Singapore is introducing measures to help small and medium enterprises “restructure, attract local workers and grow,” Finance Minister Tharman Shanmugaratnam said in a budget speech in Parliament today, reported Bloomberg.
Employers will receive a special employment credit for their Singaporean workers who are above 50 and earning up to $3,000 a month, he said. Those earning between $3,000 and $,4000 will receive a lower employment credit.
The plan will cover almost 350,000 workers and provide employers with benefits of about $470 million a year, Shanmugaratnam said.
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