Latest news with #MilieuInsight
Independent Singapore
3 days ago
- Business
- Independent Singapore
With costs rising, S'pore companies freeze wages and look abroad for AI skills
SINGAPORE: Singapore businesses are being squeezed by rising costs from global uncertainty and the need to invest in innovation to stay ahead, said Deel's Head of Global Policy, Nick Catino, at this week's AI Summit. A survey conducted by Milieu Insight in April 2025, commissioned by Deel, found that 81% of businesses were affected by global tariffs, while 56% faced higher operational costs. These pressures have led 60% of companies to freeze wages, 48% to reduce hiring, and 43% to lay off staff. The survey gathered responses from 350 Singapore-based business leaders and managers across both SMEs and large enterprises. To cope with these challenges, about one in three Singaporean businesses (31%) have sped up their AI or automation efforts. Among those using AI, 71% saw increased efficiency and productivity, 61% reported smoother operations, and 50% cut costs. However, wage pressure was higher among the 86% of companies further along in AI adoption. 'Even those leading AI adoption are feeling the strain, showing that economic headwinds are impacting all levels of digital transformation,' Mr Catino said, noting that while AI adoption can help with productivity and cost savings, it is not a 'silver bullet for macroeconomic pressures.' He added, 'Many businesses remain cautious, either due to the upfront investment required or uncertainty about long-term returns, meaning these benefits remain out of reach for the majority who have yet to adopt AI at scale.' Despite Singapore's status as a digital hub, 68% of businesses in the city-state are still in the early stages of AI adoption, with enterprises (43%) making more progress than small and medium-sized enterprises (SMEs) (12%), partly due to a shortage of AI talent. Nearly half (47%) of respondents said the local talent pool is not enough to meet the demand, citing difficulty with recruiting locals' high salary expectations (51%), limited career development opportunities (50%), and skill mismatches (47%). Notably, three in five organisations reported lacking AI expertise. Currently, only 20% of local businesses have allocated a dedicated budget for reskilling. To address this demand, 62% of businesses said they're open to hiring overseas talent. Respondents said that government support (92%), financial support (42%), upskilling (26%), and technical or advisory support (15%) are crucial for AI adoption. Meanwhile, 57% of respondents said they want stronger regulatory guardrails. According to the report, only 5% are actively engaging with Singapore's National AI Strategy (NAIS 2.0), while 95% know little or nothing about the country's AI governance framework. On Tuesday, the Infocomm Media Development Authority (IMDA) announced 800 practitioner jobs and training opportunities for locals to meet the demand for AI talent. 'With economic uncertainty and tariff pressures mounting, Singaporean businesses should ensure AI investments deliver tangible results in productivity, efficiency and margin resilience,' Mr Catino said. /TISG Read also: SME Association warns some Singapore firms could enter 'life support mode' as US tariff pause nears end
Independent Singapore
29-04-2025
- Politics
- Independent Singapore
Cost of living, home affordability, govt accountability are top concerns for GE2025—survey
SINGAPORE: A survey from Milieu Insight released shortly before Singaporeans go to the polls on Saturday (May 3) shows that the key priorities for voters from different age groups are related to the cost of living, housing affordability, and government accountability. Milieu Insight's survey, which was taken from a sample size of 500 Singaporean voters, was conducted from Apr 25 to 27. Top concerns: Cost of living, housing, and healthcare Nearly four in five respondents (79%) said that increased living costs are a major concern, which Milieu Insight says 'reflects widespread anxieties about the affordability of groceries, transportation, healthcare, and other daily expenses, particularly in the face of global economic uncertainties.' Meanwhile, 37% identified housing affordability as a top consideration during this election year, particularly among the survey's respondents aged 25 to 34. This suggests that a number of Singaporeans are experiencing 'a growing sense of urgency regarding access to affordable housing options.' Among older participants, those aged 55 and up, 62% expressed concerns about the increasing cost of healthcare, significantly higher than the 45% among all the respondents. Milieu Insight says that this underscores a need for policies to address the affordability and accessibility of healthcare services for Singapore's aging society in the long term. What do Singaporeans expect from their MPs? A large number of participants, 69%, say they value the representatives in Parliament 'who genuinely care about residents and speak up for Singaporeans.' In comparison, 59% say they want a Member of Parliament (MP) who can relate to the everyday realities of average Singaporeans. Slightly less than