17 Feb '12, 10am

Budget: Key points delivered

Budget: Key points delivered

SINGAPORE: Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam on Friday delivered Budget 2012 aimed to build an inclusive society and a stronger Singapore. Among the significant moves were measures to cut Singapore's dependence on foreign workers, improve productivity and address the issue of income inequality. There were also incentives for Singapore companies to hire older workers while the employers' contributions to the compulsory Central Provident Fund (CPF) for older workers would be raised. Bold moves were introduced to get companies to focus on increasing productivity, with the long-term goal of growing productivity by 2 to 3 percent a year. Among them were steps to reduce the dependency on foreign workers, coming on the heels of similar measures introduced in 2010. Mr Tharman said: "It will take time for these measures to have an effect on busin...

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

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