Budget links past, present and future

The Budget presented yesterday commits substantial amounts to strengthening Singapore as a historically aware, inclusive and forward-looking society. It seeks to unite the past, the present and the future, by adopting both a generational and a sectoral approach. The $6.1 billion that will be set aside under the Merdeka Generation Package is a concrete demonstration of national gratitude for those who are now aged between 59 and 69. Even as this generation enters its silver years, other Singaporeans gained from the Merdeka-era legacy it helped build: an economy that was modernised; the build-up of public services; strengthening defence preparedness; and forging a multiracial society. In that spirit, the $1.1 billion Bicentennial Bonus was another way of commemorating Singapore's history from its very founding. It will benefit, among others, 1.4 million lower-income Singaporeans. Yet another measure to improve citizens' lives is the $3.1 billion being set aside, in addition to the $2 billion earmarked last year, to fund long-term care support measures.

Complementing these initiatives, around $4.6 billion will be invested to boost businesses and to support Singaporean workers over the next three years. Of this amount, $3.6 billion will go towards helping workers amid industry and technological disruptions, while $1 billion will contribute to assisting firms build what Finance Minister Heng Swee Keat called "deep enterprise" capabilities. These capabilities are vital hallmarks of companies that are strong and competitive because they maximise value creation. But firms cannot do so unless employees, too, possess "deep worker" capabilities - by upskilling and reskilling - and use that to benefit from opportunities here and abroad. The emphasis on skills, which has always been a requirement for Singapore's success, is now an urgent need as the speed of technological advancement and convergence has created new demands from the Fourth Industrial Revolution. The tripartite partnership of capital, labour and Government must be mindful of the progress of this revolution, which will be marked by both severe disruption and a flowering of opportunities.