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Table of Contents
Annex B-1: Enhancement of Workfare Income Supplement (WIS) Scheme and CPF Contribution Rates for Low-Income Workers ( 276kb)
Please refer to the Singapore Budget 2013 website for more details on the annexes.
Growing through Productivity
C.1. Let me go on to the first major thrust of the Budget: to intensify our efforts to achieve quality growth, i.e. growth that is driven by sustained productivity improvement rather than manpower growth.
Our Productivity Gains Since 1980
C.2. Productivity gains are not new to Singapore. With the exception of the previous decade, our productivity growth rates were well above the norm even as our labour force grew significantly.
C.3. In 1980, we were what the World Bank called a middle-income developing country. However, our productivity level was about a third of the most advanced economies then.
C.4. Three decades on, our productivity level is about 70% of today’s global productivity leaders – the US, Japan, Switzerland, and Sweden. Our overall productivity is now in fact above Hong Kong’s, although it used to be below theirs in the 1980s.
C.5. We have achieved this by:
- Bringing in leading global companies at each stage of our development, with the technologies to create better jobs for Singaporeans;
- Upgrading local enterprises, including those in mature industries that were once thought to be fading out, like the food manufacturing and marine industries; and
- Above all, by building a strong education system and improving the skills of our workers.
A New Phase of Economic Transformation
C.6. However, we must now go through a new phase of transformation.
C.7. First, we need to catch up from a decade of slow productivity growth.
C.8. Second, we also have much room to catch up with the global leaders in each of our sectors.
C.9. Third, we must also reduce the wide gaps in efficiency between the different sectors of our economy. In particular,
- Our Manufacturing and Transport sectors are well ahead in productivity compared to other economies in Asia apart from Japan, although we are behind the global leaders.
- But in Construction, our productivity is about one-fifth below that of Hong Kong and South Korea, and much further below that of Japan and other international leaders.
- In many Services industries, like F&B and Retail, we are also about one-fifth behind Hong Kong.
C.10. We must therefore press ahead and upgrade technologies, skills and expertise across our economy in this decade, so that we can be a truly advanced economy. The 2% to 3% per annum target for productivity growth that we had set after the weak decade until 2009, is ambitious but we must make every effort to achieve it. That will bring us, at the end of this decade, much closer to where the most advanced economies are today.
C.11. There is also another important reason why we have to step up productivity improvement. If we do not succeed in this new phase of transformation, we will lose ground to emerging cities in Asia, which are catching up quickly. We can lose even the good jobs that we want to retain in Singapore. Several Chinese coastal cities, for example, are catching up in industrial robotics, so as to compete with German and Japanese manufacturers.
Foreign Workforce Growth
C.12. We slowed down the increase in our foreign workforce in 2012 compared to the previous two years, but it was still rather high – 67,000. However, most of the growth in the foreign workforce was seen in just two areas of the economy: the Construction and Process industries, and the Services sector. In Manufacturing, there was in fact a slight decline in the total stock of foreign workers.
- The Construction and Process industries, with most workers coming in at the Work Permit level, accounted for about half of the total increase in the foreign workforce. This was partly due to the ramp-up in infrastructure projects, but also because productivity in these sectors remains weak.
- In Services, there has been continued rapid growth, especially of S Pass employees.
C.13. Overall, the total number of Employment Pass (EP) holders declined last year. This was in part a result of the tightening of MOM’s eligibility criteria, especially for Q1 pass holders, so as to raise the quality profile at the lower end of the foreign professional workforce as our economy restructures.
Our Foreign Worker Strategies Going Forward
C.14. Foreign workers now comprise 33.6% of our total workforce.4 The Government had in 2010 accepted the Economic Strategies Committee’s recommendation that we moderate the growth of the foreign workforce so as to avoid its proportion of the total workforce increasing significantly beyond one-third. While our mix of policies must allow for foreign worker numbers to fluctuate in the course of the business cycle, or when we have major infrastructural projects underway as is the case currently, the proportion of foreign workers to the total workforce should not increase indefinitely. Our foreign worker policies remain guided by this objective.
C.15. We have to make further adjustments so that we can continue moderating the growth of the foreign workforce, but they will not be across the board. The adjustments will reflect the circumstances of each sector.
- First, we will make selective further Dependency Ratio Ceiling (DRC) cuts for sectors where there has continued to be significant growth in foreign worker numbers, and where productivity levels are still well behind international productivity leaders.
