Workers' Party addresses worker and SME concerns amid economic challenges on Labour Day

As Singapore approaches Labour Day, the Workers' Party, led by Secretary-General Pritam Singh, has issued a May Day statement highlighting the array of challenges facing Singaporeans amid economic and global uncertainties.

This statement follows Prime Minister Lee Hsien Loong's announcement to hand over leadership to Lawrence Wong on 15 May, amidst international tensions and domestic economic pressures.

According to the Workers' Party, the global stage is increasingly fraught with the potential for conflict, especially in the Middle East and amid ongoing tensions between China and the United States. These global issues pose unique challenges for Singapore, a small and multicultural nation reliant on global stability for its economic prosperity.

Domestically, Singapore faces its own set of challenges, characterized by slow economic growth coupled with high inflation. Mr Singh noted that this scenario has left many Singaporeans grappling with employment concerns and the rising costs of living and doing business.

A recent Bloomberg survey indicated that economists believe the incoming Prime Minister, Lawrence Wong, should prioritize combating inflation.

Mr Singh, who is also the Leader of the Opposition, pointed out that the economic sentiments among Singaporeans are bleak, as revealed by the NTUC's annual Survey on Economic Sentiments, which found that almost 40% of workers fear job loss in the near term, a significant increase from the previous year.

Expressing particular concern over the increasing business costs in Singapore, he cited a survey by QBE Insurance, which found that 50% of Small and Medium Enterprises (SMEs) struggle with higher costs and reduced profitability. Additionally, the Goods and Services Tax (GST) increased to 9%, and high-interest rates have further squeezed these businesses, compelling some to shut down or relocate.

In response to these challenges, the Workers' Party is advocating for more government support for SMEs in various areas, including talent acquisition, international expansion, rental assistance, and more accessible grant applications. The party proposes that such support could alleviate the non-wage costs of doing business, allowing SMEs to continue driving innovation and employment.

Furthermore, Mr Singh's statement emphasized the Workers' Party's commitment to safeguarding workers' interests. The WP has called for better protections such as a Redundancy Insurance Scheme—a scheme which the People's Action Party has previously rejected and ridiculed—and improved skills transfer from foreign professionals to Singaporeans.

Mr Singh noted that during the recent Committee of Supply debate, the Workers' Party focused extensively on these issues, advocating for better employment terms and conditions to ensure workforce readiness for future economic demands.

As Singapore enters a new chapter with a change in leadership and ongoing global and local challenges, the Workers' Party affirms its commitment to advocating for labour policies that support sustainable growth and protect the interests of workers and SMEs.

Mr Singh concluded the statement with a hopeful message for Labour Day, reflecting on the potential for positive changes and reaffirming the party's dedication to the welfare of all Singaporeans with a hashtag #makeyourvotecount