‘We’re thinking about how we can provide more help’: PM Wong says Govt focused on cost-of-living concerns

Cost-of-living concerns a key issue to tackle, says PM Wong in 1st press conference

Prime Minister Lawrence Wong has marked 100 days in office by reaching out to the media to share more of what he thinks with Singaporeans.

During the press conference on Friday (23 Aug), one of the main issues he outlined was cost-of-living concerns.

Govt looking to help specific groups with cost of living: PM

At present, the Government has schemes such as Community Development Council (CDC) vouchers and U-Save rebates in place, PM Wong noted.

But they are now “thinking about how we can provide more help” for specific groups, he said, adding:

So we are indeed focused on looking at all of these different segments and thinking of different ways in which we can help them.

Cost of living a concern for larger families with young children: PM

One of the groups where cost of living would be a major concern is larger families with young children.

An aspect of the issue would be “day-to-day expenses” such as groceries, food and daily essentials, Mr Wong noted, saying:

We know it’s tough, especially for families with young kids where expenses add up quickly.

Then there are the “big-ticket items” such as housing that need to be settled, too.

Seniors are a ‘big issue’

Another group that the Government is focused on are seniors, which is a “big issue” that will “continue to grow”, Mr Wong said.

Looking after seniors would entail addressing two factors: their longer-term care and housing needs.

The PM also explained that “seniors” don’t just include those in the 70s and 80s, but their children, who “increasingly are not so young anymore”.

As the Government takes care of the older seniors, they would also be helping the “young seniors” in their 50s, he added.

Many people in this group feel “sandwiched” because they have to look after both their aged parents and their children.

Govt also monitoring inflation

The Government is also monitoring inflation, which has been a bugbear for Singaporeans for some years now.

Mr Wong said 2023 was a difficult year as Singapore saw high inflation and about 1% growth, which he described as “very weak”,  resulting in many Singaporeans experiencing negative real wage increases.

However, inflation has shown some signs of slowing, he added, also saying:

So we will have to look at the data and what the indicators are with regard to income and inflation this year and next year. And think about how we can put together appropriate help.

This help will come in Budget 2025, he added.

Wait for Budget to see whether more CDC vouchers are in store

Mr Wong was also asked about CDC vouchers, S$300 of which will be given out in Jan 2025.

However, this is less than the S$800 worth of CDC vouchers disbursed this year.

On whether the Government would give out more vouchers, he replied that we should “wait and see” what’s in the Budget announcement.

The next Budget is set to be announced next year, he noted.

PM will continue to engage S’poreans via press conferences

Speaking about the reason behind his press conference, Mr Wong noted that he had previously committed to holding them from time to time to share his thoughts with Singaporeans through the media.

Thus, he thought it would be useful to hold a press conference at this time, five days after the National Day Rally, to take stock of what the Government has done so far and what citizens can expect in the months ahead.

He also said he would continue to hold dialogues with different segments of society and engage Singaporeans through social media and press conferences.

He hopes that these engagements will help Singaporeans “have a common picture” of the Government’s plans, where we’re heading and what we can do to realise our shared vision together.

He also committed to listening to Singaporeans and understanding their concerns, hopes and dreams first-hand.

Also read: 2.4 million S’poreans to receive up to S$400 Cost-of-Living Special Payment from 5 Sep

2.4 million S’poreans to receive up to S$400 Cost-of-Living Special Payment from 5 Sep

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Featured image adapted from Prime Minister’s Office.