half (49%) said they want an MP who is approachable and humble. As for the statement 'an MP who cares and can relate to the realities and experiences of Singaporeans takes the time to listen to residents' concerns during house visits,' 77% of the respondents agreed. Significantly, three out of four respondents also agreed that it's possible for a person to be patriotic while remaining critical of the government. How are voters feeling? More than one-fifth of the voters (22%) say they feel hopeful concerning the direction Singapore is taking. Among first-time voters, an even higher number (26%) were optimistic about the country's future. However, the survey also shows that neutrality is the most common sentiment among voters, with more than two in five (41%) reporting 'not much feeling' toward GE2025. Among participants between the ages of 45 and 54, this sentiment was the strongest, with almost half (49%) saying this is how they feel. Among younger Singaporeans, a significant number of respondents have positive feelings concerning this year's polls. Nearly one-fourth (23%) say they're feeling excited about GE2025. Among them, 62% are voting for the first time. What Milieu Insight says is an encouraging sign; a sizable 70% of respondents said they believe that young people in Singapore today are growing more politically aware, suggesting a shift toward greater engagement among the next generation of voters. How are Singaporeans getting information? Interestingly, there appears to be a significant difference between how younger and older people obtain information regarding the General Election. Most participants aged 55 and older (70%) access information about the GE through local mainstream media, including CNA and The Straits Times. Meanwhile, over four in five (41%) between the ages of 25 and 34 tend toward social media platforms such as Reddit, and 38% look to independent media outlets such as Mothership and Jom. However, 41% of the respondents say they agree that social media has compromised the integrity of elections in Singapore, and only 3% consider MPs working with social media influencers in videos and podcasts important. 'These findings highlight the complex and evolving dynamics of Singaporean politics. While economic concerns remain important, the survey also reveals a growing emphasis on government accountability, relatable leadership, and the responsible use of social media. Understanding these nuances is crucial for political parties seeking to connect with voters and address their needs effectively,' says Jiayi Zhang, Head of Research Services at Milieu Insight. /TISG Read also: GE2025: Most promising newcomers
Yahoo
22-02-2025
- Business
- Yahoo
Budget not enough to tackle rising costs, Singaporeans say
By Chanyaporn Chanjaroen and Low De Wei (Bloomberg) — A majority of Singapore residents view measures in the latest annual budget as inadequate to help them cope with rising costs of living, according to a new poll. Among 1,002 adults surveyed by Singapore-based Milieu Insight, 55 per cent said the budget's nearly $124 billion (US$92.8 billion) in spending that includes shopping vouchers and elder-care subsidies is not enough to cover elevated prices from food to housing. Prime Minister Lawrence Wong delivered the budget on 18 Feb, which forecasts a second year of fiscal surplus. The findings underscore the challenges for the ruling People's Action Party as it prepares for a general election this year, a period that's likely to see slower economic growth and renewed tariff wars that threaten open economies like Singapore. Wong, who became premier in May 2024, will lead the PAP for the first time into an election due by November. The pace of price gains in Singapore has cooled. Core inflation, which excludes housing and private transportation costs, rose 1.8 per cent in December from a year earlier, the slowest pace since 2021. Meanwhile, the city-state expects economic growth to come in at 1 per cent-3 per cent this year, down from 4.4 per cent in 2024. Wong acknowledged that locals are still adjusting to 'new price realities' and pledged future support. 'We will continue to provide support for as long as needed, within our means,' said the PM who double-hats as finance minister in the budget speech. Apart from spending on infrastructure, the government will give households $800 in vouchers to help cover costs at supermarkets and food outlets, higher than the $600 announced the previous year. Other measures include tax rebates and support for families with children, low-income people and the elderly. In 2024, a similar post-budget poll found that 62 per cent of respondents did not find announced measures sufficient to help Singaporeans cope with rising costs, a larger proportion than this year. When asked whether the 2025 budget reassures them about managing costs of living, results were split. Overall, 47 per cent responded positively to the budget and 37 per cent said they were neutral. About 16 per cent disagreed. The poll was carried online by Milieu Insight between 19 and 21 Feb. Milieu Insight conducts market research in Southeast Asia. More stories like this are available on ©2025 Bloomberg L.P.
