After the first meeting of the Singapore Economic Resilience Taskforce (SERT) on 16 April 2025, NTUC Secretary-General Ng Chee Meng said that NTUC’s immediate priority will be to ensure job security for workers in Singapore.
Mr Ng, who is a representative of the eight-member taskforce, urged for all workers to remain up to speed with training and skills upgrading – an action he referred to as a “no regrets move”, or one that will only benefit workers.
“NTUC stands ready to assist our workers, including PMEs, in job transitions or retrenchments – should it become inevitable,” he said.
Meanwhile, Trade and Industry (MTI) Minister Gan Kim Yong shared that notwithstanding the United States’ recent imposition of reciprocal tariffs, the country remains a key strategic partner to Singapore.
“We must continue to engage the US to understand their concerns and work constructively with them to address issues in a mutually agreeable manner,” said Mr Gan, who is the chairman of SERT.
He added that while Singapore hopes that a mutually agreeable outcome can be reached following the recent spate of tit-for-tat escalatory tariffs between the US and China, Singapore must be prepared for more “shocks and challenges” ahead.
“Given the potential downside risks, we cannot rule out the possibility of a recession for this year,” he said.
At the press conference which took place after SERT’s inaugural meeting at the National Press Centre, Mr Gan took the opportunity to introduce all the members of SERT.
Consisting of representatives from Government agencies, employer federations and the NTUC, the taskforce members include:
First announced by Prime Minister Lawrence Wong on 8 April 2025, SERT will work towards helping businesses and workers navigate through the immediate uncertainties brought about by United States President Donald Trump’s reciprocal tariffs.
The taskforce will also monitor global developments and study ways to strengthen Singapore’s resilience to better adapt to the new economic environment.
Mr Gan shared that the taskforce will organise itself and establish three workstreams.
Sensemaking and communication
The first workstream will be on “Sensemaking and Communication”. This would be co-led by Minister Josephine Teo and SBF Chairman Lim Ming Yan.
The workstream will keep a close watch on global events and stay in regular contact with businesses and workers. It will also help the Taskforce quickly spot problems and take action to fix them.
Addressing immediate challenges
The second workstream on “Addressing Immediate Challenges” will be co-led by Minister Tan See Leng, SNEF President Tan Hee Teck and NTUC Secretary-General Ng Chee Meng.
This workstream will build on the efforts of the first workstream to pinpoint key challenges faced by businesses and workers.
It will also review existing government support measures and improve them where necessary.
Long-term strategies and responses
The third workstream, “Longer-Term Strategies and Responses,” is led by Minister Desmond Lee.
It will focus on developing strategies to help businesses and workers adapt and thrive in the changing global economy.
Strategies include promoting regional integration, building partnerships with like-minded countries and organisations, expanding into new markets, and continuing to invest in innovation and skills development.
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