Singapore Budget 2019 to focus on companies, technology, workers and social policies

Singapore Budget 2019 will focus on three major areas including workers, companies and technology. A major section will also be devoted to social policies, revealed Finance Minister Heng Swee Keat.

Speaking on the sidelines of a visit to FairPrice Distribution Centre at Benoi, Heng said, “In particular, the Budget will focus on helping companies deepen capabilities so they can stay competitive and productive.”

“It will also focus on helping workers learn new skills so that they can enjoy better jobs and pay,” he added.

Finance Minister of Singapore Heng Swee Keat. Photo courtesy: alumni.christs
Finance Minister of Singapore Heng Swee Keat. Photo courtesy: alumni.christs

The Finance Minister also stated that help will be given to enterprises to seize opportunities that are growing in the Asian region.

“The Singapore economy is very open, so we need to look at what we can do to create partnerships all round the world so that we can again achieve the best possible results for our companies and our workers,” said Heng.

The Finance Minister also said that a major section of the budget will be devoted to social policies including Merdeka Generation and celebration of the bicentennial.

“In particular, I will be announcing details on our Merdeka Generation package, as well as some reflections on how we are celebrating our bicentennial. It is a major event, and I hope that we reflect on the past so that we can plan for a better future,” said Heng.

The Minister also emphasised that there is a need to encourage all businesses and workers to embrace technology.

He also cited the example of FairPrice which has seen positive results with the adoption of technology. The company has used machines such as the Automated Storage and Retrieval System (ASRS), which uses robotic technology and autonomous vehicles mounted on a monorail system to enable automatic transportation of pallets of goods.

The new system has twice the productivity rate of a conventional distribution centre relying on manual pallet movers.

Author
Ashraf Jamal
Ashraf Jamal – Senior Writer

Ashraf Jamal brings a rare depth to writing equipped with a degree in journalism, a postgraduate degree in political science, and a degree in law from the Allahabad University. His experience includes editing and publishing the Northern India Patrika and writing for Times of India for almost a decade covering just about any topic under the sun including NRIs and Indian diaspora.

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