The proposals to attract more accounting talent were put forward in a report by the Accountancy Workforce Review Committee on May 10.
Ms Indranee Rajah, Minister in the Prime Minister’s Office, said at the report’s launch event on May 10 that young accountants feel that their starting pay lags behind that of their peers, even as they have to work long hours, especially during the peak season. Ms Indranee, who is also the Second Minister for Finance and National Development, noted at the launch at ISCA House in Cecil Street that some of the major accounting firms have committed to reviewing their starting salaries, without elaborating further.
Starting from 2024, polytechnic graduates who have completed the relevant subjects in their polytechnic programme will get an exemption for the Singapore taxation module in the foundation programme, in addition to the principles of financial reporting module from which they are already exempted. The report’s other key recommendations include an initiative by Ngee Ann Polytechnic later in 2024 that will help non-accountancy graduates build a skills foundation by working in accounting firms for three to four months.