PM Lee May Day Message
The Singapore economy is into a new phase. We are upgrading qualitatively, and not expanding rapidly like we used to. We grew 1.3 per cent last year, quite good given the weak global economy. This year we expect to grow between 1 and 3 per cent.
This shift to slower growth is inevitable. Our economy is maturing, and we are reducing the inflow of foreign workers. But we must continue to create opportunities for ourselves, develop new capabilities and improve the lives of Singaporeans.
The Singapore Economic Development Board (EDB) is attracting investments to create better jobs for Singaporeans. Rolls-Royce and Pratt & Whitney have invested in our Seletar Aerospace Park, while Procter & Gamble is building a Singapore Innovation Centre to develop consumer products for the Asian market. International Enterprise (IE) Singapore and SPRING are helping Singapore companies grow, both at home and overseas. We are redoubling efforts to raise productivity: The new Continuing Education and Training (CET) campuses will be ready this year, and we have worked out Productivity Roadmaps to help specific industries upgrade themselves. We are also negotiating several new free trade agreements which will give Singapore companies and workers an edge over competitors.
We are doing our utmost to help workers and businesses adapt to the new economic environment. Budget 2013 included the $5.3 billion Transition Support Package to help businesses, especially small and medium – sized enterprises (SMEs), raise productivity and rely less on foreign workers. The Wage Credit Scheme will help businesses manage rising wage costs in a tight labour market. We are keeping our workplaces fair, progressive and inclusive, which is a concern of many Professionals, Managers and Executives (PMEs). The improved Workfare scheme will raise incomes, especially for older and lower-wage workers. We are also reviewing our social policies to give more help to our seniors and less fortunate, especially in healthcare and housing.
However, making Singapore thrive cannot depend on the Government alone. Companies must value their workers and nurture a strong Singaporean core. They should share the fruits of success with their workers and the community, and strengthen the social compact. Workers must value their jobs, and strive to upgrade and adapt to changing conditions. They also have to support leaders who care for them and work with them to secure a better future. Unions must help their members adjust to this new landscape, and cooperate with employers to upgrade businesses, jobs and wages. Together, we must uphold tripartism, and keep it our lasting competitive advantage.
The road ahead is challenging, but I am confident we will succeed. We have successfully restructured our economy before. Each transition was difficult, but each time we emerged stronger, and improved our standard of living. Our well-educated and productive workforce is one of the world’s best. Asia is doing well, which will benefit us as long as we stay competitive. Singapore’s international standing is high, both in Asia and in the developed world. We must maintain this confidence and reputation, to continue attracting investments and creating good jobs for our people. Let us work together to keep Singapore a land of opportunity and an inclusive society for many years to come.
I wish all Singaporeans a Happy May Day!
PM Lee Hsien Loong
[Source]: http://www.todayonline.com/singapore/pm-lees-may-day-message