Tharman: Silver support aims to support bottom 20% of Singaporeans aged 65 and above.
Tharman: Silver Support will add to incomes in retirement. Together, both constitute fourth pillar of social security, mitigate life's inequalities.
Tharman: Silver Support scheme - this will be a new feature. It will be a permanent scheme for today's seniors and future seniors.
Tharman: builds on top of 1% on first $60k balance. Members with low balance can earn 6% interest.
Tharman: We will make the CPF system more progressive by making 1% extra interest on the first $30k of balances of members from age 55. Change to kick in from 1 January 2016.
Tharman: Every sector needs a lift in productivity but it is especially needed in domestic sectors.
Tharman: such as construction, retail and F&B.
Tharman: There's a stark difference in the growth in where businesses compete internationally and those in the domestic market.
Tharman: All of this gain was achieved in 2010 and 2011 and growth has been negligible in the three years since then.
Tharman: Our productivity is 13 per cent higher than what it was in 2009.
Tharman: I will move on to second major plank - investing in innovation and internationalisation.
Tharman: We need new forms of industry collaboration.
Tharman: SkillsFuture challenge - to upgrade skills of SMEs.
Tharman: Skills Future study awards and Skills Future fellowships.
Tharman: We will implement these subsidies later in the year.
Tharman: Singaporeans will now be able to enjoy multiple subsidies from MOE for modular courses for all students regardless of age.
Tharman: Education and training subsidies for Singaporeans aged 40 and up will be enhanced to 90% of cost for govt and WDA-approved courses.
Tharman: We will enhance subsidies for mid-career Singaporeans.
Tharman: Starting from secondary school-time, SkillsFuture Earn and Learn programme.
Tharman: To complement this, each Singpaorean will be given an online individual learning portfolio, one-stop training and career guidance resource.