I am please to be with you today at NTWU’s 23rd annual scholarship and bursary awards presentation ceremony. NTWU is one of NTUC’s many affiliates that have been giving out scholarships and bursaries to the children of our union members annually. This annual gesture from NTWU reaffirms NTUC’s belief in not only helping our workers but also their families. Our unions have, for many years, supported our union members in the education of their children.
This year, 368 NTWU members’ children, ranging from primary to tertiary levels, will receive $100,875 worth of scholarships and bursary awards. This means an increase of 34 recipients compared to last year. I commend NTWU for its commitment to the welfare of its members and their families. In particular, NTWU must be credited for their prudence in managing financial resources, which enables them to finance these generous awards, year after year.
This year, our economy has performed very well. The government has projected economic growth of between 7.5% to 8.5%. The unemployment rate has dropped from 4.5 percent last quarter to a new low of 3.4 per cent for the third quarter this year. While this is good news for Singaporeans, we must not be rest our laurels. There are still many challenges confronting our workers today. In particular, “structural unemployment” is a persistent problem facing our older and less skilled Singaporeans.
In the years to come, new jobs requiring more sophisticated skills and knowledge will continue to be created. Unfortunately, many of our older and less skilled workers will find it hard to grasp these new opportunities. In addition, the nature of jobs is rapidly transforming. The tenure of jobs is also becoming shorter. With these developments, the natural rate of unemployment, which has hovered at some 2% of our active labour force in the past, is expected to edge up. The Monetary Authority of Singapore recently projected that it will go up to 3.5%. These new trends underscore the importance of helping our workers adapt to the new work environment. NTUC’s long-term goal is to help our workers remain employable and relevant. I therefore urge all our workers to upgrade themselves continuously in their skills.
While we expect industry to change, and quite quickly, there are sectors that do not change as fast. These sectors will also provide jobs, and quite good jobs as well. For example, people need to move around in public transport, so we will always need people to man our MRT or buses. With technology, the jobs may change, but they will be there. Your parents work in public transport, and support you with their income. These are decent and honorable jobs. Can you imagine what life will be if we do not have transport workers?
Let me give you another example of jobs that will not go away. People want to eat out from time to time. So there will be hawker centres and food courts, and restaurants. There will be jobs for cooks, chefs and waiters and waitresses. If the food is good, there will be customers. If the service is good, there will be more customers. If the place is professionally cleaned, there will be even more customers. So the jobs are honorable, including that of a professional cleaner. And if you happen to be a master chef, then you deserve the highest respect.
There are other jobs in the service sector that will always be there, provided the worker has good knowledge of the work, and provides good service.
These are jobs that Singaporeans can do. Those affected by restructuring should look at them seriously. We can lower the structural unemployment rate.
For students who are present here today to receive your scholarships or bursary awards, you are very fortunate. Singapore’s system of meritocracy ensures that all have equal opportunities to quality education. The unions help ensure that few are denied these opportunities. The knowledge that you acquire today will enable you to ride the crest of the knowledge-based economy of tomorrow. When that happens, do not forget to contribute in meaningful ways, to this society that has nurtured you. If you do not make it to knowledge-based jobs, do not forget the jobs that your parents do – and they are good jobs.
On this note, I wish all award recipients a bright future ahead.
Thank you.
