[LIVE] PM Lawrence Wong delivers May Day Rally 2025 speech

Key Concepts

• SG60 Mayday: Celebration of Singapore's progress and the labor movement's contributions.
• Tripartism: Collaboration between the PAP government, NTUC (labor movement), and employers.
• Global Economic Storm: Emerging challenges due to trade barriers, geopolitical tensions (US-China), and potential recession.
• Cost of Living Pressures: Inflation and rising costs impacting Singaporean households.
• SkillsFuture: Government initiative to provide skills upgrading and training for workers.
• Company Training Committees (CTCs): Initiatives by the labor movement to bring businesses, workers, and unions together to identify skills needed for company transformation and worker upskilling.
• Economic Restructuring and Transformation: Efforts to help Singaporean firms adapt to the changing global landscape.
• New Opportunities: Identifying and capitalizing on growth in Asia, emerging regions (Latin America, Africa), and attracting foreign investments.

Singapore's Achievements and the Labor Movement's Role

• SG60 Celebration: Marks 60 years of Singapore's progress, with the labor movement playing a crucial role.
• Workers' Dedication: Singapore's success is attributed to the dedication and resilience of its workers and the shoulder-to-shoulder partnership with unions.
• COVID-19 Response:
  • NTUC played a vital role in protecting workers during the pandemic.
  • Minimized retrenchments through collaboration with companies.
  • Job Security Council helped displaced workers find new roles.
  • NQC Care Fund and Self-Employed Person Income Relief Scheme provided assistance.
• Economic Recovery: Singapore's GDP growth exceeded 4% last year, with Changi Airport traffic returning to pre-COVID levels.
• Changi Terminal 5: Groundbreaking for Changi Terminal 5, symbolizing Singapore's recovery and future growth.
• Tribute to Labor Movement: This year's SG60 Mayday is a tribute to the labor movement's commitment and dedication.

The Emerging Global Economic Storm

• Trade Barriers and Shifting Rules: Increasing trade barriers and constantly changing regulations are creating uncertainty.
• US-China Tensions: Escalating tensions between the US and China are impacting global trade and logistics.
• Tariffs on ASEAN Countries: The US is imposing high tariffs on solar panels from some ASEAN countries (Cambodia, Vietnam, Malaysia, Thailand), some as high as 3,500%, effectively creating import bans.
• Singapore's Vulnerability: Singapore is likely to face greater scrutiny and pressure due to these global developments.
• Impact on Businesses: Companies are experiencing cancelled or postponed orders, held-back investments, and scaled-down operations.
• GDP Forecast Lowered: MTI has lowered Singapore's GDP forecast for the year to 0-2%.
• Potential Recession: A full-blown recession cannot be ruled out, which would impact Singaporeans' incomes and jobs.
• Long-Term Challenge: This economic storm is expected to last for some time, requiring long-term preparedness.

Addressing Cost of Living Pressures and Job Concerns

• Global Inflation: Cost of living pressures are exacerbated by global inflation due to conflicts and supply chain disruptions.
• Union Leaders' Concerns: Union leaders have expressed concerns about the impact of tariffs on businesses and anxieties among younger workers about job opportunities.
• Commitment to Workers: The government is committed to facing the storm together and overcoming challenges, just as it did during COVID-19.
• Ongoing Efforts: The government is actively working to strengthen partnerships, secure new opportunities, and keep economic ties strong.
• Honest Communication: The government aims to be upfront and honest with Singaporeans about the challenges ahead.
• Fiscal Responsibility: Previous tax changes have put Singapore in a healthy fiscal position to tackle current challenges.
• Budget Measures: A comprehensive package of measures has been announced to ease cost of living concerns, uplift wages, boost skills, and help businesses restructure.
• Task Force: A task force led by Gim Yong is preparing drawer plans to support businesses and workers.

Seizing New Opportunities

• Growth in Asia: The growth story in Asia continues to unfold, with many countries experiencing rapid economic growth.
• Emerging Regions: Potential in emerging regions like Latin America and Africa, where the Singapore brand is respected.
• Attracting Investments: Multinational firms see Singapore as a reliable and pro-business hub, making it attractive for investments.
• Supporting Singapore Firms: Government schemes are available to help Singaporean firms restructure, transform, and expand overseas.
• Company Training Committees (CTCs):
  • A labor movement initiative to bring businesses, workers, and unions together.
  • Identifies skills needed for company transformation and worker upskilling.
  • Government support: $100 million in initial funding, followed by an additional $200 million.
  • Over 3,000 CTCs benefiting more than 7,000 workers.
  • Example: Gary Yong from Eora, who upskilled through a CTC and now performs trend analysis and data-driven forecasting.

Supporting Workers Across All Stages of Life

• New Graduates: Stepping up career counseling, job matching programs, apprenticeships, and traineeships.
• Young People: Supporting careers in diverse fields like arts, sports, and media.
• Mid-Career Workers: Investing in SkillsFuture to provide skills upgrading and training.
  • Example: Miss Zarina Binti Abdul Raman, who is upgrading her skills in business operations through a part-time diploma.
• Senior Workers: Providing wage support for employers, job matching services, and a new tripartite work group to empower seniors to stay in the workforce.

The Power of Tripartism

• Unique Partnership: Tripartism (government, NTUC, and employers) is a unique and exceptional model in Singapore.
• Shared Commitment: A shared commitment to uplift every Singaporean, with the worker at the heart of all decisions.
• Mutual Trust and Respect: Deep bonds of mutual trust and respect enable finding ways to accommodate one another and find the best way forward.
• Unions as Partners: Unions are partners in nation-building, involved in decision-making and policy shaping.
• Successes of Tripartism: Low unemployment, rising real wages, and a united and confident population.

Leadership Transition and Future Commitment

• Leadership Transition: The election marks the completion of the leadership transition.
• Commitment to Labor Movement: The PAP will never step away from the labor movement and will continue to work side-by-side for a better Singapore.
• Call to Action: Stay united, weather the storm together, and continue to build a stronger, fairer, and brighter Singapore.

Conclusion

The speech emphasizes Singapore's past successes, largely attributed to the strong tripartite partnership between the government, labor movement, and employers. It acknowledges the emerging global economic challenges and outlines the government's plans to address cost of living pressures, support businesses, and equip workers with the necessary skills to navigate the uncertain future. The speaker reaffirms the government's commitment to the labor movement and calls for unity and resilience in the face of adversity, highlighting the importance of tripartism in securing a brighter future for all Singaporeans.