PM Wong touches upon cost of living & social support in his first National Day message
Prime Minister Lawrence Wong, in his first-ever National Day message, has touched upon a bread-and-butter issue that’s on the minds of many Singaporeans: The cost of living.
In the National Day Message for 2024, delivered on Thursday (8 Aug), he said the Government would “redouble efforts to keep the cost of living stable”.
Source: Prime Minister’s Office, Singapore on YouTube
Inflation a ‘major concern’: PM Wong in National Day message
Mr Wong, speaking against the backdrop of Sri Temasek on Istana grounds, acknowledged that rising prices are impacting Singaporeans who must cope with day-to-day expenses.
While he described inflation as a “major concern” for Singapore as well as many other countries, the Government “cannot control global prices”, he said.
By keeping the Singapore Dollar strong, though, Singaporeans have been shielded from the worst effects of global inflation, he added.
Source: Prime Minister’s Office, Singapore on YouTube
However, what they can do is help Singaporeans manage inflation in the short term and the long term.
Wages expected to increase this year
In the short term, the Government will continue to cushion the impact of inflation, especially on lower- and middle-income Singaporeans.
This will be through various support measures such as Community Development Council (CDC) vouchers, cash payouts and utilities rebates.
Source: Lawrence Wong on Facebook
In the long term, the PM said fostering innovation and enhancing productivity across the economy is “the key to managing the cost of living”.
When that happens, “we can expect wages to increase by more than inflation”.
The good news is that wages are expected to increase this year with higher economic growth, he added.
Govt determined to keep public housing affordable
As sky-high HDB flat prices make the news almost weekly, PM Wong acknowledged that “many are also concerned about housing affordability”.
To that, he said the Government is stabilising the property market by imposing additional cooling measures and ramping up the supply of new HDB flats.
He also noted that HDB will launch the first batch flats under a new three-tier classification framework — Standard, Plus and Prime.
First announced at last year’s National Day Rally, it means flats in Plus and Prime areas will now be priced more affordably.
That’s because they will receive heavier subsidies that must be returned to HDB when the flats are resold “to keep the system fair”.
The PM said the innovation reflects Singaporeans’ commitment to always be a nation of homeowners, adding:
We are determined to keep public housing in Singapore accessible, affordable and fair for all.
Govt will do more to strengthen social support
Mr Wong also spoke about Singapore’s social infrastructure, singling out groups of Singaporeans who need help:
- seniors
- lower-wage workers
- vulnerable families
- the “sandwiched” generation who have to look after children as well as elderly parents
While the Government has already made several moves to support these groups, including nationwide initiatives like Healthier SG and Age Well SG, it intends “to do more”.
It will invest more in Singapore’s social infrastructure so that the social safety nets are strengthened, he said, adding:
We will enhance support for our families, and help Singaporeans bounce back stronger from employment setbacks.
He will share some ideas on how to do so at the National Day Rally on 18 Aug.
However, he also encouraged each Singaporean to “work hard, make full use of the support available, and strive their utmost to excel in their jobs and uplift their families” as individual and community efforts are also important.
He urged those who do well for themselves to “pay it forward” and help others, saying:
That’s how we keep our society cohesive, resilient and strong.
PM Wong wishes S’poreans a Happy National Day
Mr Wong concluded by saying that there are “no quick and easy solutions” to Singapore’s challenges, but “the bigger the problems, the greater is our resolve to tackle them head-on, and to turn vulnerabilities into strengths”.
Sounding an optimistic note, he said Singapore has good reasons to be confident about its future as we have already overcome much together despite being a young nation.
Source: Prime Minister’s Office
Thus, he felt that Singapore will go “onwards and upwards” despite the challenges, adding:
My fellow Singaporeans, we are in this together. We are in this for each other. Let us take Singapore Forward – Together as One United People.
Watch Mr Wong’s full speech here, or if you prefer, read the transcript.
Also read: Govt Determined To Keep S’pore Free Of Corruption, Says PM Lee In National Day Message
Have news you must share? Get in touch with us via email at news@mustsharenews.com.
Featured image adapted from Prime Minister’s Office, Singapore on YouTube.
