Singapore Government to provide support for SMEs

SMEs to get more support

PM Lee at the National Day Rally 2013 (Image source: http://www.todayonline.com)

In his National Day Rally speech last night, Prime Minister Lee Hsien Loong said that Singapore has reached a turning point. This signalled a time for change and PM Lee highlighted some areas that the government can look at to support individuals. Some of these areas for change include public services like housing, education and heath-care, with three important focal points:

  • strengthening of  social safety nets
  • providing every citizen a fair share in the nation’s success
  • keeping paths upwards open to all

For businesses (mentioned in the Chinese speech), especially the small and medium enterprises (SMEs), the Government understands the challenges that they face, and will try its best to help. While the foreign worker numbers must still be controlled, the Government will help SMEs find a way to make it. One area is to help them raise productivity with the three-year, $5.3 billion Transition Support Package announced in Budget 2013. And while SMEs may not be aware, the Government agency Spring Singapore also has many schemes to help SMEs

PM Lee also mentioned that Minister of State for Trade and Industry Teo Ser Luck will also be meeting different business representatives to find out how to better support SMEs.

What does this mean for the Human Resources sector? How can we leverage on these changes? Share your opinion in the comment box below or send us a note at the contact page.

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