SCCCI unveils five recommendations to help businesses meet challenges in 2015

SINGAPORE - The Singapore Chinese Chamber of Commerce & Industry (SCCCI) has recommended five measures that the Government might consider to help businesses overcome their challenges in 2015 and beyond.

These are to:

* Widen further the coverage of the Productivity and Innovation Credit (PIC) and Innovation & Capability Voucher (ICV) schemes;

* Arrest further cost increases in foreign worker policy or tightening of quota, and offer medical and insurance subsidies to encourage the hiring of older Singaporean workers aged 55 and above;

* Engage in more consultation with trade associations or businesses before introducing new government policies to ease compliance costs;

* Provide targeted funding for small and medium enterprises (SMEs) to venture into the Asean market to seize opportunities arising from the impending single Asean market in 2015; and

* Urge government-linked companies/large corporations to create more project opportunities for SMEs' involvement to help SMEs to build track records.

Said SCCCI president Thomas Chua: "As businesses have taken concrete measures to upgrade themselves, the government should continue incentives and programmes for business to help in their transformation, and in doing so, some may emerge to become world-class enterprises."