A forward-looking Budget for Singaporeans

Shortly after Deputy Prime Minister and Minister for Finance Tharman Shanmugaratnam delivered his Budget 2015 speech, the NTUC issued a statement which applauded the budget for “being forward-looking, and one which caters for the future needs of workers and businesses.

workers

In fact, since last year the Labour Movement had called on the Government to introduce new measures to help workers.

Here are some of the recommendations which the NTUC put forward and were accepted by the Government:

Retirement Adequacy

CPF.budget2015

 “We are also pleased that the Government has heeded our calls to increase the contribution rates for workers aged above 55. These additional contributions into their Special Accounts will allow them to better build up their retirement savings.”

– NTUC Assistant Secretary-General Cham Hui Fong

 

Future-Ready and Future-Proof Workforce

SkillsFuture.Budget2015

 “…notable are the steps towards building future-ready Singaporeans via the slew of SkillsFuture initiatives such as training awards and fellowships to deepen one’s skills, higher training subsidies for mature Singaporeans and the SkillsFuture Credits all of which will cultivate a spirit of lifelong learning, encourage CET, support second-killing and raise productivity.”

– NTUC Assistant Secretary-General Patrick Tay

 

Focusing on Innovation

Productivity.budget2015

 “We also encourage companies to make full use of the two-year extension of the Wage Credit Scheme, which will release resources for companies to invest in productivity enhancements and share productivity gains with their workers.”

– NTUC President Diana Chia

The NTUC also applauded the Government’s reassurance that the pace of tightening of foreign worker growth remains unchanged.

It added that the Budget announced yesterday will alleviate the pressures faced by the sandwiched class of middle-income families, by extending help in the areas of retirement, rising costs of living, building future skills, caring for elders, and children’s education.

 

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