Singapore Budget 2023 commentary

Singapore Budget 2023 Commentary

People, progress and purpose

Themed “Moving forward in a new era”, Budget 2023 is largely focused on building capabilities and seizing new opportunities in a new era of global development, with support for young families and continued assistance for the more vulnerable groups to cope with rising cost of living.

Hear from our PwC professionals about what stood out for them in this year’s Budget and what it means for businesses.

Support for E-commerce

Singapore Budget 2023 quick bites: Growth for SMEs

Given the increasing pressure in inflation, Small Medium Enterprises (SMEs) are experiencing additional challenges. The extension of the Enterprise Financing Scheme and newly introduced SME Co-Investment Fund have been put in place to help businesses tide through the rising costs. Let’s take stock on these measures

Growth for SMEs

Singapore Budget 2023 quick bites: Moving beyond environment

Budget 2023 highlights our social compact and more support is set to be given to companies that employ individuals with disabilities and ex-offenders under the Enabling Employment Credit. Focusing on the S pillar of ESG, our Sustainability and Climate Change Leader, Fang Eu-Lin walks us through her views and what are

Moving beyond environment

Singapore Budget 2023 quick bites: Workforce capabilities

Job-Skills integrators were suggested by the Government in the Budget announcement to link up industry, training and employment facilitation partners to ensure workforce training translates into positive outcomes. Get a better understanding of this scheme/approach from Martijn Schouten, PwC Southeast Asia

Workforce capabilities

Post-pandemic, in a new era of volatile global development, a key focus of Budget 2023 is on strengthening the workforce and enterprise capabilities to capture new opportunities and to strategically move our economy forward. The Government has enhanced measures to strengthen our society, encourage greater inclusiveness, as well as reaffirming our social compact and shared purpose.

Like many other economies, Singapore faces a talent and skills crunch across many sectors and industries. In aligning with the Forward Singapore exercise to equip and empower our people and to maintain Singapore’s competitiveness, our workers and businesses can tap on the Job-Skills Integrators and additional funding in the National Productivity Fund to seize new opportunities and create better paying jobs.

As our economy faces new challenges such as high inflation, supply chain disruptions and a heightened state of global competition, the Government made sure that young families and the more vulnerable groups are taken care of so that, truly, no one will be left behind. Additional measures were also introduced to ensure retirement adequacy and continued support for lower income households with enhancements to the Assurance Package and GST-Voucher schemes. The objective of the Government is clear - we make progress as a nation together, through good times and bad.