President welcomes Singapore government's budget for 2024
The Singapore National Employers Federation (SNEF) expressed its gratitude for the government’s proactive measures aimed at bolstering the resilience of businesses and workers amid escalating uncertainties and rising costs. Dr. Robert Yap, president of SNEF, highlighted the significance of these initiatives in navigating challenges while fortifying the nation’s economic competitiveness and vitality.
He commended the government’s commitment to enhancing productivity and competitiveness through a series of strategic interventions. The $2 billion injection into the National Productivity Fund was welcomed by SNEF, as it facilitates initiatives to augment productivity measures and foster continuous education and training for the workforce.
SNEF endorsed the extension of the SkillsFuture Enterprise Credit, recognizing its pivotal role in assisting employers in defraying costs associated with workforce and business transformation endeavors.
Dr. Yap also lauded the inception of the SkillsFuture Level-Up Programme in Budget 2024, designed to empower Singaporeans aged 40 and above with a $4,000 SkillsFuture Credit top-up. This initiative aims to equip mid-career individuals with enhanced employability skills, thereby enhancing their career resilience and adaptability.
Uplifting lower-wage workers in budget 2024
Furthermore, SNEF highlighted the importance of sustaining efforts to uplift lower-wage workers. While acknowledging the challenges posed by the increase in the Local Qualifying Salary (LQS), Dr. Yap emphasized the importance of the enhanced Progressive Wage Credit Scheme (PWCS) in mitigating cost pressures for employers.
Addressing retirement adequacy for senior workers, SNEF welcomed the government’s decision to increase CPF contribution rates for employees aged 55 to 65 by 1.5% in 2025. This move is anticipated to bolster retirement preparedness among senior workers. It was recommended by SNEF as part of the Tripartite Workgroup on Older Workers, the news release said.
Dr. Yap emphasized the importance of collaboration among tripartite partners in fostering a resilient and dynamic economic landscape. He reiterated SNEF’s commitment to supporting employers in business transformation endeavors and workforce upskilling initiatives.
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