5.1 Mr Speaker Sir, the plans I have laid out for CPF and Workfare represent the Government’s commitment to address the dislocations caused by globalisation and ensure a sense of cohesion and financial security among Singaporeans. We are also making major new investments in our social and economic infrastructures. At the same time, we want to be able to reduce direct taxes to enhance our competitiveness. To do all this, we must therefore raise additional revenues. I will now map out our plans on the revenue front.