DPM Heng Emphasizes Upskilling and Long-Term Economic Growth
Deputy Prime Minister Heng Swee Keat has reassured Singaporeans that the support measures in Budget 2024 are designed to help citizens upskill and adapt, rather than create long-term reliance on government aid. Speaking at a Mandarin forum organized by the Teochew Federation, Heng highlighted the government’s focus on lifelong learning and economic resilience.
The SkillsFuture Level-Up Programme, for instance, includes a S$4,000 credit top-up for Singaporeans aged 40 and above, enabling them to enroll in various part- and full-time courses aimed at enhancing employability. Instead of exploring universal basic income, as seen in some other countries, Singapore is investing in AI skills and technological advancements to future-proof its workforce.
Heng also underscored Singapore’s economic adaptability, noting its quick recovery from the COVID-19 pandemic. However, he cautioned that global uncertainties, trade tensions, and inflationary pressures remain challenges. He urged businesses to take a long-term perspective, emphasizing that no economy grows indefinitely but resilience and innovation can drive sustainable progress.
Addressing concerns about taxation and social welfare, Heng reaffirmed the government’s prudent fiscal approach, ensuring that Singapore’s reserves are used wisely while also encouraging a culture of social responsibility. He called on communities to support disadvantaged families and foster a strong national identity beyond cultural differences.
On the upcoming general election, Heng neither confirmed nor denied if it would take place in 2024, leaving the decision to Prime Minister Lee Hsien Loong and the ruling party.
