As Singapore navigates the complexities of a rapidly changing job landscape, Prime Minister and Finance Minister Lawrence Wong has announced further support measures for workers. In a recent video message, Wong acknowledged ongoing job security concerns despite the country’s strong economic performance.
Economic Context
The Singapore economy recorded a robust growth rate of 5.0 per cent in 2025, with forecasts for 2026 suggesting a growth range between 2 per cent and 4 per cent. Yet, uncertainties continue due to technological advancements and global market conditions, prompting the government to take action.
Focus on Employment Support
- New measures will aid in job transitions.
- Skills training initiatives will help workers stay competitive.
- Ensuring good jobs with rising incomes will be a priority.
In his address, Wong met with two workers—a seasoned engineer from the lift and escalator sector, and an educational therapist who recently transitioned from IT. Their experiences offered valuable insights into the adequacy of current support systems.
Direct Engagement with Workers
Mr Wong emphasised the importance of equipping Singaporeans with relevant skills. “We need to help Singaporeans continually upgrade themselves to stay relevant,” he said, recognising that career transitions may be more frequent due to evolving workplace demands.
Upcoming Budget Statement
Those wishing to follow the developments can tune in for the Budget 2026 statement that will be delivered on 12 February 2024 at 3.30 PM. The event will be broadcast live across multiple platforms, including Channel 5, radio through CNA938, and online livestreams via platforms like YouTube and the official Singapore Budget website.
This upcoming budget could set the tone for how Singaporeans adapt to future challenges presented by technological change and ensure continued employment stability.