Budget 2015: Business reactions

"THE Singapore International Chamber of Commerce (SICC) welcomes the targeted focus on developing skills and competencies via SkillsFuture. Boldness is needed to achieve sustained innovation and productivity improvement and this is a bold step. It encourages and incentivises a mindset change among employers and employees alike. SkillsFuture recognises that a continuing process of acquiring and polishing skills is the only way to achieve mastery in any field. The chamber's European MNC members have much experience with this model. They and other members are ready to support the Pact (Partnerships for Capability Transformation) initiative to help SMEs in their supply chain. The modest increase in the salary cap for CPF contributions was expected, as were the increased contribution rates. Both are fair and just."

- Victor Mills, chief executive of the Singapore International Chamber of Commerce

"THIS year's budget is comprehensive and inclusive as it takes into account the needs of society, in particular older workers, Singaporean families and households. For businesses, SCCCI is heartened that the government has introduced measures to promote skills-based, life-long learning for our people relevant for businesses. The government is also promoting industry collaboration, sector-level productivity and developing sectoral manpower plans - areas where SCCCI and its trade association members can play an active role and contribute. We are pleased that the government has responded to our feedback on business costs and announced the deferment of the increase of the foreign worker levy and the extension of the Wage Credit Scheme.