Heng Swee Keat
Singapore
“In a world heading towards greater contest and fragmentation, amid rapid advances in science, technology and innovation, Singaporeans can play a valuable part as bridge-builders and connectors, and Singapore can be a trusted and neutral Global-Asia node of technology, innovation and enterprise.”
“The National Quantum Office has identified specific goals under the National Quantum Strategy (NQS), with resources and efforts directed towards specific quantum areas and technologies accordingly.”
“Mr Speaker, Sir, I would like to thank Member Ms Denise Phua for her comments because her comments reminded me of the tagline that I always said when I was in MOE – that you can learn from anyone, anytime, anywhere. In fact, peer learning is a very important aspect of that learning.”
“But I have laid out the strong basis for my optimism that a small and open economy like Singapore can continue to thrive and secure our next bound of growth. By serving as a trusted node and connector, we can create value by facilitating connections and building new linkages in today's fractured global landscape.”
“Secondly, one other very important thing the Member must bear in mind is that AI is a very rapidly developing field and it is something which our researchers are working hard on, to look at the different techniques of AI – it is not just GenAI, but the whole range of different AI systems that are being used – and how that can be used in c…”
“Assoc Prof Jamus Lim, you do not need an invitation. You are free to provide your suggestion. After all, are you not from WP? And by the way, let me make it clear that I have heard MPs on both aisles speaking about workers, and we have a very strong presence of our union MPs here and they will be speaking even more on this.”
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“We are building on our good position and keeping up the pace. In the midst of this pandemic, we set up the Emerging Stronger Taskforce in May to update our economic roadmap to respond to the new realities and to emerge with a new competitive edge. There are many new business and growth opportunities for Singapore to seize, and the Taskforce has already made significant progress in this through the Alliances for Action. As rapid-action taskforces, the seven Alliances have rallied key players around common challenges faced by industry. They are developing prototypes to validate new business ideas, new business models, and new business solutions, in areas such as sustainability, robotics, and safe visitor experiences. Government agencies are partnering businesses to review regulations and promote innovation. Beyond the first wave of Alliances, the Taskforce is looking to launch new Alliances to build momentum for change and explore opportunities in new areas of growth, such as MedTech. The Taskforce will share more details. All these moves build on our ITM framework to deliver a refreshed economic strategy for a post-COVID-19 world, with emphasis on three priority areas. First, remaking Singapore as a Global-Asia node of technology, innovation, and enterprise. We will secure our external economic linkages as a vital global node in Asia and transform ourselves into a vibrant centre of technology and innovation. Second, redoubling our efforts to foster inclusive growth. With COVID-19 revealing vulnerabilities in our labour market, we need to better understand its structure, and upgrade jobs and skills across all segments of society. Third, investing in economic resilience and sustainability as a source of competitive advantage.”
“Depending on their response, COVID-19 will benefit some and disadvantage others, whether at the firm-level, sector-level, or across the entire economy. We must take the actions now that will allow us to not just get through COVID-19, but more crucially, gain ground that will pave the way for our next lap of economic growth in the next five to 10 years. I will speak on what we are preparing for in this next lap of growth. Before I get into the details, I wish to stress that everything this Government does to protect, re-open, and grow our economy – we do, not for the economy’s sake, but for our people. We strive to secure a way for Singapore to continue to make a good living, so that Singaporeans can have a good life. This is our guiding principle. Thankfully, we are in a good position. Since 2017, the Future Economy Council has been driving the implementation of our Industry Transformation Maps, or ITMs, to restructure our economy sector by sector, firm by firm. We have made good progress. Before COVID-19, our resident unemployment rate was low at 3.2% as at end-2019. Between 2016 and 2019, overall productivity, measured by real value added per actual hour worked, rose by a creditable 2.4% per year. This is also an improvement over the 2.2% per year growth in the preceding three-year period. Overall, real median income for Singaporeans grew by 3.7% per year in the last three years, up from 3.2% in the preceding three years. Incomes at the 20th percentile grew by 4.4% per year in the past three years, up from 4% in the preceding three years. In 2015, we launched the SkillsFuture movement as well as our Research, Innovation and Enterprise, or RIE 2020 plan. These support our ITM work by strengthening our foundations of skills and innovation.”
“We are determined to have better jobs for our workers and stronger support to enable them to bounce back if they fall. We want to build an endearing home for future generations, and a fair and caring society based on what we stand for as a people. To deliver on these priorities, we need a dynamic and growing economy, with good jobs for all Singaporeans. Economic growth is an enabler for individuals and families to realise their aspirations and ensures that the public sector is adequately resourced to invest in our national priorities. Given the importance of economic growth as an enabler, I will now spend some time to sketch out the broad strokes of our strategy. The post-COVID-19 global economy will be different. Our future economy must be responsive to structural shifts, many of which have been accelerated by COVID-19. Support for globalisation is weakening and some countries are turning inwards. The adoption of digital technology has been given renewed impetus, unlocking new sources of return. Digital technology and its many applications are the new capital of the innovation-driven future economy. Asia continues to rise in global economic weight, as its recovery accelerates. Ensuring sustainability and care for the environment are gaining momentum. At home, we face slowing resident labour force growth. Future economic growth will come from raising productivity across the economy. So, we must make the best use of the skills and talents of our people and use new technology as a key complement. We are at a critical juncture in our economic development and the stakes are high. In the next few years, economies will undergo rapid transitions.”
“In this way, we can better prepare our displaced workers for new opportunities as firms restructure. We will provide an update before the end of the year. Other than supporting our businesses and workers, we will also continue to support our households. The household support announced earlier continues to flow in the coming months. Please refer to this slide on schedule of support measures, which will also be digitally distributed to Members after the session. In it, you will notice that in October alone, eligible households will receive the GST Voucher – U-Save, the first tranche of Grocery Vouchers, and Service and Conservancy Charges, or S&CC, rebates. Eligible lower income workers will also receive the October tranche of Workfare Special Payment. We have received feedback that COVID-19 has caused some aspiring parents to postpone their parenthood plans. This is fully understandable, especially when they face uncertainty with their income. Hence, to help with expenses during this period, we will introduce a one-off additional support for newborns. This will be on top of the Baby Bonus Cash Gift, which provides eligible parents up to $10,000 in benefits. Minister Indranee will share more details on the additional support soon. I have laid out our approach to support our firms, workers and households in dealing with COVID-19 in the next six months and to have more babies. We will adjust our support if necessary, in response to changes on the medical front and global economic developments. I hope that businesses, workers and households will make good use of these resources in the months ahead. Beyond the immediate crisis, we want to emerge from COVID-19 stronger as a society and more united as a people.”
