External Views

SG Budget 2020 Advancing As One Singapore



Deepening Partnerships

  • Our Singapore Fund
  • Expand and scale partnerships
  • SG Eco Fund
  • Partnerships on key challenges



Economic Outlook

  • Modest GDP growth of 0.7% in 2019
  • Global slowdown and growing uncertainties, with GDP forecast ofbetween -0.5% to 1.5% for 2020
  • COVID-19 will add pressure to the global economy, but full impact remains unclear

Stabilising and Supporting Our Economy in the Near-Term

  • Stabilisation and Support Package

 o Help enterprises with wage cost

  • Help enterprises with cash flow
  • Additional support for sectors that are directly affected

Maintaining Sound Finances to Respond to Uncertainties

  • Assurance Package for GST

Long-term Structural Shifts

  • Underlying social tensions, growing polarisation around the world
  • Increasing economic uncertainties, growing risks in financial markets

Addressing Climate Change

  • International commitment under the Paris Agreement
  • Cleaner-energy transportation by 2040
  • Electric Vehicle-related measures
  • Energy-efficient households and estates
  • Coastal and Flood Protection Fund

Securing Our Home

  • Invest in defence, homeland security, cyber, and data security

A Fiscally Sustainable Singapore

  • Differentiated fiscal strategy for major, long-term infrastructure, and recurrent spending needs
  • FY2019: $1.7 billion deficit (0.3% of GDP)
  • FY2020: $10.9 billion deficit (2.1% of GDP)

Global-Asia Node of Technology, Innovation, and Enterprise

Transformation and Growth Strategy

Enabling Stronger Partnerships

  • Economic linkages – Free Trade Agreements, International Investment Agreements, Avoidance of Double Taxation Agreements
  • Digital connectivity
  • Executive-in-Residence programme
  • Heartland Enterprise Upgrading Programme

Deepening Enterprise Capabilities

  • Startup SG Equity
  • Enterprise Grow Package
  • Enterprise Transform Package

Developing People for the Future

  • Asia-Ready Exposure Programme
  • Global Ready Talent Programme
  • Next Bound of SkillsFuture
  • SkillsFuture Credit
  • SkillsFuture Enterprise Credit
  • Productivity Solutions Grant for job redesign
  • Partner anchor enterprises on sector training
  • SkillsFuture Work-Study Programmes
  • Deepen workplace learning capabilities
  • SkillsFuture Mid-Career Support Package
    • Reskilling programmes
    • Hiring incentive for employers
    • Special SkillsFuture Credit
    • Career advisors
  • Senior Worker Support Package
  • Senior Employment Credit
  • CPF Transition Offset
  • Senior Worker Early Adopter Grant
  • Part-Time Re-employment Grant
  • Foreign worker policy

Supporting Families

  • MOE Financial Assistance Scheme
  • Bursaries for higher education

Care and Support Package

  • Care and Support – Cash
  • Workfare Special Payment
  • PAssion Card Top-up
  • Grocery Vouchers
  • Additional GST Voucher – U-Save
  • Grants to Self-Help Groups and Community Development Councils
  • Service and Conservancy Charges (S&CC) Rebate

Enabling Seniors

  • Basic Retirement Sum
  • Housing monetisation schemes
  • Matched Retirement Savings Scheme
  • Silver Support Scheme

Strengthening the Giving Culture

  • Community Capability Trust
  • Enabling Employment Credit
  • Top-ups to Funds

1) Profile and Plan:

• Assess senior job seekers’ employability
• Profile their motivation and competencies
• Match to potential job opportunities, and plan out training path for each individual

2) Train and Prepare:

• Conduct pre-employment training on general employable skills such as self-awareness  of employability, skills gap and training resources
• Prepare right mindset for re-employment
• Financial planning to acquire relevant financial literacy in areas such as insurance, wills,  housing requirements, existing and future healthcare expenditure base on existing  savings and required future earnings from active participation in workforce
•Practical workplace IT skills to overcome prevalent potential barrier to contribution, such  as area of work involving digital communication and collaboration

3) Place and Coach:

• Place work ready workers on the job
• Provide post placement support for workplace adaptation and integration, such as  through facilitating communication with employers.

By doing so, CFS also hopes to be the information and resource portal for employment for seniors. “We hope to complement our government’s initiatives in getting our seniors to be work ready and participating employers to be work-place ready”. said Ms Lim Sia Hoe, Executive Director, CFS.

“In Singapore’s ever evolving economy and workforce, the value of data is in the insights it can provide and the value of the employee is in their willingness to transform. IBM is proud to work with CFS and Singapore Polytechnic to create this job portal with the purpose of providing insights on the profile and needs of senior job-seekers as well as potential employers, and exploring the ideal solution that could help match senior job-seekers to potential age-friendly employers” said Abraham Thomas, Managing Director, IBM Singapore.

The CFS Platinum is also designed to be an efficient senior-friendly platform so that seniors can overcome the fear of using mobile devices (technology), which may hinder them from applying for jobs. Its user-friendly interface is easy to navigate, and makes it easier for seniors to apply for jobs online.

Mr Hee Joh Liang, Deputy Principal (Development), Singapore Polytechnic (SP) said, “This meaningful initiative has not only benefitted the seniors but it has also enabled our students to acquire greater social consciousness as well as promote inclusivity within the community, using the design thinking skills that they have learnt in SP.” Group picture taken at the launch of silverjobs.sg
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