PM Lee Highlights Measures to Address Rising Costs Amid Economic Challenges
Amidst slow economic growth and rising inflation, Prime Minister Lee Hsien Loong emphasized that price hikes for essential public services, such as public transport, are unavoidable. The upcoming fare increase of 7% starting from Dec 23 will see the government absorbing two-thirds of the hike, costing S$300 million in 2023. While price increases are necessary for long-term financial sustainability, PM Lee reassured that the Assurance Package has been enhanced to provide targeted support to households in need, ensuring that the financial burden is shared fairly.
The government’s approach is to balance maintaining essential services while offering vouchers, rebates, and special payments to alleviate costs for vulnerable families. PM Lee also reaffirmed that while living standards have improved, the pressures of cost of living remain significant, and the government is committed to managing them through efficient service delivery and lean government spending.