“The Council is working closely with companies to hire mid-career jobseekers looking to make a switch in their careers and to redeploy workers in affected sectors where activities are low, such as aviation and tourism, to areas of need and where their skills are valued, such as healthcare and childcare. It is also engaging companies to offer traineeships, company attachments and training opportunities, which can later lead to good jobs. The key task is now to make sure that workers know of and are successfully matched to these opportunities. We are doing this across multiple channels. We have set up SGUnited Jobs and Skills Centres in every HDB town and have Career Ambassadors to reach out to residents. The Singapore Business Federation, or SBF, is working closely with other TACs and NTUC’s e2i to do business-to-business job matching across sectors, through the SBF SGUnited Jobs Initiative. MOM and WSG will also be appointing employment agencies as Placement Partners, to assist in placements. I encourage everyone to step out of your comfort zones and keep an open mind to learn new skills and take on new jobs. One good example is Ms Tan Bee Lian, who is preparing to be a Healthcare Assistant after being in the oil and gas industry for over 30 years. This is very commendable. To help those who have lost their jobs, MSF has recently extended the COVID-19 Support Grant, and applications are open until the end of the year. Beyond this year, we are studying the support for self-employed persons and workers who are most vulnerable. The continuation and form of support will depend on the labour market situation and economic outlook. One key consideration is to make a stronger link to helping individuals find a new job or to acquire new skills.”
“Later today, MAS will be announcing details on the extension of payment moratoriums, at a tapered level of support. Taken together, the staging of these measures avoids sharp drops in support, while facilitating restructuring where needed. All this support for our firms will ultimately benefit our workers. The best way to protect the welfare of our workers is a good job. By helping viable firms stay afloat during this difficult period, they can retain their workers. By helping firms to restructure and retrain their workers, they can emerge stronger. More competitive and productive firms can provide better jobs and better prospects for workers. And more skilled and committed workers make firms more competitive. This synergy between competitive firms and capable workers is critical for both to do well. As part of our long-standing practice of tripartism, we must not fear, but instead ride on change together to achieve synergies and to emerge stronger. But even with the best efforts, some firms, especially in hardest hit sectors, may not survive, or may have to release some of their workers. So, other than supporting workers through our firms, we will continue to provide our fullest support to workers who have lost their jobs, to help them reskill and move into firms that are hiring. The National Jobs Council is implementing the SGUnited Jobs and Skills Package that I announced at the Fortitude Budget in May. The Council has curated 117,500 opportunities under the SGUnited Jobs and Skills Package as of end-August. This is good progress, but we must press on.”
“Since I announced the enhancements in August, more than 500 aspiring entrepreneurs have signed up for the three-month Venture Building programmes. We will provide wage support of between 25% and 50% for each new local hire in firms which increase their total local headcount, through the Jobs Growth Incentive, or JGI. The support will be for the first $5,000 of gross monthly wages for up to 12 months. As persons with disabilities may face greater challenges in finding jobs, I will provide the higher tier of wage support of 50% under the JGI to all Persons with Disabilities. This will apply to new hires of Persons with Disabilities from September 2020 to February 2021. To give a boost to businesses seeking to internationalise, transform and digitalise, I will extend or enhance our capability-building grants, namely the Market Readiness Assistance Grant, the Productivity Solutions Grant, the Enterprise Development Grant, and the PACT programme. These will enable firms to tap on new sources of growth. MTI will announce details in the coming weeks. Even as we shift our approach in supporting businesses and workers as the economy recovers, we will make sure that the support does not taper off too sharply. We had earlier enhanced support through loan schemes to provide working capital support for viable businesses. We will extend the Temporary Bridging Loan Programme for six months, until September 2021, at reduced levels. MAS will also extend the MAS Singapore Dollar Facility for Enterprise Singapore Loans, until September 2021. We will adjust the support available under the Enterprise Financing Scheme to help Singapore enterprises access financing in areas such as trade and project needs. MTI and MAS will announce more details later.”
“And businesses that involve large gatherings, such as in MICE, sports and concerts, will recover slowly, unless rapid test kits are effective in screening participants for safe entry. Not only are the outlooks different for different sectors, but within sectors, firms that have been nimble are doing better. For instance, some wet market stalls started online selling, and are enjoying robust business. Given these differences in outlook between and within sectors, we have adjusted broad-based wage support under JSS. For the hardest-hit sectors such as aviation and tourism, which face an uncertain road to recovery, our aim is to help companies preserve core capabilities and enable workers to retain specialised skills. As earlier announced in August, this will be through the Enhanced Aviation Support Package, a temporary redeployment programme, and the SingapoRediscovers Vouchers. In addition, we will extend the Enhanced Training Support Package, or ETSP, which I enhanced in the Resilience Budget. I will extend the ETSP for another six months, until 30 June 2021, to provide enhanced course fee subsidies for firms in our hardest-hit sectors. I will extend the ETSP to the Marine and Offshore sector from today, on top of the existing sectors, such as Air Transport, Retail, and Tourism. In recognition of the gradually recovering economic situation, we will also be lowering the absentee payroll rates to 80% from January 2021, capped at $7.50 per hour. In tandem, we will continue to provide strong support to firms that are growing. In this way, our workers can move into growth areas, stay employed, and build new skills. We have enhanced support for start-ups, via the Startup SG Founder programme.”
“This will include the expected timeline for moving to Phase Three, changes to current regulations on the size of group gatherings, and participation at mass events. While managing the healthcare front of the COVID-19 battle, we must also deal with economic and social fronts. Many of our businesses, workers, and households have been hit hard by the disruptions and uncertainties due to COVID-19. Our path to recovery will not be easy. Our support over the four Budgets has been to provide immediate relief and also to minimise the scarring effects of COVID-19 on our economy, by preparing our businesses and workers to emerge stronger. In short, we are working together to alleviate near-term pains to build for a better tomorrow. We will remain focused on these over the next six months and beyond. With the situation stabilising in Singapore and some parts of the world, we will progressively open up more activities, at a pace that enables new practices to be internalised, to keep everyone safe. The performance and outlook for different economic sectors is highly uneven. Some sectors are doing better than before COVID-19. Firms in the IT, biomedical, e-commerce and finance sectors have benefited from the rise in demand for these services during this period. Some restaurants and hawkers are on their way to recovery. Construction activities will gradually resume as we complete the testing of workers and as they adjust to new safe management measures. But sectors that involve the movement of people across borders, such as aviation and tourism, will recover only when people around the world feel safe enough to resume travel and this will take some time.”
“Singapore is an early supporter of the COVID-19 Vaccine Global Access or COVAX Facility, which accelerates the development and production of, and equitable access to potential COVID-19 vaccines. Together with Switzerland, Singapore co-chairs the Friends of the COVAX Facility to promote vaccine multi-lateralisation. Singapore is also pursuing the procurement of COVID-19 vaccines with a number of pharmaceutical companies. At the same time, we are supporting local efforts to develop a COVID-19 vaccine as well as building up vaccine manufacturing capacity. Second, testing. In the meantime, we have increased our Polymerase Chain Reaction or PCR testing capacity manifold, and are close to our target of being able to conduct 40,000 laboratory tests a day. We are also evaluating new testing technologies that are less invasive and can produce test results more quickly. This enhanced testing capability will help us safely resume more activities sooner. Third, tracing. Swift contact tracing and isolation of infected individuals are key to limiting the spread of the virus. Our contact tracing teams are doing a sterling job and using digital tools well. The TraceTogether app, together with tokens that are being distributed nationwide, and the SafeEntry programme, enable contact tracing to reach the speed and coverage needed to rapidly contain viral transmission. Fourth, safe management. We must continue to adhere to safe management measures and do our part to facilitate contact tracing. Keeping community infections low is the key to re-opening our economy safely. The Multi-Ministry Task force co-chaired by Ministers Gan Kim Yong and Lawrence Wong will be releasing more details on the roadmap to Phase Three in the coming weeks.”