- Second, we will increase levies for all sectors to ensure that businesses continue to reduce dependence on foreign manpower and improve productivity. The levy increases will be sharper for firms that are most dependent on foreign workers.
However, while there will be significant levy increases for less-skilled workers, we will not increase levies for skilled workers in most sectors after the previously-announced rates for July 2013 kick in. So most companies will not need to pay a higher levy if they rely on skilled Work Permit Holders.
- Third, we will encourage companies to pro-actively develop the talents and skills of our Singaporean workforce and reward them fairly.
Why We Cannot Pause in Restructuring Our Economy
C.16. We cannot cut off the flow of foreign workers abruptly, but we have to slow its growth. We are therefore making these further adjustments, and we have to do so in full knowledge of the difficulties they will pose for many of our companies. There has been extensive feedback from businesses and associations about the challenges that employers face in finding local workers.
C.17. And as everyone knows too, there are many sectors such as the Construction, Marine and Process industries, and even in some Service industries, where there will remain a significant shortage of local workers and where we will continue to need foreign workers for some time to come.
C.18. However, the basic reality is that these sectors which are most dependent on foreign workers are also the ones furthest behind international standards of productivity, and which account for the lag in productivity in our overall economy.
C.19. The tightening of foreign worker policies is therefore aimed mainly at reducing reliance on manpower, not merely replacing foreign workers with locals. That is the only way we can significantly improve productivity and avoid an indefinite increase in the ratio of foreigners in our workforce.
C.20. Further, within the Services sector, industries like F&B and Retail that have been most reliant on foreign workers have also seen low wages and low wage growth for local workers in certain jobs. Waiters are an example.
C.21. We cannot carry on in the same way. If we pause now and postpone the restructuring of these industries, we will face the same problems of low productivity, low wages and low profitability in these industries in future.
C.22. The problem does not merely lie in individual enterprises, but in the structure of industry. In Construction and Services, there are many small firms working very hard to survive, and to attract local employees. Sometimes, the owners themselves double up as workers. Many find it difficult to scale up to a point where they can invest in significant productivity improvements or build up and retain a pool of skilled employees.
C.23. F&B is a good example of this fragmented industry structure. The problem has not been inadequate workforce growth. The F&B workforce has in fact increased by one-third (31%) over the last five years, with foreign workers making up half of the increase. However, there has also been rapid growth in the number of F&B establishments. Many new F&B firms are formed each year, and many also exit, but the total number has grown. With our local workforce now growing more slowly, and as we are at full employment, many firms find it increasingly difficult to attract local workers.
C.24. The structure of some of our industries will inevitably have to change, given our tight labour market. Consolidation is part and parcel of restructuring. While efficient enterprises and those who develop stronger brands will grow, others may eventually downsize, switch to new business lines, or move parts of their operations abroad. This is indeed how productivity has advanced in the most developed economies – not just by individual firms innovating and upgrading, but also through the freeing up of space in the industry for more dynamic enterprises to obtain workers and grow.
C.25. The Government cannot decide which firms should succeed, or which employers within an industry should get more workers while others get less. Only the market can decide that. But the Government can and will actively support all SMEs that are willing to upgrade, so that they can retain their roots in Singapore and grow. The restructuring of our economy must result eventually in a dynamic and re-energised SME scene.
C.26. Businesses have to respond in new ways to the tight labour market – adopting shared services to save manpower, redesigning jobs, and giving workers broader responsibilities and rewarding them fairly. Indeed, in every sector, there are already examples of SMEs that stand out as having adopted these practices and are growing. Consumers too have to adjust. For instance, by getting used to self-serve or semi-serve models and returning trays, all of which are common in the F&B industry in many developed countries.
Quality Growth Programme
C.27. In this Budget, we will introduce a Quality Growth Programme, which is aimed at helping businesses to upgrade, create better jobs and raise wages. The Quality Growth Programme has four pillars:
- Tightening Foreign Worker Policies. We will continue tightening our foreign workforce policies through a targeted approach, considering the circumstances of each sector and each category of workers.
- A 3-Year, Transition Support Package. We will introduce a special 3-year package to support companies during this period of restructuring. This will include a new Wage Credit Scheme to encourage companies to share productivity gains with their workers through higher wages.
- Strengthening of Productivity Incentives. We will also strengthen our schemes to help companies improve productivity, and make it much easier for companies to tap on them. These measures will be focused not just on helping individual companies, but also on supporting industry-wide collaboration.
