$4.6 billion for Singapore companies and workers to transform

SG$1 billion has been earmarked in Singapore's budget for the coming year to help companies transform, and $3.6 billion to help workers.
By: | February 19, 2019
Topics: Digital Transformation | Learning and Development | News | Singapore

 

Singapore’s Finance Minister Heng Swee Keat announced a raft of government initiatives to help Singaporean companies transform.

They will cost the government some SG$1 billion in total, and will cover local companies both big and small.

Another $3.6 billion has been set aside to help workers ride this wave of disruption.

“[Supporting] companies and supporting workers are mutually reinforcing,” said Heng.

“Stronger companies provide better jobs and pay for workers, and highly skilled workers make companies stronger.”

The enterprise initiatives include an expansion of the SMEs Go Digital Programme to industries such as accountancy, marine, and construction. The programme looks to help SMEs build stronger digital capabilities.

Meanwhile, Enterprise Singapore will launch a Scale-up SG programme to help successful local firms go international.

Heng also announced the launch of new Professional Conversion Programmes relating to emerging technologies such as blockchain and embedded software, to help Singaporeans keep up with the changing landscape.

There will also be a reduction in the foreign worker quota (Dependency Ratio Ceiling) for the services sector. Other sectors remain unaffected for the moment.