“This outcome has only been possible with the collective determination, adaptability and sacrifice of our people and businesses. Today, I want to look forward, and share how we will approach the next six months as our economy reopens, as well as our plans for our longer term economic recovery to emerge stronger. The trajectory of our economic recovery depends critically on how well the world deals with this still dangerous virus. Every passing day brings new surprises and new hope. Even as we learn more about it, there are profound uncertainties ahead. One major uncertainty is how effective other countries are in containing the pandemic and the success of policies they adopt in opening their economies. Another key uncertainty is whether, and when, an effective and safe vaccine can be developed. Even if such a vaccine becomes available, the pandemic may not end quickly. Supply of the vaccine will be limited initially, and global rollout is likely to be uneven. We do not know how long the protective effect may last, or if mutation of the virus may render it ineffective. But there is also hope that we can overcome this crisis. In our fight against COVID-19, we are currently in a stable position, but we must remain vigilant. Amid the uncertainties, we are adapting to living with the virus. We have worked out the steps to further re-open safely in the months ahead. We are putting ourselves in the best position to fight COVID-19 by focusing on four key prongs. First, vaccination. We are working very actively to secure early access to safe and effective vaccines, if and when they become available.”
“Mr Speaker, Sir, after a most difficult past several months, the COVID-19 situation in Singapore has stabilised and large parts of the economy have resumed operations. It has been a test of a generation, which we have tackled as one nation. The Government has rolled out a decisive set of crisis management measures to minimise and cushion economic impact, preserve jobs and capabilities, and support households. This includes the support measures which I announced in August, before the Opening of Parliament. [Please refer to Annex 1.] I made the announcement then, as some of the support schemes were ending in August and we needed to give our firms and workers certainty during this difficult period. We are now tabling a Supplementary Supply Bill, which provides for the resources to implement the measures announced in August, for debate in Parliament. My Ministerial Statement today will provide context for the Supplementary Supply Bill. Mr Speaker, Sir, our four earlier Budgets committed close to $100 billion of support measures to deal with COVID-19. This is on top of other measures such as special relief measures for debtors and tenants. These measures have substantially cushioned the economic impact. MAS estimates that the combined Budgets will prevent the economy from contracting by a further 5.6% of GDP in 2020 and 4.8% in 2021. Our economic support measures will also offset some of the rise in resident unemployment rate by about 1.7 percentage points this year. This could mean about 155,000 jobs saved over these two years, although we will still see job losses overall. More than half of the jobs saved are due to the Jobs Support Scheme or JSS alone.”
“Since the introduction of the Jobs Support Scheme or JSS at the Unity Budget in February, over $16 billion of payouts have been disbursed to more than 150,000 employers. This has helped to support the wages of over two million local workers. $10.5 billion of the JSS payouts went to SMEs. This accounts for 73% of the local workers supported by the JSS.”
“Since the introduction of the Jobs Support Scheme or JSS at the Unity Budget in February, over $16 billion of payouts have been disbursed to more than 150,000 employers. This has helped to support the wages of over two million local workers. $15.5 billion of the JSS payouts went to SMEs. This accounts for 73% of the local workers supported by the JSS. [Please refer to "Data on Employees who have been Supported by Jobs Support Scheme", Official Report, 4 September 2020, Vol 95, Issue No 6, Oral Answers to Questions section.] [(proc text) Written statement by Mr Heng Swee Keat circulated with leave of the Speaker in accordance with Standing Order No 29 (5): (proc text)] I wish to make the following factual correction to the reply given during Question Time for the Parliamentary Question "Data on Employees who have been Supported by Jobs Support Scheme" at the Sitting on 4 September 2020. My reply should read as follows:”
“To help enterprises with credit and cash flow, the Government introduced and enhanced financing schemes, such as the Temporary Bridging Loan Programme (TBLP), as part of the COVID-19 support packages. The TBLP has supported $13.1 billion of loans and 16,349 companies as of 31 August 2020. 99.7% of these companies are SMEs, and 0.3% of them are larger firms. Under the TBLP, Participating Financial Institutions (PFIs) can choose to tap on their own capital, Government's loan capital or the MAS SGD Facility for ESG Loans when issuing loans. For Government's loan capital, there is an interest rate of 1.9% per annum (p.a.) without collateral. The repayment period, for a PFI which borrows from the Government, is tied to the tenure of the loans offered by the PFI, i.e. up to five years. The MAS SGD Facility for ESG Loans provides funds to PFIs at 0.1% p.a. for up to two years, and requires PFIs to provide collateral. For now, most of the loans supported under the TBLP are drawing capital from the MAS SGD Facility. Overall, we have lowered the interest rates charged by PFIs to borrowers for TBLP loans to a range of 1.5% to 3.0% p.a.”
“Tax reliefs such as Parent Relief, Spouse Relief and Qualifying Child Relief are given to taxpayers to recognise their efforts in supporting their family members. These reliefs are intended for circumstances where the dependent is handicapped, or is not earning any income. Nevertheless, we recognise that some dependants may derive a small amount of incidental income. Hence our approach caters for that by setting the dependant's income threshold at $4,000 a year. This income condition applies to all dependants, including parents, spouses, and children. We will continue to review our personal income tax system to ensure continued relevance and effectiveness.”
“The Rental Relief Framework provides for the Government, landlords and SME tenants to share in the rental obligations of SME businesses during this difficult period. This framework recognises that landlords, in partnership with the Government, have a shared interest in helping their SME tenants survive and succeed. In designing the Framework, the Ministry of Law had carefully considered and consulted a range of stakeholders on the potential impact on landlords. Landlords who meet the criteria for financial hardship may apply to halve their rental waiver obligations under the Additional Rental Relief component. Based on our records, about 3,000 landlords may qualify for a reduction in obligations under the financial hardship criteria1. Of these, more than 65% are aged 62 and above. As at 30 August 2020, the Registry of Rental Relief Assessors has received about 455 applications, and we expect more in the coming months. Individual and SME landlords facing cash flow difficulties can also apply to banks and finance companies to defer principal payments on their mortgages up to 31 December 2020 and to extend the loan tenure by up to the corresponding deferment period. Individual landlords who are required to provide relief to their tenants can also apply to defer interest payments, in addition to principal payments, on their mortgages up to 31 December 2020, and to extend the loan tenure by up to the corresponding deferment period. The provisions to help landlords in financial hardship strike a balance between the needs of landlords and tenants. The Government will continue to monitor the situation closely and make adjustments as necessary.”
