Singapore's Budget 2017 to help companies and workers manage economic transition

Singapore's Finance Minister Heng Swee Keat on Monday delivered the Budget statement for financial year 2017, which mainly aims to help companies and workers manage economic transition.

The budget statement marked Minister Heng's first speech in Parliament since he suffered a stroke on May 12, 2016.

The finance minister said Budget 2017 outlines how Singapore can thrive in an uncertain and rapidly changing world.

"It's a call for Singapore to pull together -- the government, firms, unions, community organizations, individuals, with everyone doing their part," said Heng.

On the economic front, the minister announced some support measures to address near-term concerns. He also echoed with the strategies proposed by the country's Committee on the Future Economy by outlining plans to help companies manage economic transition and assist Singaporeans for the changing economic landscape.

Heng announced that foreign worker levy increases for the marine and process sectors will be deferred for another year.

Singapore government will bring forward 700 million Singapore dollars (493 million U.S. dollars) of public sector infrastructure projects to start this year and next to support the construction sector.

In addition, over 80 million Singapore dollars (56.4 million U.S. dollars) will be used to strengthen corporate capabilities, particularly in promoting digitization for Small and Medium-Sized Enterprises (SMEs).

As for measures for workers, Global Innovation Alliance will be introduced for Singaporeans to gain overseas experience, build networks, and collaborate with their counterparts in other innovative cities.

Heng also unveiled that Singapore government will implement a new carbon tax on the emission of greenhouse gases from 2019. Endit