SMEs hail Budget initiatives to help with restructuring, growth

Singapore

BUDGET day saw several hundred SME guests attending this year's OCBC's Global Enterprise Banking Chinese New Year thank you party on Monday night, and with SMEs a focus of the Budget, it naturally provoked lively discussions.

"As SMEs remained challenged by the restructuring of the economy and on-going transformation of their businesses, the extension of the Wage Credit Scheme, income tax rebate and deferral of the foreign worker levies will go a long way in easing their burden as they double their efforts to improve productivity amidst rising business costs," said OCBC head of global commercial banking Linus Goh.