Singapore Budget 2012 has seen the government setting out to build an inclusive society for all Singaporeans.
To sustain future economic growth, the government will restructure and upgrade the economy by growing productivity and relying less on an expanding workforce.
Delivering the budget, Finance Minister Tharman Shanmugaratnam (pictured) highlighted how far Singapore has come in its productivity drive.
"In 1980, it took 27 workers to produce S$1 million of output while it only takes 10 workers now to produce the same level of output."
However, he added that Singapore still lags behind Switzerland and the US, which only need six and seven workers respectively.
To build a fair and inclusive society, Mr Tharman said the government plans to help the elderly live well, provide stronger support to Singaporeans with disabilities, support the education of children from low-income families and introduce a new permanent feature in the tax system in the form of GST vouchers.
Meanwhile, the government has also announced that it will manage the dependence on foreign workers by tightening foreign worker quotas.
However, construction will require significantly more foreign workers, given the upcoming housing and transport developments.
Related Stories:
Innovation is key for construction productivity: Khaw
HDB to be more active in IRH scheme
CEA receives feedback from public