\n<\/p>\n
Mr Siow was responding to Mr Tiong\u2019s opening speech in the motion, who had urged the government for “significant” reforms to Singapore\u2019s present economic structure to pursue a fairer distribution of growth.<\/p>\n
Mr Tiong said while it is “acceptable” as an exigency to grow first and then redistribute this growth through vouchers and rebates, over the medium and long-term, there should be a fair distribution produced by economic growth itself.<\/p>\n
Hence, Singapore needs an economic engine that is driven by dynamic local companies, healthy domestic demand, and with Singaporeans and Singaporean capital venturing abroad, he said.<\/p>\n
“Only when Singaporeans thrive, and believe the ladders of opportunity are fair to all, can this country be open,” said Mr Tiong.<\/span><\/p>\n To this end, he called for the government to “measure what makes that growth worth having”, adding that this includes a fair share of national income, real income growth in line with productivity, and a widening range of what an ordinary wage can afford.<\/span><\/p>\n MP Gerald Giam (WP-Aljunied) meanwhile urged that skilled trades such as electricians, plumbers, lift engineers and infrastructure technicians be elevated into high-value careers.<\/p>\n Skilled trade people form the bedrock of the national infrastructure, he said, adding their crafts are resilient to artificial intelligence.<\/p>\n \u201cWhile artificial intelligence can automate administrative reports and overseas remote workers can process corporate accounts, they cannot physically re-wire a server room, repair a water main or maintain critical infrastructure in Singapore.<\/p>\n \u201cThese crafts are inherently localised, highly skilled and resistant to remote replacement,\u201d he said.<\/p>\n He made several proposals, such as promoting the skilled trades to students and mid-career switchers as viable and respected alternatives to polytechnic diplomas and university degrees. He also urged for these vocations to be regulated and promoted in the open market.<\/p>\n Citing labour statistics, Minister of State for Manpower Dinesh Vasu Dash, who is the co-chair of ESR entrepreneurship committee, said in his speech that there is no evidence the economic structure is failing amid a changing world.<\/p>\n Singapore’s labour market has remained resilient despite the challenging external environment, Mr Dinesh said.<\/p>\n While retrenchments in some companies may have dominated the headlines, employment expanded for the 19th consecutive quarter in Q1 2026.<\/p>\n Resident employment continued to grow, unemployment remained low, and firms continued to hire, he added. Real incomes have risen while income inequality has fallen.<\/p>\n \u201cFew advanced economies have been able to achieve all these outcomes at the same time.<\/p>\n \u201cSome members have contrasted Singapore with other industrialised economies, arguing that their greater reliance on local champions had produced better productivity models and better outcomes for our workers,\u201d said Mr Dinesh.<\/p>\n \u201cBut on comparable measures, Singapore’s wage outcomes are higher than these economies, not only at the median, but also at the lower levels of income.\u201d<\/p>\n He added: \u201cThus, the evidence does not support the conclusion that Singapore’s economic model is failing. We are navigating a structural transition, however difficult and uneven, from a position of strength.<\/p>\n \u201cThe system has served us well, but we must and will remain adaptable to the changing world.\u201d<\/p>\n<\/div>\n AN “UPDATED” GROWTH MODEL Mr Siow was responding to Mr Tiong\u2019s opening speech in the motion, who had urged the government for “significant” reforms to…<\/p>\n","protected":false},"author":1,"featured_media":74562,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/dam.mediacorp.sg\/image\/upload\/s--g0FbVZps--\/c_crop,h_720,w_1280,x_0,y_17\/c_fill,g_auto,h_676,w_1200\/f_auto,q_auto\/v1\/mediacorp\/cna\/image\/2026\/08\/05\/photo_6311866745907516132_y.jpg?itok=bwx7KO02","fifu_image_alt":"","footnotes":""},"categories":[2],"tags":[4981,4061,3009,2199,4052,4135,4864,418,920,4041],"class_list":["post-74561","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-news-sg-global","tag-approach","tag-asks","tag-benefits","tag-built","tag-govt","tag-growth","tag-model","tag-singaporeans","tag-updated","tag-workers","wpcat-2-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/74561","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=74561"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/74561\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/74562"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=74561"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=74561"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=74561"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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