Heng Swee Keat

Heng sees solid Southeast Asia growth despite risks
(Apr 8): Singapore and other Southeast Asian economies are poised to remain resilient in the face of increasingly dour signs on the global economy, said Finance Minister Heng Swee Keat. Economies in the 10-member Association of Southeast Asian Nations “and Asean as a group both continue to grow quite well even this year and next,” Heng told Bloomberg Television’s Haslinda Amin on the ...
Cautious Budget spending necessary for long-term planning: Heng Swee Keat
SINGAPORE (Mar 4): Singapore may have accumulated huge surpluses during the current term of government, but that does not indicate an upcoming spending spree. The surpluses will also not be used to stall an impending Goods and Services Tax hike due to happen from 2021 to 2025. On Feb 28, in rounding up parliamentary debate on the broad fiscal principles of this year’s Budget, Finance ...
What huge surpluses mean for Singapore's future
SINGAPORE (Mar 1): Singapore may have accumulated an estimated surplus of $15 billion during the current term of government, but this does not indicate an upcoming spending spree. For one, the surpluses will not be used to stall an impending Goods and Services Tax (GST) hike due to happen from 2021 to 2025. On Feb 28, in rounding up parliamentary debate on the broad fiscal principles of ...
Winners and losers from Singapore's budget as election looms
SINGAPORE (Feb 19): Singapore Finance Minister Heng Swee Keat boosted health-care and military spending, gave tax rebates to citizens and tightened rules on foreign workers ahead of an election that could come as early as this year. Heng announced a new $8 billion support package for seniors in his budget speech on Monday, as well as measures to help local businesses adopt new technologies. ...
$1.3 bil worth of initiatives launched to commemorate Singapore bicentennial
SINGAPORE (Feb 18): In commemoration of Singapore’s bicentennial this year, the Singapore government is introducing two special initiatives to "support the spirit of giving back” in the form of a $200 million Bicentennial Community Fund, as well as a $1.1 billion Bicentennial Bonus. The Bicentennial Community Fund will provide dollar-for-dollar matching for donations made to Institutions ...
Lower-wage, older workers to receive greater support amid tighter labour market
SINGAPORE (Feb 18): Lower-wage and older Singaporean workers aged 55 and above will receive more support with the introduction of the Budget 2019 measures, announced Finance Minister Heng Swee Keat during his Singapore Budget speech today. For one, enhancements be made to the current Workfare Income Supplement (WIS) scheme, which provides cash payouts and CPF top-ups for workers whose earnings ...
More benefits for local workforce from enterprise initiatives; services to undergo foreign worker quota cuts
SINGAPORE (Feb 18): Starting from April 1 2020, Singapore will require all transformation efforts supported by Enterprise Singapore’s Enterprise Development Grant to include positive outcomes for workers, such as wage increases.   To help firms adjust to this change, the 70% funding support level for the Enterprise Development Grant, which is due to lapse after March 2020, will be ...
Singapore to invest $15.5 bil in defence, security & diplomacy efforts
SINGAPORE (Feb 18): The Singapore government has committed to invest some $15.5 billion – which is equivalent to about 30% of its total expenditure this year – to support the city state’s defence, security and diplomacy efforts. “This spending is significant, but indispensable. We will invest more, if the need arises, to protect the sovereignty of Singapore and the well-being of ...
Singapore plans cautious budget ahead of election
SINGAPORE (Feb 18): Singapore Finance Minister Heng Swee Keat will aim to strike a delicate balance in Monday’s budget: preaching fiscal prudence while doling out more social spending ahead of elections that could come as early as this year. While not expected to be as headline-grabbing as last year -- when Heng flagged a hike in the goods-and-services tax -- the 2019 budget will cover a ...
Singapore's aged in line for pre-election budget bonus
SINGAPORE (Feb 11): Singapore's elderly are primed to benefit from a generous budget unveiled next week, analysts say, as the government prioritises the needs of a fast-ageing population ahead of an election expected as soon as this year.   As pressure grows on more of the elderly to stay in the workforce beyond retirement age, the low-tax finance hub is set to try and assuage rising ...