National Productivity Fund utilizes $500M for 2010 drive

The National Productivity Fund used up about S$500 million in 2010 to boost productivity.

The money will help productivity initiatives for the first 5 years, said Mr Teo Chee Hean, Deputy Prime Minister and chairman of the National Productivity and Continuing Education Council in Parliament yesterday.

Another S$1 billion will be topped up to the NPF.

Also, blueprints identifying shortfalls and recommendations to boost productivity in seven sectors have been given the stamp of approval by the NPCEC so far. These sectors are electronics, precision engineering, construction, retail, food services, hotels and logistics and storage

A total of 12 sectors were identified in 2010 to raise their game, based on their potential for productivity gains, Gross Domestic Product contribution and employment size.

The NPCEC has also endorsed the productivity roadmap for the landscape industry, which comes under the Admin and Support Services sector.

Mr Teo emphasised the need to monitor, track and review how the productivity roadmaps are implemented in the various sectors.

In 2011, the NPCEC wants to help companies innovate to create value; benefit from collaborating on a sector, industry or national level; improve management know-how; and encourage continuous learning and improvement.