During his first National Day Rally (NDR) as Singapore’s Prime Minister, PM Lawrence Wong shared how the government would be making significant changes in policies to support Singapore workers and jobseekers during the current uncertain economic environment.
Singapore’s broad middle workers matter, especially during challenging economic times
PM Wong emphasised the importance of Singapore’s broad middle to continue to prosper in Singapore, saying: “We have seen what happens in other countries when the broad middle falls behind. The centre does not hold. Societies begin to fracture and collapse.”
He added: “Do not assume this cannot happen here. It can – and will – unless we take decisive actions to prevent it.
“We need a renewed social compact where every Singaporean feels there is hope; where all citizens, even the most disadvantaged amongst us, know that they can get a fair shot in life, that they can get ahead if they make the effort and work hard.”
While many believe that the government is “obsessed with economic performance”, PM Wong revealed that it isn’t about growth at all costs or for its own sake but creating more opportunities and a better quality of life for all Singaporeans.
He shared his thoughts on the current economic climate during the NDR, revealing that Singapore’s next phase of economic development will be harder. Countries will focus on nearshoring or keeping critical industries domestic and shaping global supply chains in their favour.
What’s the Singapore game plan for employers to remain competitive in these times?
With such challenges, Singaporean workers must work even harder to stay competitive and continue to push the frontiers of innovation and productivity.
PM Wong added this is also why the country is investing heavily in research and development, new technologies, and improving our digital and physical infrastructure to strengthen our competitive age.
Speaking to many chief executives of multinational companies (MNCs) in recent months, he believes the strategy is working. Given Singapore’s reputation for stability, they are interested in growing their presence here.
“The new investments are enabling us to build new capabilities across a range of industry segments”, he shared.
Apart from MNCs, small and medium-sized enterprises (SMEs) will also get help to encourage a “spirit of innovation and enterprise”.
PM Wong shared how SMEs will be boosted by plans to do a through and proactive review of Singapore’s business regulations. This will help streamline them, lowering business costs and increase efficiencies, especially after receiving feedback from local companies on certain processes that could be improved.
And how about Singaporean workers?
The goal is to help Singaporeans quickly adapt to rapid technological advances, business demands, and processes.
He said: “Such changes will happen more frequently. We will need to change our mindset towards learning. Many of us have grown up thinking that studying and learning is all about passing exams and getting the qualifications for a job.
“That mindset has to go. We study not just to do well in an exam or get a paper qualification.
“We study to improve our skills and keep on doing better. And that process of learning and achieving skills mastery must continue throughout life.”
PM Wong admitted it would not be easy for all Singaporean workers to do this. Some are able to adapt and thrive, while others find the changes too quick and find it difficult to keep pace.
As such, he shared how SkillsFuture, introduced nearly a decade ago, will be further boosted to help all Singaporean workers keep up with professional learning.
Four key areas of focus for SkillsFuture are:
- Helping individuals make well-informed choices in education, training and careers
- Developing an integrated, high-quality system of education and training that responds to constantly evolving industry needs
- Promoting employer recognition and career development based on skills and mastery
- Fostering a culture that supports and celebrates lifelong learning
PM Wong revealed plans to provide a training allowance for those taking full-time courses under the current SkillsFuture Level Up programme from next year onwards.
- If one takes time off from work to study full-time, there will be a training allowance of up to $3,000 a month.
- Every Singaporean aged 40 and above will receive 24 months’ worth of training allowance, which totals $72,000.
- Singaporean workers can space out their training and get a fresh injection of skills whenever they need it, as they progress career-wise.
PM Wong also shared plans to extend part of this training allowance for those who choose to learn new skills part-time. The Ministry of Education (MOE) is working on this, and more details will be announced at a later date.
He also encouraged older workers, saying: “Going for training is not easy, but I assure you: you are not alone.
“The government will be there to support and help you every step of the way.
“Anyone who wants to upgrade their skills at any point of life, at any age, will be given the opportunity to do so. This is our commitment to all of you!”
Further SkillsFuture support for the involuntarily unemployed
PM Wong shared that those who suffer retrenchments or workers whose employers go bust will have the help of a new SkillsFuture Jobseeker Support scheme to help them bounce back in their careers, which will provide a total of $6,000 in temporary financial support for up to six months.
But they will have to do their part too, by:
- going for training courses
- career coaching
- and job matching services.
“These are important investments that you need to make in yourself to find better jobs,” PM Wong shared, adding: “We will help you get back on your feet, and bounce back stronger.”
He added that Minister for Manpower Tan See Leng will provide more details on this scheme later.
Speaking to all Singaporean workers, PM Wong concluded: “As our economic transformation continues, we will equip and support every Singaporean, including through setbacks.
“As our economy grows, we will have more opportunities and jobs for Singaporeans and ensure everyone benefits from our nation’s progress!”
(Main Image: MDDI)
