SINGAPORE — With Singapore in the “early to middle stage” of economic restructuring and productivity only beginning to pick up, Budget 2014 will be about pressing on with the quest to upgrade small and medium businesses, create better jobs and raise wages, said Deputy Prime Minister Tharman Shanmugaratnam yesterday.
The lag in productivity growth as the labour market tightens is understandable, but better results could soon be seen, said Mr Tharman, who is also Finance Minister.
In 2010, the Government set a target of 2 to 3 per cent productivity growth per annum over the next decade. Overall labour productivity rose by 1.3 per cent in 2011, fell by 2.6 per cent in 2012 and has been positive in the second and third quarters of last year. Fourth-quarter and full-year figures for 2013 will be released next month.
Mr Tharman acknowledged that businesses are feeling “pain” and only beginning to see productivity gains. Even so, “we are seeing many very interesting stories of firms that are using new technologies, changing their old way of operations and, in fact, gaining market share as a result, gaining business advantage through upgrading”, he told reporters at the sidelines of a Taman Jurong community event yesterday.
He also stressed that economic restructuring is a multi-year task stretching beyond two or three years.
Noting that wages are rising and the labour market is extremely tight, Mr Tharman said the Government will support companies not only through “broad-based” schemes such as the Productivity and Innovation Credit, but also by working with industry associations and individual firms taking the lead. The Government will provide support in technology and supply chains, as well as enable large firms to help small firms.
Efforts to build a fair and equitable society are, similarly, a multi-year task and Mr Tharman said the Government is embarking on this systematically.
Prime Minister Lee Hsien Loong said last Friday the Government will do more in this year’s Budget to support Singaporeans and their families, especially those who are needy and vulnerable.
Yesterday, Mr Tharman said healthcare is an immediate priority and this is especially so for seniors as the issue is foremost on their minds at their age.
Details on the Pioneer Generation Package are expected when the Budget is announced on Feb 21. Mr Tharman would only say yesterday that aside from helping with healthcare costs, it would help them to stay active.
“This is a package which reflects not just how much we can afford in one year’s Budget … this is not a one-year bonanza, but providing them with sustainable help so that they can lead good long lives, happy and long lives,” he said.
More suggestions and feedback for the Budget are welcome, he added.
Không có nhận xét nào:
Đăng nhận xét