“Well, I thank Mr Liang Eng Hwa for pointing out our revenues are continuing to come down. For this financial year, the main underutilisation comes from development spending caused by delays in construction, as workers were in the dormitories and were unable to continue their work. For this financial year, there is still some scope – albeit very limited – for us to consider reallocation across the various Heads of Expenditure. But for future years we are now carefully revewing the timeline for many of the development projects. So, we must continue to budget very carefully, in reallocating revenues, monies from the Development Expenditure. And the reason why we are first using the Development route first instead of tapping on these reserves, is that we have underutilisation this year because of construction. But going forward, as Mr Liang Eng Hwa has pointed out, our fiscal position will be challenging – revenues are coming down while some expenditures are continuing to go up and the situation continues to be very fluid. We do not know how the COVID-19 pandemic situation will continue to play out, a point which I emphasised in my speech earlier on in the Debate. MOF will have to examine the various options very carefully but with the clear goal of enabling us to navigate through this very major crisis and to emerge stronger.”
“These will reflect how funds will be re-allocated across different Heads of Expenditure. The Supplementary Estimates will be considered in the Committee of Supply and the Bill will go through the First, Second and Third readings in Parliament. The Government is responding swiftly to a fast-evolving situation and will share its plans with the public in a timely and clear fashion, while ensuring full accountability for the use of public monies.”
“The COVID-19 pandemic continues to evolve at an unprecedented pace. It has demanded swift and robust responses from the Government. From February to June, we committed close to $100 billion in COVID-19 support, over four Budget packages, to support our people and businesses. The Government has been monitoring the economic conditions and having regular interactions and dialogues with citizens and business leaders. The coverage of some key schemes, including the Jobs Support Scheme, was going to end in August. Businesses were concerned if the support would be extended. Many jobs and businesses may be at stake if we did not announce our policy measures in time. To ensure that we gave businesses and workers clarity on the Government’s continued support, on 17 August, I laid out further COVID-19 support measures via a television broadcast. Our businesses and workers have found this reassurance useful in their decision making. The COVID-19 situation has affected the projected spending of some Ministries and projects. For example, delays in major construction projects such as new MRT lines have decreased development expenditure. To meet changing needs, MOF reallocated unutilised funds from these areas to fund the extension of these measures. As I stated in my 17 August statement, the measures will be fully funded by re-allocation, with no further increase in the Government’s overall expenditure. We do not plan to draw further on Past Reserves for this set of measures. MOF briefed President and Members of the Council of Presidential Advisors. To ensure accountability to Parliament, we will present a Third Supplementary Estimates and Third Supplementary Supply Bill in the next Parliament Sitting in October.”
“Mr Speaker, Sir, with your permission, I will answer the next three questions together.”
“I think, as I mentioned in my reply, we do not collect the data in order to ease the administrative burden of firms in terms of the level of revenues to which they may have suffered. But the tiered approach provides a fairly quick, fairly good approximation of the sectors and these measures are being reviewed, even as we speak.”
“Since the introduction of the Jobs Support Scheme or JSS at the Unity Budget in February, over $16 billion of payouts have been disbursed to more than 150,000 employers. This has helped to support the wages of over two million local workers. $15.5 billion of the JSS payouts went to SMEs. This accounts for 73% of the local workers supported by the JSS. [Please refer to "Clarification by Deputy Prime Minister and Minister for Finance", Official Report, 4 September 2020, Vol 95, Issue No 6, Correction by Written Statement section.] As labour cost share of business costs tend to be larger for SMEs compared to larger firms, the JSS, as a wage support scheme, provides greater support for SMEs. As for the breakdown by revenue bands – below $10 million, between $10 million and $100 million, between $100 million and $250 million, and above $250 million – the dollar payouts are: $5.8 billion, $4.0 billion, $1.6 billion, and $4.9 billion respectively. The corresponding proportion of local workers supported by the JSS is: 46%, 24%, 9% and 21% respectively. We do not have data on which companies had no drop in revenue in the first half of 2020. We do not collect such data at such short intervals, so as to ease the administrative burden on firms. As an alternative, we have made use of other sources of data, reports and industry feedback to provide different levels of JSS support to different sectors, based on the impact of COVID-19. This ensures that we strike a balance between being more targeted in our assistance and the speed in disbursing support.”
“And I do not want to elaborate on the range of other contingencies that we have to prepare for. But a pandemic is certainly one very big area. A financial crisis and economic crisis of a very serious nature, I think we must expect that panics and crashes will continue to happen in the global economy. The global economy does not go on a straight line all the time. And we, being so open, will be exposed far more than many other economies. So, I hope that Mr Pritam Singh will think about these carefully before thinking about "I must know how much before we know how much to spend". The principles on why we do it are quite clear.”
“Again, let me emphasise that, for a country with no natural resource of any kind who really live by our wits, having those Reserves gives us strength and allows us to keep jobs for our people, to restructure, to reform and that, even in the Budget, even in this crisis, we are talking about how we can emerge stronger, we have proposals on looking beyond COVID-19 and how we will re-establish relationships and even seek to emerge stronger. Why are we able to do that? I think there is a certain mindset that we owe something not just to ourselves but to our future generations. Therefore, I hope that Mr Pritam Singh will bear that in mind when looking at this. On the contingency question, one could ask what contingencies there could be in the future for which the Reserves may have to be used and whether the Reserves are enough. I can tell Mr Pritam Singh that I asked that question of myself all the time, because the nature of the economy is that it is going to be more volatile. We had the Asian Financial Crisis, we had the Global Financial Crisis, in between, we had SARS, the dotcom bubble and now, we have COVID-19. Let me remind everybody that COVID-19 is not over. The COVID-19 situation is getting serious. Today, on the front page of The New York Times, they spoke about the situation in Spain and the worries in Europe about how things could get worse, whether a vaccine would be found soon enough and, even then, how would that work because now people are talking about the risk of re-infection. So, we have to have a mindset that we have to prepare for contingencies and not think about, "Well, if I know how much it is, I can tell you how much to spend." Because the one big unknown is what are the contingencies that you have to prepare for.”
“Therefore, the Budget was made on the basis of even the amount that we will return and keep in past Reserves. But within 100 days, I did four Budgets and also, very recently, a Supplementary Statement. In those five Budgets and Statement altogether, I saw the President and the Council of Presidential Advisers five times and, each time, I can tell you, they asked very tough questions about all our assumptions and what we were looking at, what was the contingency and what could get worse. Eventually, they approved, after very, very tough questions given to me and my team, and we drew $52 billion of past Reserves as part of this almost $100 billion package. Mr Pritam Singh also spoke about intergenerational equity. I have been looking at how other countries have funded all these programmes. A lot of them have funded them through borrowings. Somebody has to pay for those borrowings. Who? Future generations. The massive debts that have been incurred will have to be paid for by future generations. As the Minister for Finance, I can tell Members that I felt so grateful to our founders for that founders' mindset in leaving us with these Reserves that my team and I were able to focus fully on what would best serve the interests of Singaporeans, how would we best help our businesses and how would we best provide resources for the frontline agencies, especially MOH, to tackle this major crisis. I did not have to worry about what terms I would have to negotiate with lenders and how we were going to pay for it.”