- Capabilities for New Growth Industries. We will also develop capabilities that will enable us to chart new frontiers in the manufacturing sector, and enable our Services sector companies to seize opportunities in Asia’s rapidly growing economies.
C.28. The Government will not be keeping the additional levies that we will receive as a result of the additional tightening. We have in fact flowed back to companies the additional revenue that was collected since we began tightening in 2010 – through the Productivity and Innovation Credit (PIC), the SEC to help firms employ older workers, as well as various productivity grants and training subsidies. This will continue to be our approach over the next three years: through new initiatives and enhancement of existing programmes, we will channel all additional levies collected back to help businesses upgrade and share productivity gains with their workers.
Tightening Foreign Worker Policies
C.29. Let me first outline our measures to further moderate our demand for foreign workers.
C.30. First, we will raise Foreign Worker Levies across the board in July 2014 and July 2015. Increases will be most significant in sectors where productivity growth is weak and the growth of the foreign workforce is significant.
C.31. We will also take further measures to moderate foreign workforce growth in the Construction, Process and Marine sectors, as well as the Services sector.
Construction and Process Sectors
C.32. First, we will mandate the use of more manpower efficient designs and technologies in building projects through increases in the minimum Buildability scores.5 The Government will take the lead and adopt even higher standards of buildability and constructability6 for public sector projects, which will yield significant productivity gains.
C.33. Second, we will:
- Increase levies for less-skilled Work Permit Holders by $150 between July 2013 and July 2015.
- Steeper levy increases of $300 will be imposed on workers hired outside a company’s Man-Year Entitlement or MYE.
C.34. We will not be making further cuts to the MYE in Construction this year because, by July 2013, we will have made a significant cumulative reduction of 45% since 2010. This reduction applies to new projects undertaken over the next few years.
C.35. In addition to levy increases, we will reduce the overall DRC and S Pass Sub-DRC by 5 percentage points each in the Services sector. Therefore:
- The overall DRC will come down from 45% to 40%; and
- The S Pass Sub-DRC from 20% to 15%;
For their existing workers, companies will be given until June 2015 to comply with the new DRCs. However, companies will not be allowed to bring in new foreign workers beyond the new DRCs from 1 July 2013.
C.36. The DRC reductions will particularly affect services industries like F&B. As I have just explained, this is a painful but necessary step that we have to take, in order to allow for market restructuring, to encourage innovations in the industry and to grow stronger companies that can create good jobs and raise wages. However, to help firms in the Services sector cope with labour constraints, MOM will allow more flexible deployment of foreign workers within a firm to raise productivity.
C.37. Cleaning. Other sectors such as Cleaning will not be significantly affected as most firms remain below the new 40% DRC. Together with the levy increases and programmes like the Clean Mark Accreditation Scheme, the DRC cut will give a push towards higher productivity and wages in these sectors.
C.38. Healthcare. Our Healthcare sector is able to provide good quality care with low labour intensity.7 However, our healthcare manpower demands will increase as our population gets older. While we will continue to expand our local supply of healthcare manpower, we will still need a significant pool of foreign healthcare staff. In order to support the healthcare needs of Singaporeans, we will continue to ensure flexibility so that healthcare institutions are able to fulfil their staffing needs.
C.39. EDB and SPRING are working with the key players in the marine sector to upgrade operations to improve land and labour productivity, and focus their Singapore operations on higher value design and engineering activities.
C.40. As part of this plan, we will reduce the overall DRC for the Marine sector from 1:5 to 1:3.5. This change will take place in two stages, in January 2016 and again in January 2018.
C.41. We will tighten the qualification criteria for all S Passes, so as to moderate future growth, and ensure ample opportunities for career progression and wage growth for Singaporean mid-skilled and technical professionals.
- From 1 July 2013, we will increase the minimum S Pass qualifying monthly salary from $2,000 to $2,200.
- We will introduce a tiered salary system based on age and qualifications of the applicant. Older and more experienced S Pass applicants will need to qualify at higher salaries. This will help to level the playing field for our local workers in the same jobs and also nudge employers to bring in better calibre workers to raise the overall quality profile of S Pass holders.
C.42. MOM will release more details of these changes in a separate press release.
C.43. Our employment market for PMEs (Professionals, Managers and Executives) will evolve in the coming years. We will see progressively larger numbers of Singaporean university graduates entering the workforce.
