Singapore is rolling out several programmes to help lower-income Singaporeans move up the social ladder.
The Singapore government will initiate measures to ensure that the republic’s economy will grow sustainably and the fruits of growth are shared with all Singaporeans, thus making it a more inclusive society. This was elaborated as one of the government’s major strategy by Prime Minister Lee Hsien Loong at the National Trades Union Congress’ (NTUC) May Day Rally.
“We must translate growth to higher wages and better lives. Our ultimate aim is to improve lives for all of us, especially Singaporeans with lower incomes. Over the last five years, in fact, incomes have gone up. Median incomes have gone up by 13% after inflation since 2006. Our goal is to keep real wages going up year by year,” said PM Lee.
The PM also listed various programmes that are under-way to help the lower-income group. These include the Inclusive Growth Programme initiated by NTUC and e2i to pool in S$100 million for upgrading 100,000 workers, Special Employment Credit, education bursaries, U-Save and Workfare.
Meanwhile, Deputy and Minister for Finance Tharman Shanmugaratnam while writing in the ruling People’s Action Party publication Petir, also noted that Singapore must keep social mobility up by finding ways to help those who start off with a disadvantage to catch up and do well. Through initiatives such as Singapore GST vouchers, and healthcare and housing subsidies, the government is using its resources to uplift and support lower- and middle-income Singaporeans, he added.
Singapore company incorporation specialists Rikvin is also optimistic that the government will lay down policies for long-term economic and productivity growth so that the city-state remains attractive to entrepreneurs who are keen to form a Singapore company.
“Singapore’s commitment to increasing social mobility for lower-income families and inclusive growth could come at no better time. Building an economy driven by higher skills, innovation and productivity will boost wages as well as help businesses to maximize their growth potential,” concluded Satish Bakha, Head of Rikvin’s Operations.