“Thank you, Speaker. I want to reiterate the point which the Prime Minister has just made about the difference between a founder's mindset and an inheritor's mindset, and address Mr Singh's suggestion about the use of the Reserves, as somebody who has been directly involved in using the reserves twice. The first time was during the Global Financial Crisis when I was running the Monetary Authority of Singapore (MAS) and we sought the President's approval for the use of $150 billion of our past Reserves to safeguard bank deposits. It was a very difficult decision because we never wanted to do it, until all the neighbouring countries have created bank deposit guarantees to guarantee all the deposits in the banks. And if we had a bank run, the consequences on Singapore would have been far worse. At that time, Mr Goh Chok Tong was my Chairman. After long discussions with him and Mr Tharman Shanmugaratnam, who was in MAS at that time, we decided to discuss with the Prime Minister, and we went to see the President. It is a contingency. If you ask me today: could I have predicted it when I first went to MAS? No way. Could the world have predicted there was going to be a global financial crisis? Not at that time. Did we know that there would be governments around the world creating bank guarantees of that form? Not quite. So, I think the Reserves, as a contingency fund to meet unexpected events for a small country with zero natural resource of any kind, is something which we must never forget. We must never forget that. And what kind of contingencies can happen? Let me touch on that in a while. The second aspect is, this year, as the Prime Minister said earlier, we were projecting a fairly rosy picture before the financial year.”
“Singaporeans have elected us to be their representatives. We must put our minds and efforts together, resolve to do our best, to serve Singaporeans in Singapore so that we can emerge stronger from this test of a generation. [Applause.]”
“When I last met him, Mr Goh told me he was spending more time with Mrs Goh and their children and grandchildren. Let us all thank Mrs Goh and their family for being Mr Goh's staunchest and closest supporters all these years. And I wish our beloved Emeritus Senior Minister a happy retirement. [Applause.] I also wish to pay tribute to other long-serving parliamentarians, including Boon Wan, Hng Kiang, Swee Say, Yaacob, Charles,Lily, Ho Pin and Cedric. They entered Parliament many years ago. Mr Goh in 1976, I recall.Boon Wan and Hng Kiang were my bosses at MTI. I learned a lot from them and they have done much to advance our standing in the world and create new opportunities for our people. They may all have left Parliament, but I am confident that they will continue to contribute to nation-building in other ways. Let me also thank Mr Low Thia Khiang who has served an Opposition Member of Parliament since 1991. He is a fiery speaker at election rallies, but when it comes to the crunch, when our national interest is at stake, he stands together with the Government. He has deep conviction about language, culture and heritage, and the long-term success of Singapore. When I last spoke to him, he told me he was very happy playing with his grandchild. I am also glad he has recovered from his fall and wish him good health. Mr Pritam Singh has taken over as Secretary-General of the Workers' Party and has been appointed Leader of the Opposition. I trust Mr Singh will, like Mr Low, put our national interests first. As we face the months and years ahead, let us stand united to weather this crisis. Even though we were sworn in at two different physical Parliament Houses – the old and the new – we must always be Members of one House.”
“Let me also express my appreciation to the Members of Parliament who have retired and the Non-Constituency Members of Parliament (NCMPs) who have stepped down. The longest serving is Mr Goh Chok Tong who served for nearly 45 years, including almost 14 years as our Prime Minister. Mr Goh's years as a Prime Minister, from 1990 to 2004, are remembered as a time of stability, peace and growth during which we became a kinder, gentler society and a more confident people. He steered us through two major crises – the Asian Financial Crisis and SARS. He continued to contribute in many areas, even after stepping down as Prime Minister. Over the years, I had the privilege of working closely with Mr Goh, including on many trips at ASEAN, ASEM and APEC, where his easy rapport with leaders around the world enabled us to forge many new agreements and many new partnerships. It has expanded our external space. I remember vividly his advice to meet during the Global Financial Crisis when I was Managing Director of the Monetary Authority of Singapore. Emeritus Senior Minister Goh was then our Chairman and banks around the world were in trouble. So, when we had to make a momentous decision on whether to seek the approval from the President for $150 billion guarantee on all bank deposits, backed by our past reserves, I was very glad to have his wise counsel and his support for us to take difficult decisions head-on. It was a lesson that stayed with me and continued to guide much of my work, especially during this crisis. After I entered politics in 2001, Emeritus Senior Minister Goh continues to be a good mentor, with his signature mix of humour and wisdom. Mr Goh has left an indelible mark on many Singaporeans, especially those of us in this House.”
“The COVID-19 pandemic could be our most severe test so far. To overcome this crisis, we have to once again draw upon and build on this capacity to adapt and remain united, and stand true to our values. We can navigate this period of great uncertainty and change, but our policies must set the right tone for the rest of society. This House must fulfill its duty to articulate and debate policy options to build a better life for our people and to advance Singapore's place in the world. This is the mandate that has been entrusted to us by Singaporeans. I trust that all of us, whether in Government or the Opposition, will share this common sense of mission – to serve in the best interests of Singaporeans and Singapore. My colleagues and I in Government, have listened to the voices of our people. We have heard and share our people's anxieties. We acknowledge the concerns and unhappiness that some have voiced. As the world and our society changes, there will be greater divergence of views. We will continue to understand our people's concerns and improve your lives. We will have to adapt to these changes, but stay true to our values – the same values that have enabled us to stay united and succeed against the odds. We welcome the 31 newly-elected Members of Parliament in this Parliament and look forward to hearing from them in this debate. For those who are office holders, I encourage them not just to speak about their Ministries' work, but also to share more about their personal convictions and beliefs. They are giving their maiden speeches and I believe Singaporeans would want to know who they are and what they stand for.”
“So, we have convened the Emerging Stronger conversations, which give Singaporeans a shared opportunity to reflect on the COVID-19 experiences and articulate how we can take Singapore forward together. These conversations are on-going and will lead to action through our Singapore Together Action Network and other partnerships. The better we adapt to change and stay true to our values, the stronger we can emerge from this and future crises. The stronger we are at home the more confidence we can be to stick our place in the world and create value with others. This has been our formula for success and survival. We are determined to whole a rules-based global order which has taken us to where we are today. As a small nation that threatens no country, we want to be friends with all and to work with all. We are both a city-state and a global metropolis. Maintaining this dual identity will not be easy. But as long as we are clear about our values and what holds us together, it will be a source of strength that opens up new opportunities. This is our Singapore premium. Let us continue to work with like-minded partners to build a better world for Singaporeans for people around the world and for our future generations. Since our Independence, we have weathered one crisis after another – from the withdrawal of British forces and the ensuing massive unemployment, to the 1973 oil crisis, the Asian Financial Crisis, SARS, the 2001 IT bubble collapse and the Global Financial Crisis. All of us in our 50s and older would have lived through these turbulent periods. Each time, Singaporeans would have been called upon to show fortitude and resilience, and work in unity with our fellow citizens. And each time, we have risen to the challenge, adapted and emerged stronger.”
