Budget 2016 must not be viewed in isolation, but as one that builds on measures that were laid out in the years before, said Minister in the Prime Minister’s Office Chan Chun Sing on Thursday (Mar 31).
Mr Chan was speaking at an event to recognise companies that have reinvented human resource practices and improved productivity.
“If you look through the Budgets of the past few years, you will find a common thread – and that is – we are working very hard to transform our economy, to transform our companies,” said Mr Chan, who is also Secretary-General of the National Trades Union Congress (NTUC). “So while in the short term we are facing some cyclical headwinds, because of the global economic environment, we need to press on with the restructuring for the longer term.”
Mr Chan said the slowing global economy provides an opportunity for companies to reorganise themselves better, so when the upturn comes along, they will have the know-how to ride the wave, and pull ahead.
That is what Budget 2016 hopes to help them do.
“Despite the general outlook, there will still be opportunities for those who seek them,” he said. “And the distinguished entrepreneur, the distinguished businessman, is not one who just does well when times are good. In fact, when times are bad, it really allows us to pull apart those who are really good, from the rest who are just average.”
Mr Chan said the Government wants to partner small and medium enterprises (SMEs) to position them in the strongest way for the next lap of economic development. He added that the labour movement will also work with its partners to help workers improve their skills.
new source: channelnewsasia.com
