy so that incomes can grow steadily. It also aims to build an inclusive society by generating resources to help all Singaporeans get a fair share of the economic pie. This year's budget also provides significant support to older Singaporeans, those with disabilities and lower-income citizens. Mr Tharman said the first major priority of this budget is restructuring the economy on the basis of skills, innovation and productivity. He said the government will now have to look further to reduce reliance on the foreign workforce. This is by lowering the limit of foreign workers in which firms in the manufacturing and service sectors can hire through a calibrated reduction in the Dependency Ratio Ceilings (DRCs), which specify the maximum proportion of foreign workers a company can hire. From July 2012, the D...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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