Friday, 18 April, 2014

 
Published February 21, 2014
SG Budget: SBF relieved no major new manpower cuts
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The Singapore Business Federation is relieved that no major new manpower measures were announced in Budget 2014 to exacerbate the tight labour situation - PHOTO: SPH

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"Growth oriented SMEs will be pleased with the greater support for innovation, financing and internationalisation. SMEC has highlighted the continuing challenges confronting our SMEs in their restructuring journey and will work with the respective government agencies when further details of the various schemes are clearer. We are glad that DPM Tharman has acknowledged the feedback provided by the SMEC in his Budget Statement."

- Lawrence Leow, Chairman, SBF-led SME Committee

"The Singapore Business Federation is relieved that no major new manpower measures were announced in Budget 2014 to exacerbate the tight labour situation. Notwithstanding, rising operations costs and manpower issues continue to be a challenge for businesses. Increase in employers' CPF contributions will not help and will impact small businesses as they employ more older workers proportionately. Clearly, Government recognises this and we welcome the one-year cost offset provided for companies in lieu of the increase in employers' CPF contribution. The Federation is delighted with budget measures in support of growth enterprises, as well as the introduction of the SME-centric PIC+ scheme and extension of PIC for a further three years to YA 2018."

- Ho Meng Kit, CEO, SBF