21 February 2012

On 17 February 2012, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam delivered the Budget Statement for the Financial Year 2012.

The main thrusts of Budget 2012 are to secure long term growth by raising productivity and reducing reliance on foreign labour, as well as to enhance social policy measures for a fair and inclusive society. Some of the measures consist of limiting foreign workforce growth with assistance from the Government to adjust to these measures, enhancements of the Productivity and Innovation Credit Scheme (PIC), subsidies for training, financing for internationalisation of companies, and raising the Central Provident Fund contribution rates for those aged 50 to 65, amongst others.

Full text of the budget speech can also be found at the Budget 2012 website at www.singaporebudget.gov.sg.

Source: Inland Revenue Authority of Singapore (IRAS) and Ministry of Finance (MOF).