Singapore’s Budget Day on 25 Feb

SINGAPORE: Budget Day this year will be on 25 February.

Finance Minister Tharman Shanmugaratnam announced this to the media at a community event on Saturday evening.

Mr Tharman said his ministry will be giving more support to businesses faced with a tight labour market.

He noted the concerns of businesses.

These include not being able to find manpower and rising costs.

Mr Tharman said the Budget will help businesses on the cost side of things.

Companies can expect more help in their efforts to restructure and improve productivity.

He stressed that businesses have to make the transition even though it will be painful.

Mr Tharman said: "We can’t let up the pace of restructuring. We can’t take a break from tighter foreign labour policies. We can’t take a break from restructuring the economy because that’s not about a one—, two—year journey. That’s going to take up much of this decade. Restructuring — so that we get to a higher level of productivity and wages. Otherwise, five years from now, we will be listening to the same problems. We will be in the same situation."

On the social side, Mr Tharman said he has received good feedback from the Our Singapore Conversation.

Foremost on people’s mind is the high cost of living.

Mr Tharman said housing, childcare, and healthcare remain important priorities for the government.

A live webcast of the delivery of the Budget Statement will be available at the Singapore Budget website (http://www.singaporebudget.gov.sg).

The Budget Statement will be uploaded on the Singapore Budget website after the speech has been delivered in Parliament by Mr Tharman.

To receive the Budget Statement via email after it has been delivered, members of the public can visit the Singapore Budget website to subscribe to the Budget Statement mailing list. This free service will be available for subscription from 28 January till 22 February.

— CNA/ir