Highlights Of Budget Specifying Innovative Programs For SMEs
The Budget 2013 is a hope for a better future for small and medium enterprises (SME). The Deputy Prime Minister, Mr. Tharman delivered a speech explaining the highlights of the budget for the financial year 2013-2014 before the parliament. The speech focused on several programs and schemes that contributed to the development of SMEs. The budget was designed to improve the productivity of the SME sector and transform the way of doing business.
Highlights of Budget 2013-2014:
1. The government of Singapore seeks to improve the infrastructural development of the country, increase the productivity of businesses, and provide better job opportunities to its citizens.
2. To improve the employment rate and uplift people’s standard of living, the Wage Credit Scheme (WCS) was introduced. The scheme aims to encourage employers to provide their employees with better compensation and therefore, improve their purchasing power.
3. Acknowledging the era of transformation, the government expressed its concern to pace up the development of technology and innovation in the nation. SMEs are also encouraged to improve productivity by utilizing technology and innovation.
4. The Budget underscored the significance of leveraging know-how from the global and successful leaders from different sectors. The speech stressed the importance of filling inefficiency gaps in the performance of sectors in the economy.
5. The government announced that it will take initiatives to reduce Singapore’s dependence on foreign workers and instead, encourage local talents to take employment opportunities. In this regard, several programmes and schemes have been launched to motivate and nurture local talents and entrepreneurs. It has been noted that there was a drastic decline in the number of foreign workers to 67,000 in 2012.
6. The Budget stressed the importance of the Quality Growth Programme (QGP) which improves the work culture policies of companies from different sectors of the economy. Moreover, the QGP aims to create lucrative job opportunities with high wages to the young talent. The objectives of the QGP program are:
– To improve the productivity incentives that would increase the productivity of the companies of SME sector.
– The budget offers Transition Support packages to restructuring companies.
– Upgrade of capabilities and competencies to encourage new industries to manufacture.
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