DPM Gan's talk on Ecomomy

Prepare for more uncertainty and shifts in global economy: DPM Gan

S’pore needs to position itself well in new landscape, deal with US tariff policy, he says

Ou Shuyi
Senior Business Correspondent

Singapore should be ready for more uncertainty and structural shifts in the global economy that can affect trade and investment flows, said Deputy Prime Minister Gan Kim Yong yesterday. The Republic needs to position itself well in the new landscape, he said at the Singapore Economic Review (SER) Conference at the National University of Singapore. The event, which has been held biennially since 1986, gathers policymakers, academics, and business leaders to tackle challenges facing Singapore, as well as the role of economies in global shifts.

DPM Gan, who is also the Minister for Trade and Industry, also said local firms and workers would have to adapt as the world shifts while the US trade war has added tariff policy as a significant issue.

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THE BIG STORY

Govt studying need for broader support to help workers stay employed

LISTENING TO ENHANCE LABOUR

“We must think more comprehensively about an international workforce that is prepared, ready for enhancement and not for displacement, and for the disaggregation of labour.”

DEPUTY PRIME MINISTER GAN KIM YONG

The Government is studying if broader forms of employment support—including more comprehensive coverage beyond just training—are needed to help Singaporeans stay in jobs amid economic changes, said Deputy Prime Minister Gan Kim Yong on Monday.

Speaking at the Singapore Management University (SMU) Minister Dialogue, Mr Gan noted that current policies such as SkillsFuture and the Progressive Wage Model focus mainly on training and upskilling workers.

“But displacement can happen for many reasons. It could be due to technological changes, changes in consumer behaviour, or even changes in the global context,” he said.

He added that the Government is looking at how it can provide more holistic support for workers, such as helping them transit to new jobs, or supporting them while they are between jobs.

“We have to support the workers throughout the process, not just at the point of training,” he said.

Earlier this year, Mr Gan was tasked to lead a new government office to better coordinate policies to keep Singaporeans employed and employable. The office, called the National Jobs Council, was set up in June.

He highlighted that the council will study how other countries help workers transit to new roles, such as through salary support and job placement help.

Speaking at the event, which was attended by more than 400 people physically and virtually, Mr Gan also noted that the nature of jobs is likely to change, with tasks within jobs being separated and allocated to different workers—what he called the “disaggregation of labour”.

He said this could allow workers to take on multiple tasks from several employers, or enable employers to tap a wider pool of workers for specific tasks.

“But it also means we have to prepare our workforce for this change. It requires a different mindset about work, and also the willingness to learn new skills and adapt to change,” he said.

SMU president Professor Lily Kong noted the importance of building an environment where adult learning is a lifelong pursuit.

In a Q&A session, Mr Gan said that Singapore’s smaller size gives it an advantage in embracing change, as it can act more nimbly, and that the city-state already has the “right infrastructure” for adult education.

“Our education system’s focus on applied learning prepares our people to learn continuously,” he said.

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A rare sight to brighten up the day

Both young and old were wowed by a ring of light that appeared in the sky over Singapore at around noon on Aug 25. Many snapped photos of the sun halo, a natural phenomenon that is produced when sunlight interacts with ice crystals in the atmosphere. Images of the sun halo, which is a rare sight here, were shared widely on social media.