SRA Media Statement on Budget 2024

February 19, 2024

MEDIA STATEMENT (For Immediate Publication)


Friday 16 February 2024 [Singapore] – The Singapore Retailers Association (SRA) sees Budget 2024 as one that is balanced in managing societal & business needs amidst ongoing challenges in a ‘troubled environment”. The Enterprise Support Package (ESP) comprising corporate income tax rebate and cash grant for companies that employed at least one local employee in 2023 will provide immediate relief as companies manage escalating costs of operation.

With working capital loan quantum permanently increased to $500,000 for the Enterprise Finance Scheme (EFS-TL) and the SkillsFuture Enterprise Credit extended by another year, we hope SME retail companies can leverage on these to better explore opportunities for business & workforce expansion, locally or overseas.

As a long-term measure, the Government’s focus on lifelong learning is the right path to moving retail workers higher up on the value chain & improving their wages which is also aligned with SRA’s Roadmap for the retail industry to be the ‘beacon of light’ and do its part to future-proof the retail workforce. Just as the government in investing in its people especially the mid-career workforce, SRA hope that retail employers will also invest in its workforce and support new programmes like the SkillsFuture Level Up Programme as a means to attract & retain jobseekers into the retail industry & elevate the good image of retail work.

SRA would like to stress once again that manpower shortage has reached a critical stage and has impacted on service levels & prevented expansion domestically. We hope that the government can help mitigate this with an immediate temporary solution of increasing the quota for foreign workers for selected service trades to support the country’s efforts in attracting overseas investments & the much-needed tourism spending. This concession can be specifically extended to incentivise companies to transform and enhance productivity even whilst they continue to navigate a very challenging, troubled & high-cost business environment.




For media enquiries, please contact:


Ms Rose Tong                                                              Mr Anwar Roslan

Executive Director (SRA)                                              Manager (SRA)

HP: +65 93687878                                                      HP: +65 9169 9254

Email:                                                Email:


About Singapore Retailers Association (SRA)

Founded in 1977, Singapore Retailers Association (SRA) is today a key representative body for the retail industry which champion Business Development & Innovation, Internationalisation and Retail Talent Development. A not-for-profit non-governmental organisation, SRA is governed by a Council whose members hail from some of Singapore’s most reputed and progressive retail companies. SRA organise a wide range of year-round programmes ranging from industry events and conferences, market insights sharing sessions, training and masterclasses, local learning journeys and overseas study missions as well as professional guidance and mentorship for retailers’ brand growth and business development. The composition of its membership of about 570 reflects the diversity and vibrance of Singapore’s retail industry – Fashion Apparel/& Accessories, Furniture and Furnishings, Electrical & Electronics, Watch & Accessories, Beauty & Wellness, Telecommunications, Specialty and Food Retail, Department Stores and Supermarket/Convenience Stores.

SRA is committed to further its cause and advance the initiatives under the Retail ITM 2025 and the SRA Roadmap 2025 for the Retail Industry working in close partnership with retail stakeholders, government agencies and trade associations to foster innovation, promote globalisation and drive business growth.