SINGAPORE: In a collaborative proposal for Budget 2025, PwC Singapore and the Singapore Business Federation (SBF) are urging greater government initiatives to help businesses navigate ongoing challenges and maintain competitiveness on the global stage. The joint proposal, titled “Forging Ahead with Confidence in Uncertain Times,” stresses the importance of supporting workforce development and alleviating business costs to ensure a future-ready, resilient economy.
Upskilling and cost alleviation – keys to business resilience
According to the Singapore Business Review, the proposal advocates for targeted measures to enhance the skills of Singapore’s workforce through enterprise-driven initiatives. These efforts, they argue, will empower businesses to adapt to evolving industry demands while ensuring a robust talent pipeline. Among the recommendations are a one-off property tax rebate of up to 50% for non-residential properties, aimed at reducing the financial burden on businesses, and an extension of wage support under the Progressive Wage Credit Scheme to mitigate rising operational costs.
Additionally, PwC Singapore and SBF are calling for enhancements to the Productivity Solutions Grant (PSG), which would offer small and medium-sized enterprises (SMEs) greater flexibility in adopting modular, tailored digital solutions. This would enable S...