Singapore Budget 2019: Singapore to spend S$4.6b over next 3 years on economic transformation and jobs

Angela Tan
Published Mon, Feb 18, 2019 · 08:31 AM

SINGAPORE expects to spend S$4.6 billion over the next three years on the new and enhanced economic capability measures in Budget 2019 and to support Singaporean workers.

Finance Minister Heng Swee Keat said in Parliament on Monday that S$3.6 billion will go towards helping workers to thrive amid industry and technological disruptions (This refers to jobs and skills budget set aside for the Ministry of Manpower and the Ministry of Education). The remaining S$1 billion will go towards helping firms build deep enterprise capabilities.

"But let me emphasise that supporting companies and supporting workers are mutually reinforcing - stronger companies provide better jobs and pay for workers, and highly skilled workers make companies stronger,'' he said, adding that Singapore's economic transformation is progressing well.

"We must persist with our industry transformation efforts," Mr Heng said. "At the same time, the pace of technological innovation is rapid, and global economic weight is shifting towards Asia. We will position Singapore as a Global-Asia node of technology, innovation and enterprise.''

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