May Day Rally 2025: 8 things Singapore will do to tap opportunities amid the storm
While acknowledging global uncertainties marked by shifting rules and higher trade barriers, he stressed on May 1 that 'it is not all doom and gloom'.
'Even in the darkest of storms, there are rays of light – new opportunities for those who are prepared,' he said.
PM Wong said the Singapore Economic Resilience Taskforce chaired by Deputy Prime Minister Gan Kim Yong is preparing drawer plans to help businesses and workers, and more details will be announced when ready.
Here are eight other ways that Singapore is preparing to capitalise on new opportunities:
A new tripartite workgroup will explore ways for more seniors who would like to continue to work.
While some older workers may not need the income, PM Wong noted that many have said they would like to continue working, as they see work as a source of dignity, purpose and a way to stay active and healthy.
He noted that the Government has been providing wage support for employers who hire older workers, and job-matching services tailored to senior jobseekers.
The new workgroup, chaired by Senior Minister of State for Manpower and Sustainability and the Environment Koh Poh Koon, will build on these efforts, said PM Wong.
Company Training Committees (CTCs) will be further expanded with renewed government funding.
CTCs, a labour movement initiative, bring together firms, unions and employees to identify skills needed for business transformation and to implement tailored training plans.
Over 3,000 CTCs have been formed to date, benefiting more than 7,000 workers, said PM Wong. The Government committed $100 million in Budget 2022 to support the programme, and provided another $200 million in funding this year.
Labour chief Ng Chee Meng said on May 1 that besides scaling up the capabilities of CTCs, NTUC will also form cluster training committees, which work with larger firms to drive transformation at the industry level and across value chains.
Mid-career workers will continue to get help through the national SkillsFuture movement to deal with the faster pace of innovation and change, said PM Wong.
He noted that the Government has invested heavily in SkillsFuture to provide such workers with a substantial injection of skills.
This includes the $4,000 SkillsFuture credit top-up workers get when they reach the age of 40, and monthly training allowances when they enrol in selected full-time courses from 2025.
In Budget 2025, the Government announced that those who prefer to work while learning part-time will be able to receive a training allowance of $300 per month, starting in early 2026.
Fresh graduates entering the job market are concerned about securing a job and building their careers, and PM Wong gave his assurance that the Government will be there for them.
More will be done to step up career counselling, career sessions and job matching programmes for new graduates, as well as help to secure apprenticeships and traineeships.
Authorities will also have drawer plans ready to take care of new job market entrants should economic conditions worsen, he added.
PM Wong noted that more young people are expressing interest in pursuing careers in less conventional pathways such as the arts, sports or media.
As Singapore's economy diversifies, more possibilities are opening up in these fields.
Government support for such sectors has also grown, said PM Wong. 'To our youth, I say: whatever your abilities, whatever your strengths, there will be opportunities for you, and we will help you chase that rainbow.'
Beyond attracting new investments, the Government will support local companies to restructure and transform.
PM Wong noted that some local firms, such as Grab and Razer, have already established themselves as regional or industry leaders, and more will be done to help small and medium-sized enterprises scale up and compete globally.
While there is a range of government schemes to support businesses to improve productivity, adopt new capabilities, and expand overseas, PM Wong also highlighted NTUC's role in helping firms do the same.
Despite global uncertainties, PM Wong said the Asian growth story continues to unfold, with many countries in the region, including parts of the Middle East, ranked among the fastest-growing economies today.
Collectively, it is a large market with a rapidly expanding middle class, and PM Wong said many CEOs of multi-national firms have told him they see the potential in Asia, and are keen to do more in Singapore.
'They see Singapore as a reliable and a pro-business hub - secure, stable and trusted,' he said. 'So let's keep this going for as long as we can. That is our competitive advantage.'
Beyond Asia, the Government is looking to deepen engagement with emerging regions such as Latin America and Africa.
Although geographically distant, these markets recognise and respect the Singapore brand and more can be done to link up with these regions for mutual benefit, said PM Wong.
'While others see risk, we are always on the lookout for new openings and new opportunities,' he said.
Source: The Straits Times © SPH Media Limited. Permission required for reproduction
Discover how to enjoy other premium articles here
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
10 minutes ago
- Bloomberg
India's New Jobs Report Raises Questions Over Underemployment
India's new monthly labor report doesn't give a full picture of unemployment in the economy because of the vast amounts of informal sector jobs in the world's most populous nation, according to a well-known economist and author. The government began publishing the monthly Periodic Labor Force Survey from April, with the latest report on Monday showing the jobless rate fell to 5.2% in July from 5.6% in June.
