Workers all over the world want to live better. But many are not.
With keen competition for global investments and markets, many countries are not able to export more even if they are able to produce more. This causes growth to slow down, unemployment to go up, and wages to stagnate.
Without better jobs and better pay, their workers are not able to live better lives.
In Singapore, we want our workers to live better too.
Without a big domestic market, we are more affected by the softening of global demand from time to time. Even so, our bigger challenge is not just about being able to export or consume more like most countries. Rather, it is also about whether we are able to produce enough due to a shortage of manpower.
So, while all countries strive to be more competitive to break the bottleneck of demand, we must also become more productive and innovative to break the bottleneck of supply.
To succeed on both fronts, we must learn to make smarter use of technology, innovation, capital and know-how to be more “future ready” than our competition.
Above all, given our tight manpower situation, we must learn to value every worker regardless of age, gender, qualification, background and physical condition.
There is no guarantee that we will always succeed but we cannot afford to get it wrong. Otherwise, our growth will be slower and we will also suffer the pains of higher unemployment, lower employment rates and even stagnation of wages.
If this happens, our workers will not be able to live better in a “so-so” Singapore.
And if we can get it right, even with slower growth, it is still possible for our workers to be protected by low unemployment and higher employment rates. Wages can still go up faster than inflation for our workers to enjoy a higher standard of living and better quality of life.
Our journey towards living better in a Better Singapore will never be easy. Fortunately, with a strong tripartite partnership built up over the years, I believe we can succeed where other countries have failed.
If we all work together in unity, I believe we can make the transition to become an economy and a society that truly values every worker.
I believe we can upgrade the skills and jobs of all workers, so that everyone can work smarter, earn more, progress faster and live life better.
On this May Day, let us celebrate that we still have low unemployment and stable wage increases in a world of rising unemployment and wage stagnation.
Let us also commit ourselves to do much more to tackle the widening income gap and strengthen our Singaporean Core in every major sector of our economy.
Together, we can strive for better jobs and better pay for our workers, a better economy for our businesses and a better living for all Singaporeans.
Happy May Day to all!
