SME Committee makes Budget recommendations to help struggling SMEs
As small and medium enterprises (SMEs) are struggling with high costs and a tightening labour market, the SME Committee has made a list of 33 recommendations that it hopes the Government will include in the upcoming annual Budget.
The recommendations encompass five areas: the cost of doing business, manpower and productivity, financing, internationalisation and market access and innovation.
To help SMEs manage the rising cost of doing business, the SME Committee, which is led by the Singapore Business Federation, has suggested, for example, that the Government delay further increases in foreign worker levies and provide an ample supply if affordable and generic no-frills industrial facilities for SMEs.
In the area of manpower and productivity, the committee recommended that the Government help businesses to actively employ locals and widen existing Government schemes to encourage more SMEs to adopt productivity programmes.