Budget 2014: PwC Singapore reactionary comments

PWC released the following comments about the Singapore Budget 2014 on Friday.

Overall response:

A budget of social transformation: Change habits social practices to elevate our productivity. It demonstrates our embrace of the tight labour market. Witnessing greater shifts of help to our pioneers, better education for all, affordable healthcare and needs of the disabled. This is the start of the reinvention of Singapore. A great start as we turn 50.

- Chris Woo, Partner, PwC Singapore

A rainbow budget – spreading colour across social and economic horizon by providing more support for raising productivity, enhancing social equity and achieving quality growth.

-Abhijit Ghosh, Partner, PwC Singapore

Productivity Innovation

The extension of the PIC for another three years and the introduction of the PIC + package is not surprising given this morning’s news of MTI data showing zero growth in productivity last year.

The announcement of the Cash Seniors Bonus and the U-Save Special Payment continues the government’s use of the GST voucher scheme to deliver funds to the lower income group to help them cope with higher healthcare and living costs.

What is surprising about this year’s Budget is the lack of any new ‘wealth taxes’ given recent renewed interest in the topic. What is not surprising is that the Budget is becoming more and more a social statement and less about tax changes.

-Koh Soo How, Partner, PwC Singapore

Encouraging a self-service culture (e.g. self-checkout at the supermarket) through investment in innovation in the service industry – is this social engineering, Singapore style?

- Yip Yoke Har, Partner, PwC Singapore

As we continue the journey to restructure Singapore’s economy, Singapore businesses will applaud the extension of the PIC Scheme and introduction of the PIC Plus Scheme. These changes will help Singapore business level up our game to improve productivity and increase GDP growth.

-Lim Maan Huey, Partner, PwC Singapore

I would give my ‘Like’ in this year’s budget to the people and productivity initiatives. In particular, the introduction of the Pioneer Generation honours our commitment of the pioneer generation contributions. The extension of PIC scheme and PIC+ scheme will help support job growth and GDP growth.

-Lim Maan Huey, Partner, PwC Singapore

Budget 2014: PwC Singapore reactionary comments