SG Budget 2017: Defer foreign worker levy hikes in marine & process sectors by another year

THE Singapore government will defer the foreign worker levy increases in the marine and process sectors by one more year.

The decision was made in view of the continued cyclical weaknesses in these two sectors, said Finance Minister Heng Swee Keat on Monday.

The deferment will last from July 1, 2017 to June 30, 2018. The levy rates for the marine sector basic tier R1 and R2 workers will remain at S$300 and S$400 respecitvely.

The rates for process sector basic tier R2 workers will stay at S$450, while those for process sector MYE-waiver tier R2 workers will remain at S$750.

Mr Heng added that the government has already introduced specific support measures like the Bridging Loan for marine and offshore engineering companies, which provides access to worknig capital to help them bridge short-term cash flow gaps.