Singapore Budget 2013
Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam on Monday unveiled Budget 2013 which sets out the strategies and directions for building a better Singapore.
Mr Tharman said Singapore needs to restructure its economy to raise productivity and achieve quality growth.
To do so, the Government will introduce a S$5.9 billion Quality Growth Programme to help businesses to upgrade, create better jobs and raise wages.
The three-year programme includes a new Wage Credit Scheme to encourage companies to share productivity gains with their workers in the form of higher wages.
The Government will also provide S$1.7 billion to help households cope with the increase in cost of living. This includes an additional Goods and Services Tax (GST) voucher for low-income and middle-income families.
Mr Tharman also revealed significant enhancements to Workfare for lower-income and older workers, and a review of healthcare financing to keep it affordable, especially for older Singaporeans.
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