S'poreans will get help to tackle cost-of-living concerns: PM Wong

Ensuring citizens continue to enjoy good jobs with better wages is key, he says

- Goh Yan Han

Singaporeans will get help to tackle ongoing cost-of-living worries, said Prime Minister Lawrence Wong, acknowledging that the issue remains a concern even as inflation has been moderating.

“My team and I will do everything we can to help you get through this difficult period,” he said in a video posted on his YouTube channel on Oct 2, addressing Singaporeans’ concerns about the cost of living.

While inflation is expected to come down further in 2024, this does not mean prices will never go up, he added.

“Price increases in goods and services will have to be done from time to time. To delay such adjustments will only make the pain worse in the future. But if such increases are needed, we will find ways to mitigate the impact,” said PM Wong.

He added that in the longer term, the key to managing the cost of living is to ensure that Singaporeans continue to enjoy good jobs with better wages.

“Then our workers will be able to earn more, with wages going up by more than inflation, and we can all become better off in real terms,” he said.

Laying out the forecast for 2024, PM Wong said the expected higher economic growth and lower inflation contribute to a favourable outlook. More workers should also experience increases in their real incomes, he added.