November 25, 2024
SINGAPORE – The PAP Government is doing its best to shield citizens from the worst effects of global inflation, even as opposition parties in Singapore have tried to exploit cost-of-living concerns to turn sentiments against the ruling party, said Prime Minister Lawrence Wong.
While he acknowledged Singaporeans’ worries about the cost of living, he noted that it is not an issue unique to Singapore, as countries everywhere are facing similar pressures due to the recent spike in global inflation.
Though inflation in most places, including Singapore, has moderated in recent months, price levels remain higher than before, impacting people’s sense of well-being, he said in his speech at the PAP’s biennial party conference on Nov 24.
About 3,000 party cadres, activists and guests – including from the labour movement – were gathered at the Singapore Expo, where cadre members had voted in the morning for the party’s next core group of leaders.
PM Wong, who is currently PAP’s deputy secretary-general, noted how frustration with the rising cost of living overshadowed other matters and contributed to strong anti-incumbency feelings in countries that held elections in 2024. Every governing party in a developed country that held elections in 2024 lost vote share, and a number lost the mandate to govern altogether, he noted.
“We feel the pressure in Singapore too. Opposition parties have tried to exploit this issue to turn sentiments against the PAP, even though they themselves do not have good solutions,” he said.
“We hope Singaporeans understand that these are global inflation trends. They impact all countries.”
The Government has rolled out major packages over the last few years, with more help on the way in the coming months, such as another tranche of CDC vouchers in January 2025, said PM Wong.
The Assurance Package that was first announced in Budget 2020 was enhanced by PM Wong at subsequent Budgets, with a total of over $10 billion earmarked so far to cushion the impact of cost-of-living increases.
“I am now preparing for Budget 2025, because I’m still the Finance Minister, remember. I will see how we can continue to provide additional support in the Budget,” he added.
On top of the national measures, the party branches in the constituencies have also rolled out their local schemes and programmes.
“As a government and a party, we are doing all we can… to help Singaporeans cope with the higher cost of living,” said PM Wong.
Other domestic challenges that Singapore has faced included the Covid-19 pandemic that was a baptism of fire for him and his team, he added.
“We are tackling the next challenge of our generation – to renew our social compact, refresh our Singapore Dream, and to give every Singaporean the assurance and hope that tomorrow will be better than today,” he said.
PM Wong said the PAP has stood for a fair and just society for all from its beginning, and built a system in Singapore that is clean and honest and that operates on the basis of merit.
The system also works because of the strong tripartite partnership among unions, employers and the Government forged over many decades, he added, citing the symbiotic ties between the PAP and NTUC.
“The PAP-NTUC link is strong and vital. We share your conviction that every worker matters, and we will continue to advance the well-being of all workers in Singapore,” said PM Wong.
While the core values and fundamentals will never change, Singapore has to adapt to new circumstances, and the evolving needs of society – which is why the 4G team embarked on the Forward Singapore exercise, he added.
Since then, big moves made in the past year include Age Well SG, the Majulah Package, enhancements to SkillsFuture and changes to the housing and education systems, he noted.
“We have a full agenda under Forward Singapore. The changes and transformations we seek are just beginning, and they will unfold over several years,” said PM Wong. “This is what I am most passionate about. Working together, hand in hand, we can chart a new course and build a better Singapore.”