![](https://i.imgur.com/CLvY2jA.png")
30-08-2021, 05:29 PM
1. LONGER-TERM ECONOMIC GROWTH
Singapore has survived its “worst economic crisis since independence”. But the country must now take itself off “life support” and change gears to generate new jobs and growth, said Mr Lee.
To do this, Singapore must maintain its status as a business hub, which will mean opening up borders soon and allowing safe travel in and out of the country, he said.
There remains a need to attract investments, with the Economic Development Board having secured a pipeline of projects during the COVID-19 pandemic.
Singapore’s local companies and entrepreneurs must also be nurtured to make their mark in the new global economy.
But while the Government will create conditions for entrepreneurs to succeed, “ultimately, it is their own resolve and resourcefulness which will secure their success”, said the Prime Minister.
2. SUPPORT FOR LOWER-WAGE WORKERS
Mr Lee announced three measures aimed at supporting lower-wage workers.
First, the Progressive Wage Model will be extended to cover more workers. The retail sector will be included from next year, followed by food services and waste management. Specific workers across all sectors, starting with administrative assistants and drivers, will also be covered.
Second, companies that hire foreign workers will be required to pay all their local employees at least a local qualifying salary of S$1,400, expanding the current coverage from only some local employees.
Third, consumers will know which companies are paying their workers “decent wages” via a PW (progressive wage) Mark.
But all this will add to business costs, of which some will be borne by consumers. To this end, Mr Lee urged people to be ready to “pay a little bit more for some of our favourite things”.
“It will not only enable the workers to keep their jobs at higher pay. It will also show that as a society, we value their work and contributions, and that they are part of us,” he said.
More at https://tinyurl.com/ea35v752
Singapore has survived its “worst economic crisis since independence”. But the country must now take itself off “life support” and change gears to generate new jobs and growth, said Mr Lee.
To do this, Singapore must maintain its status as a business hub, which will mean opening up borders soon and allowing safe travel in and out of the country, he said.
There remains a need to attract investments, with the Economic Development Board having secured a pipeline of projects during the COVID-19 pandemic.
Singapore’s local companies and entrepreneurs must also be nurtured to make their mark in the new global economy.
But while the Government will create conditions for entrepreneurs to succeed, “ultimately, it is their own resolve and resourcefulness which will secure their success”, said the Prime Minister.
2. SUPPORT FOR LOWER-WAGE WORKERS
Mr Lee announced three measures aimed at supporting lower-wage workers.
First, the Progressive Wage Model will be extended to cover more workers. The retail sector will be included from next year, followed by food services and waste management. Specific workers across all sectors, starting with administrative assistants and drivers, will also be covered.
Second, companies that hire foreign workers will be required to pay all their local employees at least a local qualifying salary of S$1,400, expanding the current coverage from only some local employees.
Third, consumers will know which companies are paying their workers “decent wages” via a PW (progressive wage) Mark.
But all this will add to business costs, of which some will be borne by consumers. To this end, Mr Lee urged people to be ready to “pay a little bit more for some of our favourite things”.
“It will not only enable the workers to keep their jobs at higher pay. It will also show that as a society, we value their work and contributions, and that they are part of us,” he said.
More at https://tinyurl.com/ea35v752
