Efforts to keep cost of living stable to continue amid expected rise in wages this year: PM Wong
SINGAPORE: Even as wages are expected to rise this year with higher economic growth, efforts are still being made to keep the cost of living here stable, said Prime Minister Lawrence Wong in his maiden National Day Message on Thursday (Aug 8).
Support will be enhanced for families under the Forward Singapore initiative and to help Singaporeans bounce back stronger from employment setbacks.
He said he will share some ideas to achieve these aims at the National Day Rally on Aug 18.
Mr Wong, who is also Finance Minister, noted that inflation is a major concern for Singapore and many other countries, and that rising prices impact the daily expenses of Singaporeans.
“We cannot control global prices. But we can and have shielded Singaporeans from the worst effects of global inflation by keeping the Singapore dollar strong,” said Mr Wong, on the eve of the nation’s 59th birthday.
The message was recorded at Sri Temasek on the Istana grounds, where Mr Wong’s office is temporarily located due to ongoing renovation in the main Istana building.
Sri Temasek was where founding Prime Minister Lee Kuan Yew and his family spent the night on Aug 8, 1965, due to security concerns, after Mr Lee returned to Singapore that morning with the Separation Agreement.
In his message, Mr Wong said that while wages are expected to climb, lower and middle-income Singaporeans will still receive support measures like the Community Development Council (CDC) vouchers, cash payouts and utilities rebates.
“In the long term, the key to managing the cost of living is to foster innovation and enhance productivity across our economy,” he said.
“Then we can expect wages to increase by more than inflation, and improve the overall quality of life for all Singaporeans.”
Mr Wong, who took office as Singapore’s fourth Prime Minister on May 15, also spoke about housing affordability in his message.
He noted that additional cooling measures and the increased supply of new Housing and Development Board (HDB) flats have helped stabilise the property market.
“In October, HDB will launch the first batch of flats under the new Standard, Plus and Prime framework,” said Mr Wong.
The new housing classification was first announced by Mr Wong’s predecessor, current Senior Minister Lee Hsien Loong, at last year’s National Day Rally.
“These innovations in our housing policies reflect our commitment always to be a nation of homeowners. We are determined to keep public housing in Singapore accessible, affordable and fair for all,” he said.
SOCIAL SAFETY NETS
The government will invest more to strengthen the country’s system of social support, said Mr Wong.
Some people may find it tougher to keep up in a new, volatile and rapidly changing environment, while a fast ageing population will also require more healthcare services and social support, he said.
