Feb. 22 (Bloomberg) -- Singapore will spend S$5.5 billion ($3.9 billion) in the next five years to spur productivity amid an attempt to reduce dependence on foreign workers, as the government shifts its focus from minimizing the impact of the global slowdown to boosting long-term growth.The government will pledge S$1.1 billion annually through tax benefits, grants and training subsidies to improve efficiency, Finance Minister Tharman Shanmugaratnam told Parliament today in the nation’s budget speech. He also announced companies must pay higher levies to hire overseas workers, who currently account for one out of every three people in Singapore. Full Story
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