Managing a country’s finances is a challenging task that requires a careful balance between different priorities today, and between short-term plans today and longer-term plans tomorrow. There must also be sustainable economic growth so that the needs of the country can continued to be addressed.
Every year at the Budget, significant funds are allocated through various initiatives to positively impact the lives of millions of Singaporeans individuals, households, and businesses. Check out some key figures from the most recent Budget in 2016.
$1.1 billion top up to the Special Employment Credit (SEC) Trust Fund. The SEC is extended to the end of 2019 to provide employers with a wage offset for workers aged 55 and above earning up to $4,000 a month.
For more information, please visit: https://www.sec.gov.sg/Pages/Home.aspx
Up to $25 million allocated to Our Singapore Fund. The Fund will support projects that build the spirit of caring and resilience, nurture our can-do spirit, and promote unity and our sense of being Singaporean.
For more information, please visit: https://www.sg/oursingaporefund
Additional $35 million a year committed from the Lifelong Learning Endowment Fund and Skills Development Fund to support initiatives to help our people adapt to changing job demands and grow their skills by expanding schemes such as Professional Conversion Programmes (PCP) and enhancing support under schemes like the Career Support Programme (CSP).
For more information, please visit: http://www.skillsfuture.sg/
$4.5 billion set aside under the Industry Transformation Programme. The Industry Transformation Programme will help firms and industries to create new value and drive growth in four ways:
a. Integrating our different restructuring efforts to raise productivity, develop our people and drive research and innovation.
b. More targeted and sector-focused approach to better meet the needs of firms in each sector
c. Deepen partnerships between government and the industry, and among industry players to identify challenges, and develop solutions to support transformation.
d. A stronger emphasis on technology adoption and innovation by companies.
For more information, please visit: https://www.mti.gov.sg/MTIInsights/Pages/ITM.aspx
50% Corporate Income Tax (CIT) rebate, capped at $20,000 per Year of Assessment (YA) for YA 2016 and YA 2017. This helps companies, especially SMEs, to address immediate concerns amidst the current economic conditions while encouraging restructuring. The last time that Singapore had a 50% rebate was in YA 2001.
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