Yahoo
an hour ago
- Yahoo
How rising inflation will affect your state pension
Inflation has been a stubborn force in recent times. We may no longer be seeing the double digits endured back in 2022, but it remains substantially above the Bank of England's 2% target. This has major implications for pensioners, with key data released in the coming months used in the all-important triple lock calculation for next year's state pension increase. The triple lock looks to increase the state pension by whichever is the highest of 2.5%, average wage increases or inflation every year. The key wages figure is set to be published next month, with September's inflation data due to be published in October. As it currently stands, average wage inflation including bonuses stands at 4.6% – far higher than 2.5%, so the likelihood is that either average wages or inflation will be the figure used. Average wage growth has been drifting down, but inflation is on the way up, with the Bank of England predicting it will hit 4% in September. Read more: How to reclaim overpaid pension tax This makes it likely that we will see a state pension increase somewhere in the 4-4.5% ballpark for next year. This would give someone on a new state pension an uplift of somewhere between £479 and £538 per year. Someone on a full basic state pension would see that portion of their income rise by between £367 and £413. These increases may be much smaller than the blockbusting boosts we've seen in recent years, but they will be a welcome bonus. The increase will not be confirmed until later in the year, but it's worth saying the government has committed to keeping the triple lock in place for the duration of this parliament. The increase won't be implemented until April 2026 and it's to be hoped that inflation will have dipped significantly by that point, so it should give a bit more breathing space to pensioner budgets that have been sorely stretched. The state pension forms a fundamental part of pensioners' retirement income. There are very few people who are not reliant on it to some extent, so it's hugely important to make sure you get what you are entitled to. Your state pension entitlement is based on your national insurance record, and you usually need 10 years' worth of contributions to qualify for a state pension and 35 years for the full amount. However, many people accumulate gaps during periods when they are not in the workplace which, means they don't get the full amount. Read more: How to contribute to a loved one's pension Get a state pension forecast online to see what you are on track to receive and if you have any gaps, you can put a plan in place to fill them. If you qualified for a state benefit such as child benefit or universal credit during one of these gaps, but didn't claim it, you may be able to backdate a claim. These benefits also come with an automatic national insurance credit to boost your state pension record. You can also buy voluntary credits to plug gaps, but it's important to check with the Future Pension Centre before handing over any money as they can advise whether it's the right thing for you to do. Once you know what you can expect from the state, it gives you a better idea of what you need to target with your own pension to make sure you get the retirement lifestyle you want. Use online pension calculators to estimate how much you are on track for and see if you have extra wiggle room in your budget to make extra contributions – for instance when you get a pay rise or new job. Taking these steps will go a long way towards building your financial resilience. Read more: Three key issues for the Pension Commission How your health can affect your pension How much money do you need to retire?Sign in to access your portfolio
Yahoo
an hour ago
- Yahoo
Explainer-India's complex GST tax and how Modi's reform will make goods cheaper
By Nikunj Ohri NEW DELHI (Reuters) -Prime Minister Narendra Modi has proposed India's biggest tax reform in eight years to lower consumption levies on everyday goods and small cars from October, in a move seen as boosting his his image amid trade tension with Washington. The structure of the Goods and Services Tax (GST) is complex, with states and the federal government sharing the revenue collected. Here are details of the tax system and the planned reform: WHAT IS THE GOODS AND SERVICES TAX (GST)? India adopted the GST in 2017, sweeping in more than a dozen domestic state taxes in a bid to unify the economy on the principle of "one nation, one tax, one market". It was hailed as the biggest tax reform since independence from Britain in 1947. The new system had four tax slabs, of 5%, 12%, 18% and 28%, with scores of goods in each category. An additional levy was imposed above the tax of 28% on some items, such as cigarettes, luxury cars and high-end motorcycles. But it was criticised for being too complex. Pre-packaged salted popcorn is taxed at 12%, but caramel one at 18%, India said last year, triggering a dispute in which one online user questioned how a "salt caramel" variant would be taxed. Similarly, plain Indian flatbreads attract a 5% tax, but the flaky, multi-layered variety faces a levy of 18%. WHAT'S THE REFORM ALL ABOUT? The government plans to abolish the 28% slab that applied to products such as cars, air-conditioners and refrigerators. About 99% of products now taxed at 12%, such as butter, fruit juices, and dry fruit, would also shift into the 5% bracket. Reuters has reported small cars will be taxed at 18% down from 28% earlier. India collected $224 billion last year from the levies. IDFC First Bank says the new reform will hit government collections by $20 billion. WHICH SECTORS AND COMPANIES COULD BENEFIT? Taxes are likely to be lower on personal care items such as hair oil and toothpaste. Taxes on construction goods like cement could also be lowered, boosting demand for homes and infrastructure. Prices of air conditioners, televisions and refrigerators are also likely to be slashed as tax rates fall, benefiting manufacturers such as Samsung and LG Electronics. WHAT IS THE MACROECONOMIC IMPACT? The 18% category contributed the most - 67% - to GST collection, and that will not change. The tax cuts would damp inflationary pressures, and boost he chances for further interest rate cuts by the central bank, economists say. However, they are expected to boost consumption, which contributes roughly 60% of India's GDP. IDFC FIRST estimates India's nominal GDP increasing by 0.6 percentage points over 12 months. IS IT A DONE DEAL? No. Making changes to the GST framework is not easy. The plan will need approval from the GST Council, chaired by Finance Minister Nirmala Sitharaman and with representation from all Indian states, before it can roll out nationwide. Economists estimate tax cuts will affect state government finances more than the federal government, as goods and services tax form a large part of their revenues. In the past, states have pushed back on fixing rates on casinos, lotteries and online gaming. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
