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A more nuanced approach to restructuring

Embracing innovation instead of relying on cheap foreign labour will reap greater long-term rewards

Published Mon, Feb 23, 2015 · 09:50 PM

Singapore

SINGAPORE will slow the pace at which it is squeezing foreign worker inflows, but the government made sure that this would not be mistaken for a U-turn on restructuring.

Even as Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam announced that foreign worker levy hikes earlier scheduled for this July would be pushed back a year - a move businesses have been hoping for - he stressed that this change in pace was not a change in direction.

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