How the upcoming Budget 2013 will affect companies

As labour force growth rate dips to just 1-2%.

According to DBS, it expects many measures to help companies offset the transition costs from the ongoing restructuring and to boost productivity.

Companies can expect more generous productivity enhancement measures and the streamlining of existing assistance schemes.

In addition, the Population White Paper has pointed out that the labour force growth rate will moderate to 1%-2% in the coming decades, from the existing 3.3%.

Here's more from DBS:

Inflows of foreign workers will also shrink to 50K per year, from an average of about 80K per year over the last five years. This suggests further curbs on low wage foreign workers despite the existing labour crunch.

Tighter labor supplies will mean slow growth in the near-term and we believe that the pace of tightening will moderate to allow companies more time to restructure.

Moreover, some tweakings in the mid-skilled segment (i.e., employment pass 2 and S-pass holders) is also possible to cater to the rapidly rising number of Singaporean Professionals, Managers, Engineers and Technicians (PMETs).

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