Most workers in Singapore have also received wage increases that outpace inflation, “making them better off in real terms”, said the prime minister in his New Year message.
Prime Minister Lawrence Wong speaks to the media during a press conference at the National Press Centre on Nov 8, 2024. SINGAPORE: Singapore’s economy grew by 4 per cent in 2024, which exceeded expectations, said Prime Minister Lawrence Wong in his New Year message on Tuesday .
In the past decade, median income in Singapore rose by 2.2 per cent per annum above inflation, said Mr Wong.The government will not neglect middle-income and middle-aged Singaporeans, who are caring for both elderly parents and young children, even as it provides more targeted help to those who find it more difficult to cope with the rising cost of living, said the prime minister.
Through the exercise, Singapore will revise its policies, reset attitudes and mindsets, as well as refresh the Singapore Dream, he said, adding that he will set out the next steps of the exercise at Budget 2025. “Our journey ahead will not be short of challenges. But we have never allowed ourselves to be browbeaten or discouraged,” he said, noting that younger Singaporeans showed resilience and fighting spirit during the COVID-19 pandemic.
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