“Our society will face new differences along the lines of identity, socio-economic status and political beliefs. There will always be different perspectives on subjects like race, language and religion and the rights and obligations of citizenship. It is essential that we rise above our differences and find common ground. Occasional setbacks need not trip us in our perseverance to continue to make progress. Harmony in diversity will always be a work in progress. We may not always agree, but we cannot afford to let our disagreement turn into division. Otherwise, change will cause a rupture in society as we have seen elsewhere. We launched the Singapore Together Movement in June last year, precisely to harness diversity as a strength and create a shared future for everyone. We wanted to build on our experience from our Singapore Conversation to engender deep understanding and partnerships among Singaporeans and between our people and the Government. We know many Singaporeans are keen to play their part and to make a difference. Two weeks ago, I met Samantha and a group of volunteers who clean up our beach at East Coast Park regularly. Kiat How, Desmond Tan and I had a follow-up discussion with them via Zoom on Saturday to discuss how we can create a more sustainable Singapore. I was very impressed by the passion and commitment. We agreed to work together to turn their good ideas into action. The process of working together will help to foster a culture of respect and expand our common space. This strengthens our capacity to adapt and change together, and will take time to build up. We want to build on these efforts too, as we recover from COVID-19.”
“" As Members debate on how we can strengthen our support for Singaporeans, let us keep in mind how new enhancements can be funded equitably and sustainably over time and strengthen our people's capacity to not only succeed throughout life but to help others succeed, too. These are the values that we must strengthen even as we adapt. How can we best ensure the survival and success of Singapore and improve the lives of Singaporeans depends on how well we adapt to change. And I will now speak on affirming our values as a people. As we adapt – and, in some cases, make major adjustments because the circumstances we face have changed significantly – we must stay rooted to our values and identity and, above all, our unity as one people. I have been encouraged to see how COVID-19 has strengthened our sense of common purpose and brought out the best in us. Many have stepped up to support others. One example is the Masks Sewn With Love project, a community effort that has sewn more than 100,000 masks for vulnerable families, which some of our Members of Parliament were very deeply involved in. This sense of unity, through both good times and bad, is rooted in the values enshrined in our Pledge and the distinct Singaporean identity we have evolved through the years. During SG50, we honoured those who have brought us this far, in our journey since independence. In our Bicentennial last year, we explored how we progressed from Singapore to Singaporeans by holding true to our values of openness, multi-culturalism and self-determination and sharing the conviction to stand united and defy the odds as one people. It will take more effort to maintain this sense of common purpose as our society becomes more diverse.”
“So, I must caution against looking for what may appear to be cost-less solutions. Somehow, someone else will have to pay for these schemes. There are trade-offs. If we want higher social spending, taxes will have to go up, or it will mean spending more at the expense of future generations by what many countries are doing – by raising their debt. We must never forget that we have provided almost $100 billion of support for our people and businesses this year without incurring a single cent of debt because we are able to fund over half of this using past reserves. At the same time, while we must strengthen our social safety nets, we must do so in a way that reinforces and not undermine an individual's efforts. A strong compact maintains a balance between the roles of the individual, family, community and the Government and helps us better cope with change together. Indeed, social safety nets cannot become a set of shackles. It should not hold down those we started with less. It should not create a dependency such that people who get fish for today never learn how to fish for food tomorrow. It should not breed an entitled class who ask, "What more can you do for me?" A well-designed social safety net protects the vulnerable, invests in human and societal capital and provides a means for those who fall down to bounce back. It gives hope and builds confidence. It believes in people and lifts the human spirit. It supports every generation to have aspirations and dreams and for everyone to ask, "What more can we do for one another?”
“Our social spending has tripled over the last 15 years and this is set to rise further as our population ages. Looking ahead, our economy will change at a much more rapid pace. Disruption to jobs will be more common with greater adoption of technology, such as automation and remote work. We must, therefore, take an integrated view of our economic and social policies. As our Labour Movement puts it, "A job is the best form of welfare for our people". The Government will continue to invest in our people, match them to new opportunities and bring out the best in all Singaporeans. This way, we will keep social mobility alive. At the same time, with major changes in the economy and labour market, will need to adapt our social safety nets and keep inequality in check. More workers will fall on hard times and we need to enable them to adjust and bounce back through this crisis and beyond. Some Singaporeans are taking part in the gig economy, taking on a wide range of jobs, either part-time or full-time. So, our support for self-employed persons will have to evolve accordingly. We must continue to uplift our lower wage workers and enable our older workers to continue working if they wish to. Various ideas have been proposed on how we can do this, such as minimum wage, universal basic income and unemployment insurance. The Government will keep an open mind to all these ideas. But we must also recognise that there are no magic bullets. Each of these ideas has its merits as well as unintended effects. We have to consider the trade-offs and be clear about what works for our context and our time. Demands on our social safety nets are increasing at a time when our revenue base is growing more slowly and with sharper competition for tax revenues across countries.”
“And, in particular, we must also make a deliberate effort to develop Singaporeans for leadership roles in companies so that they can take Singapore forward and that Singapore, as an operational and regional headquarters, has what it takes – that it has people, Singaporeans who grow up in a multiracial, multi-religious and multi-cultural environment can connect with people all around us easily and build deep linkages with our friends in the region. And this is something that we will pursue. But the same time, we must not undermine the essence of what has made us successful. Even as we adapt to the changing world, we must stay true to our values, our sense of unity as a people, our composition as a multi-cultural society. We must stay true to our value to the world as an oasis of harmony in this fractious world. Let me now speak on adapting as a society. Even as we evolve our economic strategies, our society, too, is facing new challenges and needs to continue to adapt to sustain the promise of progress for every Singaporean. We must not let change lead to polarisation. In the early days of our development, our economy was growing strongly. A rising tide lifted all boats and most Singaporeans saw their lives improved by leaps and bounds. We invested in our people so that they could adapt and grow with our economy. High home ownership also gives Singaporeans a share in the fruits of our progress. As our economy matured, we also strengthened our social safety nets. For example, we improved healthcare affordability through MediShield Life and CHAS and provided extra support for the Pioneer in Merdeka Generations. We uplifted the wages of our lower wage workers through Workfare and the Progressive Wage Model.”
“We must also remain open to investment and talents from around the world. In this economic climate, we understand that many Singaporeans are anxious about their livelihoods. Our starting point is that our economic strategies must serve the interests of Singaporeans. The foreign investments we attract must create meaningful jobs for our people and strengthen our corporate eco-system. Singaporeans must receive fair consideration at the workplace – a point which Mr Patrick Tay has just emphasised. We are, therefore, adapting our manpower policies, including our employment and S Pass policies, to the changing circumstances to ensure the Singaporeans' interests are upheld. But to emerge stronger, we must resist any temptation to turn inwards. We cannot close ourselves to the world or make foreigners unwelcome in our society. We must always serve the interest of Singaporeans. The best way to ensure that this little red dot, with no natural resources of any kind but with a determined, hard-working, forward-looking people, is to remain useful and relevant to the world. We do this by keeping our economy vibrant and competitive so that Singaporeans and other people choose to be here to invest and do business, thereby creating good jobs and opportunities for all of us. Mr Patrick Tay just spoke about ITM 2.0 – and I thank Mr Tay for mentioning about the ITM efforts. In fact, even in ITM 1.0, there is an explicit linkage between the various components of what we do in developing our people and in job creation. But Mr Tay is right that we should enhance this to create an even stronger linkage in the form of skills maps and in the form of job redesign and job retraining, re-skilling of our workers to take on those jobs.”
