The Budget Statement 2014 was delivered by Deputy Prime Minister and Minister for Finance, Mr Tharman Shanmugaratnam, in Parliament on Friday, 21 February 2014.
The two key MOM announcements are:
Increase in Medisave and CPE contribution rates
There will be an increase in Medisave contribution rates for all workers and an increase in CPF contribution rates for older workers.
For details, refer to the factsheet on CPF contribution rate changes and related assistance measures for employers.
Measures for retaining skilled foreign workers
To encourage employers to retain skilled foreign workers:
- The maximum employment period will be extended for ‘Higher Skilled’ (R1) Work Permit holders from Non-Traditional Sources and the People’s Republic of China in the Construction, Marine and Process sectors.
- A new scheme called the Market-Based Skills Recognition Framework for the Construction sector will be implemented to allow ‘Basic Skilled’ (R2) Construction Work Permit holders to upgrade to R1 status.
- The foreign worker levy rate for R2 Construction Work Permit Holders will be raised.
For details, refer to the press release on Measures to raise the quality and productivity of the foreign workforce.
Find out more
Get updates on the Budget by visiting the Singapore Budget 2014 website.