Deputy Prime Minister and Finance Minister Lawrence Wong stresses the need for fiscal discipline even as S’pore looks to boost growth, employment, housing supply and lifelong opportunities for all.
Re-employment support on the cards to help retrenched workers tide over tough times
To ensure retrenched workers do not rush into the first job they find, regardless of its suitability and prospects, a re-employment support scheme is needed, said panellists at a wide-ranging roundtable discussion on Monday.
“They may want to do that because they have bills to pay, and they really need to get the finances in order, but frankly, from a system point of view, it may not be the most optimal outcome,” said Deputy Prime Minister Lawrence Wong.
Yet, finding the best-fitting job, or training for a job with better prospects, takes time, during which there might be room for the Government to step in to provide some interim support, said Mr Wong, providing the latest signal that such a scheme is in the works.
DPM Wong confident ramped-up supply, cooling measures will stabilise property market
By increasing the supply of public housing and moderating demand with two rounds of cooling measures, Deputy Prime Minister Lawrence Wong said he is confident that the property market will be stabilised.
Addressing a question on why housing prices are increasing here amid a time of slowing growth and rising mortgage rates, Mr Wong said the root of the problem is a supply issue. The Government will have to address it by increasing supply in the housing market, which is already happening, he added.
He noted that before the Covid-19 pandemic hit, the housing market – both public and private – was relatively stable, and resale prices on the public market had been decreasing for six consecutive years, from 2013 to 2019.
S’pore must maintain disciplined approach to public finances, protect the middle-income group
Singapore must maintain a disciplined approach to public finances, and if additional revenue is required to support vulnerable segments of society, the country should continue to give this support using a fair and progressive fiscal system, said Deputy Prime Minister Lawrence Wong on Monday.
He clarified that Singapore’s fiscal philosophy is not quite a “Robin Hood” approach where it takes from the rich to help the poor, a term some commentators have used to describe Budget 2023.
“Our philosophy is that we want everyone to do their part in nation-building. Rich or poor, everyone contributes,” said Mr Wong, who is also Finance Minister, at The Straits Times-The Business Times Budget 2023 Roundtable sponsored by UOB.
Singapore pursuing three strategies for sustained, moderate growth: DPM Wong
As an advanced economy with a small labour force that already sees high employment levels, it is an “economic imperative” that Singapore relies on productivity to drive economic growth moving forward, said Deputy Prime Minister Lawrence Wong.
To do so, he said the Government will pursue steady, moderate growth, in line with other advanced economies, via three strategies: transforming industries, attracting quality investments, and training workers to be more productive.
Underscoring the need to lean on productivity for economic growth, Mr Wong said Singapore’s labour force growth will need to slow down due to its natural limits, such as on the number of foreign workers Singapore can host, even as Singapore augments its workforce with foreign talent “particularly at the top end”.
A truly uplifting S’pore must ensure opportunities throughout life: DPM Wong
For Singapore to be a truly uplifting society, the Government has to ensure opportunities for everyone throughout their life to upgrade, do better and be the best version of themselves, said Deputy Prime Minister Lawrence Wong.
This is what the country is working towards, he said in response to a question on what the Government views as unfinished business with regard to social mobility.
Mr Wong, who is also Finance Minister, said that to achieve this goal, the Government is investing in SkillsFuture, worker training, human capital, as well as a better system that would enable every worker to bounce back quickly from setbacks in life.
Budget 2023: Sustainability, displaced workers and geopolitics
From geopolitics to sustainability and jobs, Deputy Prime Minister Lawrence Wong took questions on Budget 2023 during The Straits Times-The Business Times Budget 2023 Roundtable sponsored by UOB on Monday.
