Channel NewsAsia
Updated: 02/22/2014 18:16 | By Channel NewsAsia

Budget 2014 "far-sighted" in addressing Singaporeans' longer life expectancy

Budget 2014 "far-sighted" in addressing Singaporeans' longer life expectancy


Budget 2014 "far-sighted" in addressing Singaporeans' longer life expectancy

SINGAPORE: Budget 2014 addresses Singapore's long-term needs, not just immediate ones.

That's according to Minister in the Prime Minister's Office Grace Fu, who called it a "far-sighted" Budget.

"It is getting us ready for the future - that is the important message in this Budget. Not just on the personal and social side, but also on the business side. So some of the schemes there...it's for us to think about how we want our businesses to be organised, what kind of businesses and what kind of jobs we would like for the future of Singapore," she said.

Ms Fu was speaking on the sidelines of an event to promote electronic-waste recycling.

She said the increase in employers' CPF contribution rate for older workers addresses the issue of Singaporeans working and living longer today.

It will add to business costs especially for SMEs, Ms Fu said.

But the labour market is tight and wages are already going up, so employers should be able to factor in the CPF increase as they adjust wages, she said.

  - CNA/ir

Latest Photo Galleries on xinmsn

NEWS VIDEOS