“The National Research Foundation is expanding on this by supporting research programmes that address the broader goal of enhancing human potential through measures during pregnancy and childhood, including nutrition, parenting and learning and, later, in our studies on how people learn. Third, we must strengthen our path-finding capacity to find new bright spots amid economic disruption. Four months ago, we set up the Emerging Stronger Task Force to identify and seize new opportunities in emerging trends. The task force has made good progress and commissioned seven alliances for action. These industry-led coalitions to pilot ideas quickly represent the new action-oriented approach to pursue specific growth areas. The ideas being explored are promising. They range from environmental sustainability to smart commerce, supply chain digitalisation and the use of robotics. This can create new growth markets for our businesses and good jobs for Singaporeans. We will invest in incubating and accelerating start-ups and supporting established companies to expand their R&D to build competitive strengths. Such a vibrant innovation eco-system will build up our path-finding capabilities. Fourth, we must find new ways to be a vital node with rich and deep interconnections with the rest of the world. As a small city-state, being open is our strength and opportunity. Unlike other major cities, we do not have domestic hinterlands that buffer us against shocks. We cannot take for granted that, in a post-COVID-19 world, we can continue to be the same kind of hub that we used to be. We must, therefore, forge new forms of connections, such as digital economy agreements, while deepening our linkages with regional markets to ride on Asia's potential.”
“Like some research triangles in the US, the Dutch have done well. This model is being expanded to incorporate other dimensions, such as societal responsibility and environmental protection. In essence, the economy is very complex in how allocates resources, generates innovative ideas and in how returns are distributed across multiple stakeholders. While there is a competitive element in this, there are also benefits to be gained from working together for shared prosperity. Singapore can build on our tripartite partnership to be a test bed that creates deeper linkages with an expanded list of stakeholders, including our education and research institutions, our community groups and interested partners from around the world. By doing so, we can create good jobs for our people and new opportunities for our entrepreneurs. Second, we must redouble our efforts to develop everyone to their fullest potential. In this way, our people can take on new opportunities and flourish in their chosen fields. We need a holistic approach for this that spans the lifetime of individuals from birth to pre-schools to schools, all the way to lifelong learning as part of SkillsFuture. I am glad that our workers are embracing upskilling, with about half a million taking part in SkillsFuture programmes last year. And we have to explore new possibilities for developing our people fully. Studies in Singapore by Prof Chong Yap Seng show that the physical and mental health of women during pregnancy affects the brain development and behaviours of their babies. On-going clinical studies will assess if nutrition and other measures taken during pregnancy and early childhood are associated with better outcomes in both mothers and their children.”
“By working in close partnership, we advance as Singapore together. I will speak about how we need to adapt as an economy, a society and a people. Singapore's economic history over the decades has been one of constant adaptation, restructuring and transformation. Our latest refresh started in 2016 with Industry Transformation Maps to spur sector-specific adaptation throughout our economy. The efforts have borne fruit. Productivity and wages were going up before COVID-19. Industry players have also found new ways of working together to raise the competitiveness of their industries. Indeed, bearing fruit is not just a metaphor here. I met a fruit seller, Jun Sheng, better known as "Ah Boy" at Block 58, market place in Bedok. In addition to operating a physical store, he sells fruits online and even takes orders via WhatsApp. Many hawkers and small businesses islandwide are also going digital. We must do all we can to support our workers and businesses, big or small and make such innovations pervasive. While we have made progress in industries' transformation, we must look ahead and prepare ourselves for even faster change and more disruptive change. To emerge stronger as an economy, we must strengthen our capacity in four areas. First, you must take an even more integrated and coordinated approach to economic transformation. In our system, tripartism, the Government, businesses and the Labour Movement, working together has been a tremendous source of strength. Two years back, as chairman of the National Research Foundation, I visited the Netherlands to learn more about their triple helix model of innovation, where government businesses and academia work together to build knowledge, test prototypes and scale innovation.”
“9% in the second quarter of this year and we can expect more job losses. Many who have held on to their jobs has seen significant falls in income. For those in the most affected sectors like aviation and tourism, recovery will be long-drawn. We have to tackle these challenges admist the underlying shifts that predated COVID-19. There is a backlash against free trade and sharpening nativist instincts because the constant benefits of globalisation have been unevenly distributed. Technology and innovation are reshaping the nature of work, disrupting jobs and businesses. Distresses have, in turn, caused societies to be polarised exacerbated by the proliferation of echo chambers on social media. The uncertainties created by COVID-19 have only accelerated this shifts. The compound matters, governments around the world have financed massive stimulus packages through borrowing, putting an even greater burden on future generations. It is against this sombre backdrop that we open our Fourteenth Parliament. As the President said in her speech, we are at an inflection point in our history. Now, more than ever, we must ask – how can we best ensure the survival and success of Singapore and improves the lives of Singaporeans in this unprecedented time? We can answer this in one line. Adapt to change but stay true to our values. Change will leave us behind if we stand still. That we must adapt is a given. What would define this term of Government, is how we will adapt that will build a better life for our people. Even as we keep pace with change, we must stay true to the values that have enabled us to progress all these years. By embracing change with courage and confidence, we build our capacity to adapt. By staying true to our values, we strengthen our sense of common purpose.”
“Mr Speaker, Sir, I rise in support of the Motion. In my maiden speech in Parliament in 2011, I said all debates in this House will always be guided by one question: how can we best ensure the survival and success of Singapore and improve the lives of Singaporeans? We have over the years examined this question in different ways, in and out of this House. The question has now become more critical than ever. We begin 2020, full of hope, having just commemorated our Bicentennial last year. None of us could have foreseen what was to come: the whole of humanity locked in by a virus; millions of people infected and lives upended; the global economy plunged into the worst recession since the Great Depression; and the way we earn a living, go about our lives and interact with one another, turned on its head. In Singapore, we mounted a swift and robust response. To protect lives, we imposed the circuit breaker. Our healthcare and frontline workers responded vailently, keeping our fatalities very low and bringing down the number of new infections. Our people observe strict discipline to keep each other safe. To protect livelihoods, we are doing all that we can to keep our workers in jobs, preserve the core capabilities and our businesses, and support households during this difficult period. We committed around $100 billion to fight at the pandemic and safeguard our people and businesses from the fallout. But as a small open economy, we cannot defy the full force of this global crisis. The risk of new waves of infection persists, threatening to derail the gradual reopening of our economy. The global economy is projected to contract by around 5% and will remain weak and fragile for years to come. Our resident unemployment rate has climbed to 3.”
“More than ever, Government, individuals, communities, and businesses must each do our part and work together, to overcome the pandemic and build a better and stronger post-COVID-19 future. As part of the SG Together movement, we will work with Singaporeans and businesses to develop new ideas and translate them into action, through the Emerging Stronger Conversations, SG Together Action Networks and Alliances for Action. The Strategy Group will play its part in strengthening partnerships, especially in the areas of parenthood and climate change. In responding to the immense challenges at hand, and shaping our plans for tomorrow, we look forward to Singaporeans partnering with the Government to realise our hopes and dreams for a better Singapore.”
