LATEST NEWS- BUDGET DEBATE (ACE BLOG POST)

Singapore's budget is aimed at the long term, quoted Mr Tharman Shanmugaratnam, Singapore's finance minister. What he said was that the major investment for this year's budget was to put Singaporeans on a path of superior skills, with quality jobs and higher income. Basically, there are 2 major themes in his response in accordance with the Budget debate.
- Investing in productivity
- Investing for inclusive growth

Now, in contrast with the resilience package last year, all companies, no matter how big or how small are investing in innovation and upgrading will benefit more.

• Focus benefits on growth- seeking businesses

"The measures this year aim to get businesses invest in innovation, and to upgrade their operations and develop the skills and potentials of their workers," said Mr Tharman.
With the Productivity and Innovation Credit (PIC) scheme, it will let businesses benefit, with profit and taxable income, but let growing businesses become profitable eventually.

• SMEs( Small Medium Enterprises)
  

The $ 300,000 for the PIC is aimed at making sure SMEs ( Small Medium Enterprise) benefit the most.


My take on the Budget Debate 2010:

What I think of the budget is that it is too company-centered and the government does not think of the workers and they still believe that the workers will benefit from the grant issued to the company. Although it is obvious that money is given to the companies, it is always the company that make the gains. Whether the employees or workers will get a pay rise depends on the companies.Although it is true that the Singapore government does help the needy by giving them at least some medical subsidies and temporary financial support in times of need. I feel that the Budget should have a equal and balanced focus on businesses and the citizens of Singapore.

To read about this budget debate, visit this link