May Day Rally 2025: 8 things Singapore will do to tap opportunities amid the storm
SINGAPORE – Delivering his first May Day Rally as Prime Minister, Mr Lawrence Wong outlined how the Government and the labour movement will help Singaporeans navigate the immense challenges ahead.
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
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