C.44. Our EP policy must ensure that firms in Singapore remain able to recruit the best teams, including both locals and foreigners with the skills and expertise our companies need to compete internationally. At the same time, we must maintain a level playing field for Singaporeans with respect to jobs and progression opportunities.
C.45. We will therefore make further calibrated adjustments in our policies.
C.46. First, MOM will continue to tighten eligibility requirements for EP workforce, especially for Q1 pass holders. This has already led in the last year to more foreign employees coming within the S Pass category, which are subject to a DRC and levies.
C.47. Second, for the longer term, MOM will put in place a framework to ensure that firms give fair consideration to Singaporeans in their hiring practices. MOM has been studying work pass policies in various developed countries. Some countries, for example, require companies to advertise job vacancies to locals, before they can apply for a foreign work pass. Any such framework must enable companies to continue to meet their competitive needs, so that they can provide Singaporean professionals ample opportunities to do well in their careers. This framework is, however, not a matter to be rushed. MOM will consult closely with all stakeholders to develop a workable framework.
C.48. This will be discussed further in MOM’s COS, together with the other key initiatives I announced.
3-Year Transition Support Package
C.49. To help businesses through this period of restructuring, we will provide significant government support with a 3-Year Transition Support Package. There are three components:
- Wage Credit Scheme
- PIC Bonus
- CIT Rebate
Wage Credit Scheme ($3.6 billion)
C.50. Businesses will have to restructure in a tight labour market in the coming years, and wages will have to rise. Government will provide support to help businesses raise their employees’ wages. More importantly, this will incentivise employers to share productivity gains with their employees.
C.51. To do this, we will introduce a Wage Credit Scheme (WCS).
C.52. Under the WCS, the Government will co-fund 40% of wage increases for Singaporean employees over the next 3 years.
C.53. This co-funding will apply to wage increases for Singaporean employees earning up to a gross monthly wage of $4,000.
C.54. The Government will co-fund any increase in wages given to an employee in any year between 2013 and 2015, over his or her wage level in the preceding year. Co-funding will apply not just for that year, but for the rest of the period.
- For instance, if an employer increases the gross monthly wage of his employee by $200 in 2013, the Government will pay 40% of the $200 wage increase, not just for 2013 but also the remaining two years.
- If further $200 increases are given in 2014 and 2015, the Government will co-fund 40% of the total wage increases of $400 and $600 in 2014 and 2015 respectively.
C.55. There is no need to apply for WCS. The Wage Credits will be automatically paid out to employers annually. We encourage all employers to take full advantage of the WCS to share productivity gains with workers. The WCS will cost the Government about $3.6 billion over 3 years.
Productivity and Innovation Credit Bonus ($450 million)
C.56. We want as many businesses as possible to take advantage of the Productivity and Innovation Credit (PIC) scheme.
C.57. We will hence introduce a PIC Bonus as the second component of the Transition Support Package. Businesses that invest a minimum of $5,000 per Year of Assessment (YA) in PIC qualifying expenditure will receive a dollar-for-dollar matching cash bonus. The bonus will be up to $15,000 over three Years of Assessment, YA2013 to YA2015. This PIC Bonus is paid over and above existing PIC benefits.
C.58. The $5,000 minimum qualifying expenditure encourages small businesses to undertake meaningful productivity investments. Based on current claims, we expect that many firms will be able to benefit from the full $15,000 bonus. The PIC Bonus is expected to cost $450 million over three years.
Corporate Income Tax Rebate ($1.3 billion)
C.59. Besides higher manpower costs, businesses also face other cost pressures such as higher rentals. To help companies cope during this period of transition, I will provide a special Corporate Income Tax rebate from YA 2013 to YA 2015. I will give a rebate of 30% of tax payable up to $30,000 per Year of Assessment. This is expected to cost $1.3 billion over three years.
Cost Savings for Commercial Vehicles
C.60. We will also introduce two specific measures to help owners of commercial vehicles.
- Currently, when commercial vehicles reach the end of their ten-year COE, the owners can only renew for five years with no further extension or pay more for a ten-year renewal. We will allow owners who choose to renew their COEs for five years in the first instance to extend their COEs further for another five years. This will ease their cash flow and provide flexibility. More details will be given by the Minister for Transport in MOT’s COS.
- I will also grant a one-year 30% road tax rebate for goods vehicles, buses and taxis. The rebate will take effect on 1 July 2013 and save businesses $46 million.
