Prof Ho asked Mr. Thng to expound on which area was the most urgent after reviewing the WP’s list of suggestions for managing the costs of important services like utilities, care, and transportation.
According to Mr. Thng, it was challenging to prioritize because costs affect families separately based on their spending habits.
He pointed out that the group’s statement makes suggestions in each region, such as implementing tiered power pricing, which allows smaller, less expensive homes to use less water and electricity, to promote socially responsible behavior while also reducing financial strain.
PAP’s Hang TAT is CHEE HONG.
Mr. Chee claimed that because of its high importation of most of the goods, the country also imports international prices.
He stated that while worldwide inflation may be avoided, the PAP may continue to support Singapore through programs like maintaining a strong Singaporean dollars and economic assistance programs like the Assurance Package, CDC tickets, and the SG60 Package.
The PAP believes that the best way to deal with rising costs is to ensure financial growth, according to Mr. Chee, over the medium to long term. This would help firms perform well and guarantee that workers will receive large wages that far exceed the rate of inflation.
In order to do this, the government will continue to make significant investments in bringing in opportunities, generating high-quality work, assisting with staff ‘ advancement, and supporting business transformation.
According to Mr. Chee, this has led to “real result.” For instance, between 2019 and 2024, lower-wage staff experienced a 5.9 % increase in real income. He claimed that unlike some criticism ideas, the PAP maintains fiscal discipline to reach these outcomes.
According to PAP, the needs of the current generation may be met by the tools of the present generation. We must not take any risks with the coming years ‘ savings and reserves,” said Mr. Chee, noting that this was the cause of the GST’s need to be raised.
Prof. Ho questioned whether the PAP felt the need to take more architectural measures to reduce living costs. He also questioned whether government support may be sustained given the persistent poor economic conditions.
Mr. Chee argued that Singapore has both consider the present and consider the future. For instance, about 5 % of the funds for this year, or S$ 143 billion, was allocated to urgent problems while the rest was devoted to long-term projects like training and development of employees.
Mr. Chee questioned the PSP’s Cheap Homes Scheme, stating that “if you look at it properly, it is not a “buy now, pay later” system. It’s more similar to a “buy today, give more later” scheme in reality. Because if you sell after, you will have to spend with interest.
Regarding taxes, Mr. Chee argued that despite Singapore now enjoying a surplus, it is impossible to say whether this will remain in a questionable world.
It is crucial to avoid using the world’s resources as something that can be tapped on indefinitely when money is needed, he said.