PM Lee outlines plans for re-employment support and addresses cost of living concerns amidst economic uncertainty
During his National Day Rally speech on August 20, 2023, Prime Minister Lee Hsien Loong highlighted the upcoming re-employment support scheme, which will be launched once the Forward Singapore (Forward SG) initiative concludes. This scheme aims to offer temporary financial support to individuals who have lost their jobs, enabling them to pursue skills upgrading for better job prospects.
PM Lee acknowledged the challenges posed by global economic instability, particularly the rapid pace of job disruptions caused by technological advances. He emphasized that retraining would be key for workers to remain competitive, though he recognized that financial pressures might hinder jobseekers from accessing the necessary training. The new scheme is designed to relieve immediate financial stress, allowing individuals to focus on upgrading their skills instead of settling for the first available job.
While the specifics of the scheme are still being refined, PM Lee assured that further details would be shared once the Forward SG initiative concludes. This initiative, which aims to gather public feedback and help shape future policies, will provide a comprehensive roadmap for the nation’s economic recovery and workforce development.
Additionally, PM Lee touched upon other key concerns, such as the impact of the Goods and Services Tax (GST) hike, which will rise to 9% in January 2024. He reaffirmed the government’s commitment to mitigating the GST burden through the Assurance Package, which has been enhanced in Budget 2023.
PM Lee also addressed the financial worries of younger seniors, especially those in their 50s and early 60s, who may have to care for both aging parents and children. To ease their concerns about retirement savings, the government will provide targeted assistance to reduce financial anxieties for this group.
Health concerns were another area of focus, with PM Lee encouraging seniors to join the Healthier SG initiative to take a proactive approach to their well-being. He assured that the government would offer various subsidies to make healthcare more affordable.
In response to recent political scandals, PM Lee reassured Singaporeans that the government would uphold the nation’s clean and effective political system, stating that past incidents were handled decisively and would continue to be addressed transparently.
