Government Plans More Support for Parenthood and Cost-of-Living Relief
Singapore’s economy is expected to perform better in 2024 compared to the previous year, despite global uncertainties, Prime Minister Lee Hsien Loong said during his annual Chinese New Year visit to workers. Speaking at Ng Teng Fong General Hospital on February 9, PM Lee noted that growth would depend on key factors, including the U.S. economy’s ability to manage inflation, China’s economic recovery, and the revival of the electronics sector. The Ministry of Trade and Industry currently projects full-year growth between 1% and 3%.
In his remarks, PM Lee highlighted positive signs such as the recovery in manufacturing, a strong construction pipeline, and a boost in tourism due to increased flights and a new visa-free travel arrangement with China. However, concerns remain over global economic conditions, leading businesses and workers to express anxiety about the outlook for 2024.
On the issue of rising costs of living, PM Lee reassured Singaporeans that inflation is expected to ease further. The government will continue providing financial support through initiatives like Community Development Council Vouchers and utility rebates.
He also hinted at upcoming policy measures in Budget 2024 to encourage marriage and parenthood, referring to them as “good news.” While he did not provide details, he mentioned past efforts in preschool support, flexible work arrangements, baby bonuses, and parental leave. Reiterating his earlier Chinese New Year message, he expressed hope that more parents would consider having a child in the Year of the Dragon.
During his hospital visit, PM Lee distributed festive gift bags to healthcare workers and joined in the traditional lo hei celebration. He acknowledged the heavy workload of medical staff, especially after the COVID-19 pandemic, and pledged continued support for the healthcare sector. Accompanying him, NTUC Secretary-General Ng Chee Meng emphasized ongoing efforts to improve working conditions for nurses, including the adoption of technology to streamline hospital processes and reduce workloads.
With economic recovery on the horizon and continued government support, Singaporeans can anticipate further developments in policies aimed at improving financial stability and family life in the coming year.