Yahoo
22-02-2025
- Business
- Yahoo
Singaporeans Say Budget Not Enough to Manage Rising Costs, Poll Finds
(Bloomberg) -- A majority of Singapore residents view measures in the latest annual budget as inadequate to help them cope with rising costs of living, according to a new poll. Trump Targets $128 Billion California High-Speed Rail Project Trump to Halt NY Congestion Pricing by Terminating Approval Trump Asserts Power Over NYC, Proclaims 'Long Live the King' Airbnb Billionaire Offers Pre-Fab Homes for LA Fire Victims Sorry, Kids: Disney's New York Headquarters Is for Grown-Ups Among 1,002 adults surveyed by Singapore-based Milieu Insight, 55% said the budget's nearly S$124 billion ($92.8 billion) in spending that includes shopping vouchers and elder-care subsidies is not enough to cover elevated prices from food to housing. Prime Minister Lawrence Wong delivered the budget on Feb. 18, which forecasts a second year of fiscal surplus. The findings underscore the challenges for the ruling People's Action Party as it prepares for a general election this year, a period that's likely to see slower economic growth and renewed tariff wars that threaten open economies like Singapore. Wong, who became premier in May 2024, will lead the PAP for the first time into an election due by November. The pace of price gains in Singapore has cooled. Core inflation, which excludes housing and private transportation costs, rose 1.8% in December from a year earlier, the slowest pace since 2021. Meanwhile, the city-state expects economic growth to come in at 1%-3% this year, down from 4.4% in 2024. Wong acknowledged that locals are still adjusting to 'new price realities' and pledged future support. 'We will continue to provide support for as long as needed, within our means,' said the PM who double-hats as finance minister in the budget speech. Apart from spending on infrastructure, the government will give households S$800 in vouchers to help cover costs at supermarkets and food outlets, higher than the S$600 announced the previous year. Other measures include tax rebates and support for families with children, low-income people and the elderly. In 2024, a similar post-budget poll found that 62% of respondents did not find announced measures sufficient to help Singaporeans cope with rising costs, a larger proportion than this year. When asked whether the 2025 budget reassures them about managing costs of living, results were split. Overall, 47% responded positively to the budget and 37% said they were neutral. About 16% disagreed. The poll was carried online by Milieu Insight between Feb. 19 and 21. Milieu Insight conducts market research in Southeast Asia. Meet Seven of America's Top Personal Finance Influencers Japan Perfected 7-Eleven. Why Can't the US Get It Right? India's Most Reliable Retirement Plan: Selling Grandma's Jewelry The Undocumented Workers Who Helped Build Elon Musk's Texas Gigafactory How Med Spas Conquered America ©2025 Bloomberg L.P.
South China Morning Post
22-02-2025
- Business
- South China Morning Post
Most Singaporeans say budget sweeteners inadequate to cushion inflation: survey
Published: 2:30pm, 22 Feb 2025 A majority of Singapore residents view measures in the latest annual budget as inadequate to help them cope with rising costs of living, according to a new poll. Among 1,002 adults surveyed by Singapore-based Milieu Insight, 55 per cent said the budget's nearly S$124 billion (US$92.8 billion) in spending that includes shopping vouchers and aged care subsidies was not enough to cover elevated prices from food to housing. Prime Minister Lawrence Wong delivered the budget on Tuesday, which forecasts a second year of financial surplus. The findings underscore the challenges for the ruling People's Action Party as it prepares for a general election this year, a period that is likely to see slower economic growth and renewed tariff wars that threaten open economies like Singapore . Wong, who became premier in May 2024, will lead the PAP for the first time into an election due by November. The pace of price gains in Singapore has cooled. Core inflation, which excludes housing and private transport costs, rose 1.8 per cent in December from a year earlier, the slowest pace since 2021. Meanwhile, the city state expects economic growth to come in at 1 per cent-3 per cent this year, down from 4.4 per cent in 2024. Wong acknowledged that locals are still adjusting to 'new price realities' and pledged future support. 'We will continue to provide support for as long as needed, within our means,' said Wong, who double-hats as finance minister in the budget speech. Prime Minister Lawrence Wong (centre) waves to spectators during the annual Lunar New Year Chingay parade in Singapore on February 7. Photo: AFP Apart from spending on infrastructure, the government will give households S$800 in vouchers to help cover costs at supermarkets and food outlets, higher than the S$600 announced the previous year. Other measures include tax rebates and support for families with children, low-income people and the elderly.
