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Singapore will pay for social spending $7 billion

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2014-04-26 08:46:03 - Singapore authorities intend to spend $7 billion on health care and other social benefits for the elderly.

At the same time, the government will provide more opportunities for companies from a difficult situation on the labor market.

Singapore's economy was faced with little demand on the labor market, as the amount of foreign labor have decreased significantly over the past two years. Worsen the situation and administrative obstacles to the inflow of foreign workers. Problems in the labor market, according to Finance Minister Tarman Shanmugaratnama, forcing Singaporean companies to optimize their work.

"If we try to accelerate the growth of wages in the absence of strong growth performance, we come to the high consumer prices or to weak profitability indicators. Both options have a negative impact on the business and ultimately to work - said Shanmugaratnama. - Company or

blaming the high cost of wages on to consumers by raising prices, especially in the service sector, or they will become less competitive."

More business and financial news and analysis on Singaporean banking sector can be found at

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