NDR 2024: More support will be given when necessary to help with cost of living, says PM Wong
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PM Lawrence Wong said the needs of seniors will continue to be taken care of.
ST PHOTO: ARIFFIN JAMAR
Kok Yufeng
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SINGAPORE - Singaporeans will continue to get support from the Government, when necessary, to help them cope with rising living expenses. The needs of seniors will also continue to be taken care of, so they can enjoy their later years.
These were among the commitments made by Prime Minister Lawrence Wong on Aug 18 during his Mandarin speech at the National Day Rally – his first major political speech since taking the helm
“I understand the rising cost of living is a topic that everyone is concerned about,” PM Wong told the audience at ITE College Central in Ang Mo Kio, noting that every country is facing inflationary pressures.
He said the reasons behind the rising cost of living are complex, and Singapore cannot control external factors like supply chain disruptions and regional conflicts around the world.
“However, what the Government can do is to help everyone cope with the increase in living expenses through certain measures,” he added.
“We will continue to provide more support when necessary to lighten everyone’s burden,” PM Wong said.
He cited the latest tranche of CDC vouchers service and conservancy charges and utility rebates
The Prime Minister said he also understands that many small and medium-sized enterprises are concerned about the rise in costs.
Again, PM Wong pointed out that Singapore cannot avoid the impact of external factors, but said what the Government can do is simplify its compliance and regulatory processes to reduce business costs.
Speaking later in English, PM Wong said he has tasked Deputy Prime Minister Gan Kim Yong with overseeing a review of the Government’s rules and processes to prune them back where possible.
“I want to be fair to our regulators. They are doing their jobs. Every agency has legitimate concerns to deal with. Furthermore, each time an incident happens, be it an injury at a workplace, or a food poisoning outbreak, the regulators come under great pressure to tighten the rules further,” he said.
“Each new rule may seem small. But the small changes add up,” he added.
Meanwhile, the Government will do its best to help businesses restructure and transform so they can seize new opportunities, PM Wong said in his Mandarin speech.
However, he said successful business transformation requires effective employee training, and he expressed hope that employers can take the initiative to upgrade their staff’s skills.
“The Government will provide assistance through SkillsFuture. Unions will also lend their full support,” he said.
“As long as employers, unions and the Government work together, coupled with the efforts of employees, Singaporeans will be able to keep upgrading their skills and secure good job opportunities,” he added.
The promise of future support was extended to seniors as well, with PM Wong lauding their sacrifices and contributions.
Relating his own mother’s experiences living through the Japanese Occupation and the early, challenging years of Singapore’s nation-building, PM Wong said she worked from a young age to supplement the family’s income and nearly missed the chance to go to school.
But she persevered and eventually became a teacher.
PM Lawrence Wong’s mother when she was a teacher.
PHOTO: PMO
PM Wong said his mother is frugal with money and raised him and his older brother while working full time, refusing to hire a helper even after the family’s income had stabilised.
“She is over 80 years old now, but she still insists on doing everything on her own... Such self-reliance and resilience are marks of that generation. They never gave up when faced with difficulties,” he added.
He said seniors he encounters during community visits also show a positive attitude, like Madam Leow Nyek Koon, 78, who lives in his Limbang ward in Marsiling-Yew Tee GRC and often leads residents there in morning exercises and organises gatherings with her neighbours.
Given their contributions, PM Wong said the Government launched the $9 billion Pioneer Generation Package in 2014 and $8 billion Merdeka Generation Package in 2018
More recently, the Government rolled out Healthier SG, Age Well SG,
“Please be assured that the fourth-generation leadership team and I will continue to take care of your needs, so you can enjoy your golden years,” PM Wong added.
The Monetary Authority of Singapore said in July that it expects overall inflation in 2024 to average 2 per cent to 3 per cent,
The central bank said inflationary pressures could be renewed if labour cost increases accelerate or geopolitical tensions intensify. On the flip side, prices could fall faster than expected if global interest rates stay higher for longer and external demand weakens.
Read more: Key announcements from PM Wong’s first National Day Rally
Watch PM Wong’s National Day Rally speech here:
