It is a Budget for "building a better Singapore: a more inclusive and caring society, with an innovative and dynamic economy, so that Singaporeans can have better opportunities and more fulfilling lives".
These were the words shared by Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam as he delivered the Budget statement in Parliament on 25 February 2013.
There will be targeted measures, some of which are new, aimed at Singaporeans, especially for lower- and middle-income workers.
DPM Tharman also announced The Quality Growth Programme, which aims to help businesses upgrade, create better jobs and raise wages.
Under this programme, the Government will tighten foreign worker policies, provide a three-year Transition Support Package, strengthen productivity initiatives and develop capabilities for new growth industries.
Notably, the three-year Transition Support Package consists of the new Wage Credit Scheme (WCS), the Productivity and Innovation Credit Bonus (PIC) and the Corporate Income Tax (CIT) Rebate.
Through the WCS, the Government will co-fund 40 per cent of wage increases for Singaporean employees over the next three years. This scheme will cost the Government $3.6 billion over three years.
DPM Tharman, at the start of his speech, also acknowledged that the Government had been working with NTUC and the business community to equip low-wage workers such as cleaners with better skills and wages through the Progressive Wage Model. He said the Government will be doing likewise for the security officers.
