PM Wong: Govt to tackle living costs and secure better jobs

Leading artificial intelligence companies such as OpenAI and Anthropic have also established offices in Singapore, he noted.

Singapore is also proactively reaching out to strengthen partnerships across different parts of the world, and office-holders now travel more frequently to build relationships and deepen cooperation, he added.

The country’s reputation helps to attract investments that support economic growth, create jobs and enable incomes to rise, he said.

But PM Wong cautioned that headline economic figures do not tell the whole story.

“Some sectors are doing well. But others are facing pressures. Some workers are benefiting from new opportunities. Others are struggling to keep up,” he said.

Lower-wage workers are worried about keeping pace with rising costs, while Singaporeans in their 40s and 50s who lost their jobs are concerned about finding employment again.

“Our task is not just to keep the economy growing. It is to make sure that growth translates into better lives for all Singaporeans,” he said.

Singapore’s economy grew by 5.4% in the third quarter of 2026, beating economists’ forecasts of about 5%. But retrenchments rose to 4,620 in the second quarter, the highest level since the final quarter of 2020 amid the Covid-19 pandemic.

PM Wong said the Government understands these concerns and will respond to them.

The Government will also continue working closely with the National Trades Union Congress to help workers adapt to economic changes and recover from setbacks, he said.

He cited the experience of Fajar Shah Salim, 45, who lost his job in the food and beverage industry in early 2025 after more than two decades of working as a restaurant manager.

As his family’s sole breadwinner, Fajar was worried about paying the bills and starting over in his mid-40s.

He received about $2,800 over two months through the SkillsFuture Jobseeker Support Scheme while he underwent training. Fajar eventually switched industries and is now an information technology operations specialist with ST Engineering.

PM Wong said Fajar’s experience illustrates how government support and individual effort have to go hand in hand.

“The Government stepped in with support when he needed it. But Fajar himself made the effort to retrain and switch to a new career,” he said.

The Government will continue creating opportunities and supporting workers through change, but workers must also be prepared to learn and adapt, he added.

Likewise, while the Government will reduce the emphasis on examinations and broaden education pathways, parents must give their children space to grow at their own pace.

And even as support for families and seniors is strengthened, Singaporeans must also look out for one another.

“Government, businesses, unions, workers, families and the community – everyone has a role to play,” PM Wong said.

“The Singapore we want cannot be simply delivered by the Government to Singaporeans. It has to be built with Singaporeans.”

The partnership that a PAP government strives for is one that listens, acts and delivers, he added. “Comrades, that’s how we build a better Singapore together,” he said.