Already, manpower costs are at the top of businesses' list of challenges, advancing from sixth place in the previous year's survey. Nearly half of the companies said they are grappling with stricter manpower policies and regulations, such as cuts in the foreign worker quota. About 44 per cent of them also have trouble hiring from a limited pool of local high-skilled talent.
"These concerns are reflected in businesses' priorities for the Budget 2020," SBF said."Many are seeking tax rebates to help upskill staff." Corporate or personal income tax rate reductions as well as corporate tax rebates have therefore topped companies' Budget wishlists, going by the survey. Firms also hope the government will promote and incentivise more industry-related training, and that government agencies will provide easier access to information and resources.The annual survey was conducted between August and October 2019, and participants comprised local and foreign-owned companies operating in Singapore.
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