“To enable our low-carbon transition, we are among other initiatives, studying ways to deploy technologies such as Carbon Capture, Utilisation and Storage (CCUS), exploring the use of hydrogen, and pushing the bounds of ambition in solar deployment within our urban environment. The fundamental shifts to a post-COVID-19 "new normal" also present new opportunities to advance our sustainability agenda. We will study green recovery pathways to rebuild our economy, in line with our long-term low-emissions aspirations, so that we not only emerge stronger but also advance our sustainability agenda. We will catalyse and generate new green growth areas for Singapore and create new jobs for Singaporeans. We will build resilience to future crises and supply shocks, such as by enhancing our food security, in a resource efficient manner. We will build on the adaptations that Singaporeans have made during this period of COVID-19, to reduce transport emissions through increased telecommuting and wider use of public transport, and make a decisive move to adopt cleaner energy vehicles such as electric vehicles. Over the years, this Government has maintained focus on serving Singaporeans well both today and in the long term. Our capability in long-term strategic planning and foresight has served us well, and will remain essential as we navigate this crisis and chart our path beyond. We have outlined the broad strategies we will adopt, including for population and climate action, and the relevant agencies have provided more details on specific plans under their charge. But the Government cannot achieve this alone.”
“The Government remains committed to keeping Singaporeans at the heart of our population strategies. Our population policies aim to ensure a sustainable Singapore with a cohesive society and vibrant economy that improves Singaporeans' lives. We will continue to support Singaporeans in their parenthood aspirations and support families especially in housing, preschool, parental leave, and the cost of raising children. We will also partner with employers and the community to cushion the impact of COVID-19 on the marriage and parenthood plans of young couples. We will continue to take a calibrated approach to immigration and maintain a careful balance in our foreign worker flows. We welcome those who can contribute to our society and want to make Singapore their home, while ensuring that our policies allow Singaporeans to benefit from better jobs and opportunities. To build a cohesive society, we will strengthen efforts to integrate new members of our community and help them adapt to the Singaporean way of life. We must manage the disruptions caused by climate change, which may be more protracted than the impact of COVID-19. We must continue with efforts to enable Singapore's transition to a sustainable, low-carbon, and climate and resource resilient future. To do so, we will continue to actively support global climate action, as no one country can prevent climate change alone. Earlier this year, Singapore submitted our enhanced 2030 Nationally Determined Contribution (NDC) and Long-Term Low-Emissions Development Strategy (LEDS) to underscore our commitment to continued global climate action. Notwithstanding the disruptions and uncertainties brought about by COVID-19, we remain committed to achieve these goals.”
“We will work with social agencies to review our social support policies in the light of the impact of COVID-19, especially to help vulnerable groups that have been more adversely affected. This will form the basis of a refreshed social compact. Given that climate change is also a storm of great proportions, we will also review our infrastructure plans for a sustainable city, taking into consideration new industry needs and emerging new norms of working and living. Tackling these complex challenges will require closer alignment across different policy areas, stronger sense-making capabilities, and effective implementation of the policy agenda. We will have tighter co-ordination between our economic and social policies, to ensure that Singaporeans can access jobs and opportunities in the post-COVID-19 economy, with vulnerable groups of workers receiving additional support, and social mobility continuing to be a feature of our society. To strengthen our sense-making capabilities, we are growing new capabilities in data analytics and citizen engagement to better understand the concerns of our citizens, so that we can develop better, more citizen-centric policies. Finally, we will set the pace for the effective implementation of these policies across the Whole-of-Government through close monitoring of implementation plans and outcomes, and ensuring that strategic priorities are given the support and resourcing needed to succeed. Singapore continues to face stark demographic realities, including low birth rates and an ageing population. Local workforce growth will slow over the next decade. COVID-19 has intensified some of these challenges, for example with couples delaying their marriage and parenthood plans.”
“The COVID-19 pandemic has posed the gravest challenge for Singapore since independence. We are confronting an unprecedented public health as well as economic crisis, with serious social consequences. To get through the crisis and to emerge stronger and better, a concerted whole-of-society response needs to be led by the Government, with all Singaporeans playing their part. This in turn requires a well-coordinated whole-of-Government effort, to navigate our way through the crisis, and to build back a better Singapore post-crisis. In this challenging and uncertain environment, the Strategy Group organises the Public Service to develop and implement the Government's key policy priorities, in a coherent and coordinated manner. The Government's management of the COVID-19 pandemic is led by the Multi-Ministry Task Force. Beyond this, the Government also needs to adjust its policy responses to the new challenges and opportunities that have arisen from this crisis. The pandemic has exacerbated geopolitical tensions, and altered the regional and global economic landscape. A comprehensive review of the Government's medium-term policy agenda is needed, in order to tackle new challenges but also seize new opportunities, so that Singapore can manage this crisis well, and continue to thrive in a post-COVID-19 world. In the midst of crisis, the Strategy Group will organise the cross-Ministry effort to review our policy agenda and set new ambitions for our future. Even as we support businesses and workers to cope with the severe disruption to our economy, work is underway with economic agencies to look ahead in partnership with businesses, to identify and seize new growth opportunities for businesses and create new good jobs for Singaporeans.”
“To further position Singapore as a global node of scientific excellence, we will build on our NRF Fellowships and Investigatorship schemes to attract both promising young scientists and established experts to pursue ground-breaking research in Singapore. At the same time, our Returning Singapore Scientist scheme attracts overseas Singaporean scientists and talents home, to grow a strong core of Singapore researchers who will eventually take on leadership positions and drive the pursuit of scientific excellence here. Our RIE investments have created a strong foundation for Singapore to seize the new opportunities in a post-COVID-19 world and emerge stronger. Our RIE plan for the next five years will strengthen the partnership with industries and create new opportunities for Singapore. It will also ensure that Singapore remains resilient in the face of new challenges, beyond the current COVID-19 pandemic. We must continue to exploit new knowledge and S&T capabilities to diversify our economy, create new industries, train our people, and build capacity to meet Singapore’s national needs. This will enable Singapore to remain competitive and relevant to the world, as a vibrant Global-Asia node of technology, innovation, and enterprise.”
“NRF will support the SGUnited Traineeship Programme, and offer traineeships in our R&D laboratories, deep-tech start-ups, accelerators and incubators. These experiences will be part of a broader effort to grow the RIE talent pool and strengthen people linkages within the RIE ecosystem. Beyond Singapore's economic transformation, our RIE plan will continue to support national needs and improve the lives of Singaporeans. For example, we will partner the Ministry of Health to build on our R&D strengths in areas such as preventive care and digital healthcare to transform our healthcare system and deliver quality services at sustainable costs, and enable Singaporeans to lead healthy and productive lives. We will also harness S&T to build on our capabilities in sustainable urban solutions and low-carbon technologies. This will contribute to our national efforts to address climate change, and enhance the quality of living in Singapore. As technology continues to accelerate the pace of change across society, we must continue to grow new S&T capabilities to meet future needs. NRF will continue to invest in building a robust base of research scientists and engineers, with strong links to the global community. The proportion of research scientists and engineers in our population has grown at a compound annual rate of 3.5% over the last 20 years, and is now comparable to that of other small advanced economies. We will also refresh our strategic investments in major research centres across our universities and in the Agency for Science, Technology and Research, and build on our collaborations with international partners through our Campus for Research Excellence and Technology Enterprise.”