SICC’s Response on the Singapore Budget 2015
Singapore, 23 February 2015 – The Singapore International Chamber of Commerce (SICC) welcomes the targeted focus announced in the budget statement on developing skills and competencies via SkillsFuture. Boldness is needed to achieve sustained innovation and productivity improvement and this is a bold step. It encourages and incentivizes mindset change among employers and employees alike. SkillsFuture recognizes that a continuing process of acquiring and polishing skills is the only way to achieve mastery in any field. The Chamber’s European MNC members have much experience with this model. They and other members are ready to support the PACT initiative to help SMEs in their supply chain. SICC wishes everyone involved in SkillsFuture deserved success.
The modest increase in the salary cap for CPF contributions was expected as were the increased contribution rates. Both are fair and just.
As expected, last year’s socially inclusive message has been continued in budget 2015. Thanks to good housekeeping Singapore is in the enviable position of having sufficient funds to launch additional support via the Silver Support Scheme. The planned increase in personal taxation rates for the top income earners is clearly a calibrated risk given lower rates elsewhere.
About the Singapore International Chamber of Commerce
The Singapore International Chamber of Commerce (SICC) is Singapore’s and the region’s most established independent business association. Founded in Singapore in 1837 its mission then and now is to represent business interests in Singapore to help maintain a vibrant economy. SICC delivers its mission by building greater mutual understanding between business and policy makers. Always seeking win-win, practical outcomes, SICC also takes thought leadership positions on human capital related issues including productivity. The Chamber’s members represent the diversity of the Singapore business community: foreign and local MNCs and SMEs. With members from 40 nationalities and over 20 industry sectors SICC remains the voice of international business in Singapore.
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