PwC Singapore and SBF call for enhanced support to strengthen local businesses amid economic uncertainty

SINGAPORE: In a collaborative proposal for Budget 2025, PwC Singapore and the Singapore Business Federation (SBF) are urging greater government initiatives to help businesses navigate ongoing challenges and maintain competitiveness on the global stage. The joint proposal, titled “Forging Ahead with Confidence in Uncertain Times,” stresses the importance of supporting workforce development and alleviating business costs to ensure a future-ready, resilient economy.

Upskilling and cost alleviation – keys to business resilience

According to the Singapore Business Review, the proposal advocates for targeted measures to enhance the skills of Singapore’s workforce through enterprise-driven initiatives. These efforts, they argue, will empower businesses to adapt to evolving industry demands while ensuring a robust talent pipeline. Among the recommendations are a one-off property tax rebate of up to 50% for non-residential properties, aimed at reducing the financial burden on businesses, and an extension of wage support under the Progressive Wage Credit Scheme to mitigate rising operational costs.

Additionally, PwC Singapore and SBF are calling for enhancements to the Productivity Solutions Grant (PSG), which would offer small and medium-sized enterprises (SMEs) greater flexibility in adopting modular, tailored digital solutions. This would enable SMEs to boost productivity and remain competitive in an increasingly digital economy.

New grant to drive transformation and fair payment practices

To further promote business growth and sustainability, the two organizations propose the creation of an Enterprise and Workforce Transformation Grant. This new initiative would provide up to $100,000 per enterprise, aimed at supporting job redesign, productivity improvements, and upskilling efforts across various industries.

Addressing another significant concern for SMEs, the proposal also recommends the introduction of a national Prompt Payment Code of Conduct. This would tackle the persistent issue of delayed payments, which has placed considerable strain on smaller businesses, by promoting fair and timely payment practices.

Taken together, these recommendations underscore a holistic approach to fostering a thriving business environment. By integrating strategies to manage costs, enhance productivity, and support workforce development, PwC Singapore and SBF are charting a path to ensure long-term success and sustainability for Singapore’s business community.