S'pore will need to strengthen social support amid greater economic uncertainty: PM Lee

SINGAPORE - With Singapore expected to face greater economic uncertainty and turbulence after the Covid-19 crisis, coupled with longer-term trends of an ageing population and rising healthcare costs, Singapore will need to strengthen social support for the people.

Solutions like unemployment insurance can offer older workers"transient relief" at best, said PM Lee. This work involves going beyond merely floating ideas such as minimum wage or unemployment insurance, but assessing their impact carefully, like looking at who wins and who loses in the workforce, and how small and medium-sized enterprises and the public will be affected by the measures.

After several generations of frugal prudence, Singapore has managed to build up significant reserves, he added."Now the opposition says: Show me how much we have in our reserves, before I decide whether to support your Budget and tax plans... Basically, they are asking: I have something in the bank already. How much of it can I touch?"

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