(Reuters] – Below is a selection of excerpts from Singapore’s budget proposals for 2022, which Finance Minister Lawrence Wong presented to parliament Friday.

SUPPORT PACKAGES

– I recognize that some sectors of the economy are still in trouble, even though the outlook overall is optimistic. Through a S$500million ($372.61 Million) job and support package, I’ll help our employees and businesses in these areas.

– All of this amounts to S$560 Million to aid Singaporeans with utility bills, daily necessities and education.

SPENDING & REVENUE

“On the spending side, our requirements are substantial and growing. By 2030, we anticipate that government expenditures will increase to over 20% of GDP. Healthcare will receive the majority of this growth in expenditures.

– “On our revenue side, we wouldn’t have enough to pay additional spending… In this budget, we are making substantial improvements in the tax system. This budget will make tax adjustments that increase revenue, and create a more equitable revenue structure. Everyone contributes and helps to build a strong economy.

INVESTMENT AREAS

“This budget will make the changes necessary to ensure that new capability investments are made, to advance our green transition, to review and strengthen social contracts, to create fairer and more resilient structures, among other things.”

“We will also invest into future technologies, such as 6G, in order to ride the next communication and connectivity wave.”

“In addition to infrastructure improvement, I will reserve an additional S$200million over the next few years for schemes enhancement and building digital capabilities in our workers and businesses.”

LABOUR

“We will revise the employment pass framework (EP) holders.” The EP holders must be senior executives and professionals who are able to contribute to the economy and sharpen our skills.

“From September next year, new EP applicants will have to earn a minimum of $4500. This is an increase of $5000 from current levels. This will increase the minimum qualifying salary for those in the financial industry that have higher salaries from $5,000 to $5,000.

“We will improve our assessment of EP applications beyond the qualified salary to enhance the complementarily, diversity and certainty of foreign workers and increase transparency and accountability for businesses.”

“Let me emphasize that Singapore will remain open and accept talent from all over the world. These adjustments to our foreign worker policy are primarily for the large middle of the workforce.

GREEN COMITMENTS

– “We believe we can bring forward our net zero timeline. Therefore, we will increase our goal to reach net zero emissions around the middle of this century.

– “The journey towards net zero requires significant economic restructuring as well as changes to how we live, work and play in the future. There will be many choices for everyone. You may need to invest in expensive ways.”

We aim to raise $35 billion of green bonds in 2030, to finance public sector green infrastructure. It will also include bonds issued by the government, as well as statutory bodies.

($1 = 1.3419 Singapore dollars)