Articles
Forward Singapore (Empower Pillar): Building a More Resilient Economy Together
17 April 2023
Deputy Prime Minister and Minister for Finance Lawrence Wong engaged over 60 members of the public at the closing of the Ngee Ann Kongsi-IPS Citizens' Panel on Employment Resilience on 25 March 2023.
A group photo with PM Lawrence Wong
In a dynamic and healthy economy, there will always be a flow of innovation, new ideas and new ways of doing things, which is to be expected.— Deputy Prime Minister Lawrence Wong
Deputy Prime Minister, Lawrence Wong giving his opening remarks at the Citizens’ Panel
In his opening remarks, DPM Wong highlighted that Singapore strives to be an innovative economy. However, innovation causes creative destruction.
Initially coined by the Austrian economist, Joseph Schumpeter, ‘creative destruction’ occurs when innovators introduce new products, services, and production methods that disrupt established industries, creating new markets and driving out inefficient firms. This process renders some jobs obsolete, causing job losses and economic dislocation in the immediate term. At the same time, newer, better-paying and more productive jobs are created. It is this paradox of simultaneous creation and destruction of jobs that will keep the economy vibrant.
DPM Wong pointed out that if a Singaporean’s livelihood is threatened, one would rightfully feel anxious and concerned. But to address the concerns of economic disruption effectively, Singapore’s approach is to redouble efforts to protect workers and not jobs, to help every Singaporean reskill, upskill and transit more easily to take up new job opportunities.
Participants sharing their policy pitch to improve employment resilience at the Citizens’ Panel
Working Hand In Hand For A Thriving Singapore
We have the government, employers and unions working closely together over many decades and so we are in a better position to see how we can move forward and strengthen our overall system.— Deputy Prime Minister Lawrence Wong
Beyond feedback sessions with Singaporeans, the Government is committed to engaging citizens deeply through Citizens’ Panels.
At these panels, smaller groups of citizens can examine policy issues and challenges carefully, wrestle with the trade-offs and work in partnership with the Government to shape policies. This then strengthens public trust in policymaking and builds a more enduring social compact.
Participants answering questions from the audience on their policy pitches at the Citizens’ Panel
After an afternoon of breakout group discussions, participants shared their reflections and aspirations for a resilient workforce in Singapore.
They shared that the accelerated adoption of automation and artificial intelligence, alongside increasing regional economic competition have caused them to feel concerned about their places in the workforce.
Employment Resilience to me is about bouncing back after getting knocked down and continuing to grow as a person throughout my career— Nadiah Yusoff: Co-founder of Let's Learn Outside!
Despite the challenges, participants expressed optimism. They highlighted programs like the Career Conversion Programmes (CCP) as effective means for Singaporeans to acquire new skills and competencies, enabling them to take on roles in emerging industries or redesigned job positions. These initiatives equip Singaporeans with the ability to adapt and remain resilient throughout their careers.
I hope that we can continue to work towards creating a more inclusive society where everyone, regardless of their background, feels valued and supported to thrive in their work.— Joanna Khoo, Human Resource Manager at a Fintech Startup
Participants also shared that Singapore’s diversity is a tremendous source of economic strength and facilitates the exchange of ideas, perspectives and solutions in the workplace. As we continue to embrace our diversity and strengthen our inclusivity, the Singapore of tomorrow will shine even brighter.
Want to be a part of the discussion?
Visit us at https://www.forwardsingapore.gov.sg/