๐ง๐ต๐ฒ ๐ช๐ผ๐ฟ๐ธ๐ฒ๐ฟ๐’ ๐ฃ๐ฎ๐ฟ๐๐ ๐ ๐ฎ๐ ๐๐ฎ๐ ๐ ๐ฒ๐๐๐ฎ๐ด๐ฒ
๐๐ฟ๐ฒ๐ฎ๐๐ฒ๐ฟ ๐ฝ๐ฟ๐ผ๐๐ฒ๐ฐ๐๐ถ๐ผ๐ป๐ ๐ฎ๐ป๐ฑ ๐ฝ๐ฟ๐ฒ๐ฝ๐ฎ๐ฟ๐ฎ๐๐ถ๐ผ๐ป ๐ณ๐ผ๐ฟ ๐๐ผ๐ฟ๐ธ๐ฒ๐ฟ๐ ๐ป๐ฒ๐ฒ๐ฑ๐ฒ๐ฑ ๐๐ผ ๐๐ฒ๐ฎ๐๐ต๐ฒ๐ฟ ๐๐ต๐ฒ ๐๐๐ผ๐ฟ๐บ๐ ๐ฎ๐ต๐ฒ๐ฎ๐ฑ
Last Wednesday (26 April 2023), the Monetary Authority of Singapore (MAS), in its semi-annual report on the Singapore economy, announced that Singaporeโs gross domestic product (GDP) for 2023 is expected to grow between 0.5% and 2.5%, slower than last yearโs 3.6%.
๐๐ฒ๐๐ ๐๐ฎ๐ป๐ด๐๐ถ๐ป๐ฒ ๐ฒ๐บ๐ฝ๐น๐ผ๐๐บ๐ฒ๐ป๐ ๐ผ๐๐๐น๐ผ๐ผ๐ธ
Singaporeans are already living through one of the most rapid cost of living rises in recent history, eroding the purchasing power of their wages. MAS reported that headline inflation for 2023 is expected to โcome in higherโ at 5.5% to 6.5%, reflecting the increasing price of transport, property and the effect of the 1% GST hike. The potentially worsening macroeconomic situation in Singapore could spell a more bumpy ride ahead for Singaporean wage earners.
๐๐ฒ๐ป๐ฒ๐ฟ๐ฎ๐๐ถ๐๐ฒ ๐๐ ๐ฎ๐ป๐ฑ ๐ถ๐๐ ๐ถ๐บ๐ฝ๐ฎ๐ฐ๐ ๐ผ๐ป ๐๐ผ๐ฟ๐ธ๐ฒ๐ฟ๐
There is another non-cyclical trend that may add to the pressure on workers. This has to do with the proliferation of generative artificial intelligence (AI) technologies like ChatGPT that are capable of producing human-like content in response to simple input prompts. The verdict is still out as to how worried knowledge workers should be about these developments and whether generative AI will create new jobs in place of what may be lost.
What we can be certain of is โ with Singaporeโs ambition to be a Smart Nation, always at the forefront of technology and prioritising workplace productivity โ we will not shy away from more widespread adoption of AI technologies.
The question then is, are we doing enough to position our workers to benefit from AI and similar innovations, rather than becoming its victims? How can we use such innovations to raise worker productivity and pay, and help our SMEs to grow and thrive?
๐๐ฟ๐ฒ๐ฎ๐๐ฒ๐ฟ ๐ฎ๐๐๐๐ฟ๐ฎ๐ป๐ฐ๐ฒ ๐ฎ๐ป๐ฑ ๐ฝ๐ฟ๐ผ๐๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐ณ๐ผ๐ฟ ๐ฎ๐น๐น ๐๐ผ๐ฟ๐ธ๐ฒ๐ฟ๐
Whether unemployment is due to cyclical factors or is a result of longer-term secular trends, better protection for all workers will be paramount.
The Workersโ Party has been calling for a redundancy insurance scheme, most recently at the Budget 2023 debate. The Workersโ Party published a policy paper on Redundancy Insurance in 2016. We believe that a redundancy insurance scheme will not only ease the immediate financial pressure that retrenched workers face, but will also provide an automatic stabiliser to the economy, for example, through sustained consumer spending and mortgage payments until workers find new employment.
We note that on 17 April 2023 in Parliament, Deputy Prime Minister and Finance Minister Lawrence Wong indicated that the Government may introduce โunemployment supportโ for workers who are forced to leave their jobs due to retrenchment, but will link this support to training and job search โto preserve the work ethos of the workforce.โ
We urge the Government to move forth with implementing a redundancy insurance scheme to provide greater assurance and protection for our workers.
๐ช๐ต๐ฎ๐ ๐ช๐ฃ ๐๐ถ๐น๐น ๐ฐ๐ผ๐ป๐๐ถ๐ป๐๐ฒ ๐๐ผ ๐ฑ๐ผ
There is much more to do for Singapore to progress towards providing better job security and opportunities for workers. The Workersโ Party will continue to present responsible policy proposals in Parliament to move our society forward.
I wish all Singaporean workers a ๐๐ฎ๐ฝ๐ฝ๐ ๐๐ฎ๐ฏ๐ผ๐๐ฟ ๐๐ฎ๐!
PRITAM SINGH
Leader of the Opposition &
Secretary-General, The Workersโ Party