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BLOG: What Companies and Workers in Singapore Need to Know About Budget 2024

In the wake of Budget 2024, Singapore businesses and workers alike are gearing up to navigate the challenges and opportunities that lie ahead. With a focus on bolstering economic resilience, enhancing workforce capabilities, and supporting families amidst a shifting global landscape, here are the top five takeaways for both companies and workers in Singapore:


For Companies:


1. Support for Business Continuity: In the face of rising business costs and uncertainties, Budget 2024 offers additional support for companies, including start-ups and SMEs, to cope with financial strains. Measures such as the Temporary Bridging Loan Programme and SME Working Capital Loan aim to alleviate funding constraints and ensure business continuity.


2. Investment in Digital Transformation: Recognizing the importance of digitalization for sustainable growth, the budget allocates resources to encourage investments in digital infrastructure, artificial intelligence, and internationalization. This strategic focus aims to enhance competitiveness and foster innovation among businesses, particularly in emerging sectors.


3. Enhanced Skills Development: With a rapidly evolving job market, businesses are encouraged to invest in upskilling and reskilling their workforce. Initiatives like the SkillsFuture Level-Up Programme provide support for mid-career workers to acquire relevant skills, ensuring a capable and adaptable workforce ready to meet industry demands.


4. Support for Sustainability: As sustainability becomes increasingly integral to business operations, Budget 2024 offers incentives for companies to embark on green initiatives. SMEs, in particular, are encouraged to invest in carbon pricing solutions and energy conservation projects to reduce environmental impact and enhance long-term sustainability.


5. Clarity on Tax Laws: Amidst global regulatory changes, MNCs seek clarity on forthcoming tax laws, particularly with the implementation of BEPS 2.0. The budget aims to provide certainty for businesses, ensuring Singapore remains an attractive investment destination while aligning with international tax standards.


For Workers:


1. SkillsFuture Initiatives: Workers aged 40 and above can benefit from SkillsFuture top-ups and training allowances, empowering them to pursue further education and career development. These initiatives aim to equip workers with relevant skills for the digital economy and enhance employability in a rapidly changing job market.


2. Financial Support for Upskilling: Recognizing the financial challenges of pursuing extended training courses, Budget 2024 introduces a SkillsFuture Mid-Career Training Allowance. This allowance provides financial support for workers undergoing full-time training, ensuring accessibility and affordability for skills upgrading.


3. Support for Involuntary Unemployment: For workers facing involuntary unemployment, a temporary financial support scheme will be introduced to ease financial burdens during job transitions. This scheme offers assistance while individuals undergo training or search for suitable employment opportunities, providing a safety net during challenging times.


4. Enhanced Wage Support: Lower-wage workers stand to benefit from enhancements to schemes like the Workfare Income Supplement and Progressive Wage Credit Scheme. These measures aim to raise income levels, improve job security, and promote inclusivity in the workforce, ensuring fair compensation for all workers.


5. Career Development Opportunities: Through partnerships with businesses and training providers, workers can access a range of career development opportunities. Initiatives like the PACT scheme facilitate collaborations between SMEs and MNCs, offering avenues for skills transfer, innovation, and career advancement.


Budget 2024 reflects Singapore’s commitment to fostering economic resilience, enhancing workforce capabilities, and supporting social inclusivity. By empowering businesses and workers alike, Singapore aims to navigate the challenges of a dynamic global landscape and emerge stronger and more resilient than ever before.


As a trusted partner in talent acquisition and workforce development, Reeracoen remains committed to supporting the realization of these goals, both through our recruitment services and our advocacy for lifelong learning and skills development. Together, with government, businesses, and individuals working in concert, we can build a brighter, more prosperous future for Singapore.


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