Reactions to the Singapore Budget 2020

The Singapore Budget did not disappoint as it delivered a much-needed help to businesses and workers. We get some reactions on the Budget.
By: | February 20, 2020

The Singapore budget delivered a much-needed help to businesses and workers with the government dedicating SGD$4 billion to stabilise Singapore’s economy which has been hit by the COVID-19 outbreak.

Measures such as defraying 8% of local workers’ wages for three months, corporate income tax rebate of up to 25% for this year as well as SkillsFuture top-up to encourage up-skilling for workers in their 40s-50s were introduced.

Singapore Budget: Government to defray workers’ wages

We take a look at some of the reactions to the Budget.

Patrick Tay, Assistant Secretary-General of NTUC:

“A comprehensive and inclusive Budget to overcome our short term challenges and prepare ourselves for future threats, disruptions and opportunities.

“I am particularly happy with the $500 Skillsfuture top up for all Singaporeans as I have been lobbying for a top up the past 2 years as this will benefit the freelance and self-employed as well. The icing on the cake was the additional focus and support for our mid-career workers in their 40s and 50s and the additional $500 SF credit for those 40-60yrs.

“The measures announced will help both businesses and workers in that the stabilisation and support programme will help defray business costs and the training and employment subsidies, credits, and funding will help in the enhancing the employment and employability of workers (ranging from the young and mid-career to re-employed workers).”

Soh Pui Ming, Singapore Head of Tax, Ernst & Young Solutions LLP:

“Overall, Budget 2020 is a balanced one for extraordinary times. Budget 2020 showcased the government’s foresight in recognising that the twin drivers for Singapore economic transformation would be led by empowering the people of Singapore to learn and adapt, while incentivising enterprises to grow, transform and embrace our evolving workforce.”

Mr. Samir Bedi, EY Asean Workforce Advisory Leader:
“The Industry Digital Plans for the 23 industries’ transformation will help organisations deepen capabilities to innovate and remain relevant, and help people to define the digital skills required to achieve their fullest career potential.”