Strengthening of Productivity Incentives
C.61. I will now move on to the third major pillar of the Quality Growth Programme, which comprises a significant enhancement of the productivity incentives we have introduced since 2010.
C.62. We have taken onboard detailed feedback on how we can improve and strengthen our incentives to help businesses raise productivity. Taken together, these enhancements will involve additional government resources of about $500 million over three years.
C.63. The enhanced incentives will be at three levels of the economy:
Initiatives for Industry-wide Collaboration
C.64. First, we will support initiatives for industry-wide collaboration that can either provide the scale that individual firms often lack, or enable best practices to be widely replicated:
C.65. This will include Collaborative Industry Projects (Estimated $100 million over 3 years), where consortia of firms will develop solutions to industry-specific productivity challenges. This approach will be adopted in seven new priority industries.8
C.66. A further initiative will foster SME collaborations with large enterprises so as to enable co-innovation, capability upgrading and sharing of best practices within the supply chain. We will broaden and enhance the PACT scheme (Partnerships for Capability Transformation), which we initiated in the Manufacturing sector, to other sectors. (Estimated $60 million over 3 years)
Support for Individual Firms
C.67. Next, a set of initiatives to help individual firms:
C.68. I will make it much easier and faster for businesses to make PIC claims. Businesses and chambers such as the Singapore Chinese Chambers of Commerce and Industry (SCCCI) have asked that we broaden the range of investments that can qualify for PIC benefits. Just to give two examples, restaurants will be able to claim for dishwashing machines and contractors can claim for scissor lifts ($130 million over three years). (Refer to Annex)
C.69. We will also introduce a Land Productivity Grant ($60 million) to support companies which intensify their use of land in Singapore. Help will also be given to those who choose to relocate some operations offshore, including to the immediate region, while retaining core functions in Singapore and saving land. This incentive was proposed by associations like the Singapore Business Federation SME Committee (SBF-SMEC).
C.70. Next, we will link up SMEs with public-sector research institutions and private sector technology providers to identify and develop productivity solutions that give them a competitive advantage ($51 million).
C.71. To promote prefabrication in construction, we will set aside land for Integrated Construction and Precast Hubs and enhance grants to encourage adoption ($10 million over two years).
Training for Singaporeans at All Levels of the Workforce
C.72. Third, we will provide a further boost to training for Singaporeans at all levels of the workforce:
C.73. We will enhance the Workfare Training Support (WTS) scheme for lower-wage Singaporeans as well as programmes to help PMEs to develop further expertise or to make mid-career switches.
C.74. We will launch an SME Talent Programme, developed by SPRING Singapore, together with the industry chambers and trade associations. The programme will provide awards to encourage polytechnic and Institute of Technical Education (ITE) students to join our SMEs upon graduation.
C.75. We will also top up the Lifelong Learning Endowment Fund (LLEF) by $500 million.
Improving Accessibility of Government Support Schemes for SMEs
C.76. Lastly, we will improve the accessibility of government support schemes for our SMEs. Amongst other things, SPRING will enhance the Enterprise Development Centres into one-stop, integrated SME Centres ($32 million).
C.77. Details of these initiatives will be shared during the COS of MTI, MOM and MND.
Working with the Hospitality Industry
C.78. We are working industry by industry, with business associations and individual firms to help them adopt customised solutions that will help them reduce costs, develop economies of scale, and raise productivity and wages. I will describe briefly how this is being done for the F&B industry as an example.
C.79. SPRING is working with the industry to help companies adopt wireless technologies; move towards using more central kitchens; and to collaborate more closely with food manufacturers. We are helping the industry to tap into a pool of part-time manpower and adopt manpower scheduling systems that many SMEs have found can lead to much more efficient deployment of employees. In addition, we are also helping promising F&B firms develop their brands and expand overseas.
C.80. There are already many examples of F&B establishments that are changing the way business is run, using technology and new management methods. Like PastaMania and Mr Bean, two well-known local brands. PastaMania had its roots in a foodcourt, and has now grown to have over 40 outlets in five countries. It pioneered mobile app ordering in the F&B industry, relies heavily on part-time staff, and invests in their training. Mr Bean started in People’s Park Food Centre and has now grown to 70 outlets in six countries. It too has made significant productivity improvements. It is also collaborating with various Voluntary Welfare Organisations (VWOs) to provide training and employment to Singaporeans with special needs.
