Singapore revises rules for overseas workers in the budget
Posted on February 23, 2019
The rules for overseas workers have been revised by Singapore in its latest budget. These are aimed at enhancing productivity in retail and food businesses. The Government aims to enhance the participation of local workers in these sectors.
The Government will decrease the quotas for overseas workers in Services Sector from the beginning of 2020. The firms will be helped to adjust to the policies and bolstering training for Singaporean workers. Certain grants have been extended for 3 years for the same, as quoted by the Indian Express. Levies for overseas workers in the Marine sector have been deferred for one more year.
The Singapore Government has also outlined diverse measures for supporting Start-ups and digitalization of small businesses. This is as a part of its initiatives for building high skilled workforce and industry in technology.
The efforts also include the program ‘Innovation Agents’. This is for professionals in the industry to serve as mentors for firms in Singapore on a 2-year basis. An extra fund of $73.8 million will also be allocated by the Government for scaling up Singapore firms and their overseas presence. The process of loans will also be simplified for SMEs.
The budget proposals also include boosting expenditure on health care for the aging population in Singapore. Some citizens will also be offered a rebate on taxes. The proposal for decreasing quotas for overseas workers comes ahead of elections that will be held this year.
The Government has projected a budget deficit of 0.7% of GDP on the whole in the year ending 2020 March. This is in comparison with 0.4% revised surplus in the ongoing fiscal year.
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