In his first National Day message, PM Lawrence Wong outlined how his Government will take Singapore forward. – The Straits Times
SINGAPORE: Families will get more support, and help will be given to Singaporeans who have met with setbacks in employment, Prime Minister Lawrence Wong said on Thursday (Aug 8) as he set out how the Government intends to work with the people to build a better Singapore.
PM Wong said he will share plans to boost social safety nets at the National Day Rally, which will be held on Aug 18.
In his first National Day message, PM Wong outlined three strategies to take Singapore forward: Forging new opportunities for the people, redoubling efforts to keep the cost of living stable and strengthening the system of social support.
Addressing the nation in front of Sri Temasek within the Istana grounds, he said the two-storey bungalow – where his temporary office is while the main building is renovated – was where founding prime minister Lee Kuan Yew and his family spent the night of Aug 8, 1965.
Lee had tossed and turned that night before Singapore’s formal separation from Malaysia and independence, consumed with worry over how to build a nation from scratch.
What keeps PM Wong awake at night are the challenges brought by developments such as the conflicts in Europe and the Middle East, tensions between the United States and China, growing populism, economic nationalism and protectionism across the world, and politics turning vicious in many countries.
“These are powerful forces that shape our operating environment,” said Singapore’s fourth prime minister.
While Singapore has become a shining red dot on the global stage, the country cannot afford to cruise along and just rely on existing formulas, as the world has changed dramatically, he noted.
“We have to act with agility, foresight and gumption. We have to seek fresh solutions, and chart our own path to take Singapore forward.”
He devoted the rest of his message to the strategies to navigate this new world.
One of them is to strengthen social support, since there will be those who will find it hard to keep pace with the rapid changes, he said.
Singapore’s ageing population will require more help, and so will those who are “sandwiched”, having to look after children as well as elderly parents, he added.
This is why the Government is investing more in social infrastructure, including launching schemes to boost retirement adequacy and the pay of lower-wage workers, as well as initiatives like Healthier SG to take better care of seniors, he said.
“We intend to do more,” he added.
On forging new opportunities, PM Wong said Singapore is investing in research and development, as well as new technologies like robotics and artificial intelligence.
The country has also undertaken massive infrastructure projects, such as Changi Airport Terminal 5 and Tuas Port, to sharpen its competitive edge as a global logistics hub.
He said these strategies are working, with many chief executives of multinational companies telling him in recent weeks that they see Singapore as a stable, trusted and reliable base from which to grow their operations in Asia.
Many multinational companies have opened new facilities here over the past year, including Pfizer, Hyundai, GlobalFoundries and Maersk, he added.
“All these investments will propel our economy forward and create new jobs for Singaporeans,” he said.
As these will be different jobs, which will require new capabilities, the Government will work through the SkillsFuture programme, and also closely with the National Trades Union Congress and employers, to prepare workers for the future economy, he added.
He also pledged to redouble efforts to keep the cost of living stable – an issue which has been top of mind for many Singaporeans.
“Inflation is a major concern for us, as it is for many other countries. We recognise how rising prices are impacting Singaporeans coping with day-to-day expenses,” he said.
PM Wong said that while the Government cannot control global prices, it can and has shielded Singaporeans from the worst effects of global inflation by keeping the Singapore dollar strong. With higher economic growth, wages are also expected to increase in 2024, he noted.
In the meantime, the Government will continue to cushion the impact of inflation – especially on the lower- and middle-income groups – through measures such as CDC vouchers, cash pay-outs and utilities rebates, he said.
But in the long term, the key to managing cost of living is to foster innovation and improve productivity across the economy so that the increase in wages can outstrip inflation, he added. – The Straits Times/ANN