C.81. What we are doing in the F&B industry, we are also doing for our retail establishments and hotels – deep dives to understand the industry better and to work with firms to better cope in a tight labour market. (Refer to Annex)
Capabilities for New Growth Industries
C.82. Restructuring our economy is also about looking ahead for new growth opportunities. We have to keep developing new capabilities so that we stay relevant in the world and create higher value industries and high quality jobs for Singaporeans.
Charting New Frontiers in Manufacturing
C.83. The global manufacturing landscape is being redefined by disruptive technologies such as robotics and 3D printing, and business models involving mass customisation and use of manufacturing analytics. We must keep up with these developments to ensure that Singapore remains a key global centre for advanced manufacturing.
Future of Manufacturing Plan
C.84. EDB will set aside $500 million over the next five years to support a Future of Manufacturing plan. We will work with key industry partners, our universities, polytechnics and Research Institutes to test-bed new technologies and develop applications that can be commercialised and tapped on by our firms, including our SMEs. This has the potential to create a range of new jobs for Singaporeans in future, such as high-skilled robot operators and materials scientists.
C.85. We will also support the emerging satellite industry in Singapore through a $90 million Satellite Industry Development Fund.
Seizing Growth Opportunities in Services and in Asian Markets
C.86. In the services sector, the rapid rise of middle class consumers and dynamic enterprises in Asia is boosting demand for modern, high value services. Our companies, particularly in the professional services industries, are well positioned to ride this wave.
C.87. Data analytics is one such industry cluster that we are developing. We aim to develop a pool of 2,500 analytics professionals over the next five years to support this new area through programmes such as NTU’s recently launched Business Analytics degree.
C.88. Infrastructure development is another such cluster. We are bringing together expertise and players from across the infrastructure value chain in Singapore, from project developers to EPC (Engineering, Procurement and Construction) players and financiers.
C.89. For example, the World Bank’s investment arm, the IFC, will be setting its first Asset Management Company office outside Washington DC in Singapore, to invest in infrastructure projects in the region.
C.90. We will also help SMEs who are expanding their overseas footprint by mitigating the risks inherent in such ventures. In addition to the Political Risk Insurance Scheme introduced last year, IE Singapore is working with ADB and private insurers to expand the Asian Development Bank’s Trade Finance Programme for Singapore exporters. This will provide credit guarantees to facilitate exports by our companies.
Further Tax Measures
C.91. I will also take the opportunity to make a few other tax-related changes.
Refining Tax Incentives for Companies
C.92. We will refine tax incentives for companies in the Maritime sector and Financial sector to ensure the continued growth of high-value activities in Singapore. (Refer to Annex)
Start-Up Tax Exemption
C.93. Investment holding companies or property development companies incorporated after 25 February 2013 will be excluded from the start-up tax exemption. Investment holding companies derive passive incomes, while firms in the real estate industry typically incorporate a company for each new property development. The start-up tax exemption for encouraging entrepreneurship is really not intended for such entities. These companies can still enjoy the partial tax exemption available generally to all companies.
Taxation of Employment Perquisites – Housing and Hotel Benefits
C.94. Benefits-in-kind such as housing or hotel accommodation and furniture and fittings that are provided in the housing premises are taxable as part of employment income. The current way of taxing housing and hotel accommodation has remained unchanged since the 1960s and under-values the actual benefits received by the employees.
C.95. To tax such employment perquisites more equitably, housing and hotel accommodation provided to employees will be taxed based on the Annual Value of the property9 and actual cost of the hotel accommodation incurred by employers respectively.
C.96. The changes will take effect from Year of Assessment 2015. (Refer to Annex)
C.97. Finally, we will take the final step to harmonise the tax rates between cigarette and non-cigarette tobacco products which we started two years ago. I will raise the excise duties for Beedies, Ang Hoon and smokeless tobacco by 25% from $239 per kilogram to $299 per kilogram, and unmanufactured tobacco by 1.5%, from $347 per kilogram to $352 per kilogram.
5 The Buildability score requires labour saving elements to be taken into consideration in the design of a project.
6 Constructability scores mandate the use of better construction methods and technology at the building stage of a construction project.
7 As an example, in 2012, our practising nurse to population ratio was 1:180, as compared to the OECD average of 1:116 in 2010.
8 These include food manufacturing, retail, F&B, printing and packaging, textile and apparel, furniture manufacturing, and social services. This is in addition to sectors that have already adopted this model – healthcare, ICT and construction.
9 Less rent paid by employees, if any.