Finance Minister Heng Swee Keat shared that the Government expects to spend $4.6 billion over the next three years on the enhanced economic capability-building measures in Budget 2019.
$3.6 billion will go towards helping workers to thrive amid industry and technological disruptions and $1 billion will go towards helping firms build deep enterprise capabilities.
Talking about the Government’s efforts to improve the lives of current and future generations of Singaporeans, Mr Heng said Singapore’s approach to social development has served the country well.
This includes the investment in its people, making quality education and healthcare accessible, and providing quality living environment and targeted support for the less advantaged.
Mr Heng said, over the past decade or so, Singapore has significantly increased in social spending, adding that social ministry expenditures have doubled from $15 billion in FY2009 to $30 billion in FY2018.
Featured Image Credit: Singapore Guide