PROGRAMMES | LUMEN
17
Because of this , the panelists stressed the need to constantly upgrade one ’ s skills to stay relevant and employable . Accordingly , the government will provide training platforms such as the professional conversion programmes like Adapt and Grow , where training grants and funding are available for individuals and for employers respectively to upgrade workers ’ skills .
Additionally , to improve our citizens ’ job prospects and keep reliance on foreign labour at an acceptable level , quotas on foreign labour have been tightened , thus creating more job vacancies for Singaporeans . Although it may be cheaper to hire foreign labour , the government also has to consider local workers ’ employment and racial representation in the workplace . Despite the possibility that the tightened quota will result in higher cost of production for many labour-intensive firms , especially those in the retail and service sectors , it will encourage firms to become more efficient through automation and to move into higher valueadded activities . This would also help to prevent income inequality from developing into a more serious problem in Singapore by ensuring there are sufficient good-paying jobs for everyone . Another issue that is addressed by the
government is the ageing population which will result in declining productivity in the economy and slower economic growth . In order to help
“
important issues like growing skill obsolescence and an ageing population are also addressed in the budget – an option that is available to the Singapore government unlike many other developed countries with chronic budget deficits .
“ workers stay in the workforce for longer periods , the government requires employers to compensate the mature worker in the case of dismissal , making it costly for employers to do so . However , the government understands that it may be inefficient for companies to hire mature workers and thus grants are given to incentivise employers to continue hiring such workers . Should the workers still find themselves unemployed , they may seek help from agencies such as NTUC ’ s Employment and Employability Institute ( E2I ) and WorkPro Programme that promotes skill upgrading and provides information between employers and employees to facilitate the re-employment of these mature workers . These policies and structures should help alleviate a rapidly ageing labour force .
Overall , the Singapore budget in the current fiscal year aims to build a “ strong , united Singapore ” against unprecedented economic and political uncertainties . The government continues to skilfully allocate the country ’ s scarce resources among competing ones by carefully weighing the cost and benefit of every dollar spent . Hence , strategically important sectors like Healthcare , Education and Defence continue to be prioritised in terms of government spending . But , investments are also made to further build the capabilities of the Singapore workforce in the digital age of the fourth industrial revolution . Meanwhile , important issues like growing skill obsolescence and an ageing population are also addressed in the budget – an option that is available to the Singapore government unlike many other developed countries with chronic budget deficits . Overall , it was a transformative budget that will help Singapore stay relevant and competitive amidst a rapidly changing new world order .
Facing page ( bottom ): Second Minister for Finance and Education Ms Indranee Rajah ( 4th from left ) and Reach Chairman Mr Sam Tan with participating Year 6 students from SJI
This page ( top left ): Second Minister for Finance and Education Ms Indranee Rajah ( 4th from left ) and Reach Chairman Mr Sam Tan with participants of the Reach Budget 2019 Dialogue Session .
This page ( inset ): Second Minister for Finance and Education Ms Indranee Rajah speaking with SJI student participants , Justine Koy , Glenda Goh Ning En and Gareth Chong Hao-Chun
This page ( bottom left ): Guo YuHao poses a question during the Reach Budget 2019 Dialogue Session .