SINGAPORE: As world difficulties persist, concerns about the economy and job security have come up as significant issues for the upcoming General Election.
In response to rising trade tensions, The International Monetary Fund this week decreased its forecast for global growth for this year to 3.4 % from 2.8 %. Singapore’s growth forecast for 2025 has also been downgraded from 0 % to 2 %.
This has mostly been attributable to the influence of US President Donald Trump’s continuing trade war with China and his tariff policies on all nations.
In light of this, the political parties that are opposing GE2025 have released a number of proposals in their proposals to boost economic resilience and help workers and businesses.
CNA examines some of the important proposals made by the five parties that have released their manifestos and are currently fielding the most candidates. The People’s Alliance for Reform ( PAR ), which is contesting the seats in the joint-fourth place race, has not made its manifesto public.  ,
PEOPLE’S ACTION PARTY ( PAP )
- Support companies reduce rising expenses through tax breaks and programs like the Progressive Wage Credit Scheme,  , while promoting work for lower-wage employees and bringing Democratic Wages to more industries.
- Provide more assistance to PMETs ( professionals, managers, executives, and technicians ), adopt new technology, such as artificial intelligence, more quickly, and help businesses gain access to new markets.
- Increase top employee CPF contribution rates and co-fund wages to promote employers to hire and retain seniors, lift the re-employment age for seniors, and increase older worker co-funding wages.
- Through the SkillsFuture Jobseeker Support Scheme, Singaporeans can reskill, upskill, and offer assistance for those who have lost their jobs.
WP Workers ‘ Party ( WP )
- Recognize, measure, and worth paid labor in households because excluding this from the national income statistics creates the false impression that these workers are less important than those who perform paid work.
- Give smaller and medium-sized businesses ( SMEs ) better support in establishing leadership, and help these businesses attract more talent.
- Remove the legal retirement time to allow older employees to continue working if they so choose.
- Improve Central Provident Fund ( CPF ) policies, such as enabling co-investment of CPF savings with GIC, Singapore’s sovereign wealth fund.
RED DOT UNITED ( RDU)
- Support SMEs by promoting fairer procurement practices, reducing late payment, lowering prices, and making offers more visible.
- Create a” Citizen’s Dividend” or “unconditional cash transfer” to provide” a reliable income surface” for everyone and serve as a financial safety net for Singaporeans.
- In times of limited employment and work security, provide monetary assistance to employees.
PROGRESS SINGAPORE PARTY ( PSP)
- Retrenched employees are free from non-compete agreements that prevent them from finding new jobs and have the right to receive legally binding cutbacks benefits.
- By reducing the legislative working hours, increasing the maximum paid annual left, and increasing public holidays, give Singaporeans more work-life stability.
- Give fathers and mothers similar familial left.
SINGAPORE DEMOCRATIC PARTY ( SDP )
- To reduce income inequality, pass a national minimum wage.
- Provide reemployment plan to involuntary poor people while they look for work while receiving payment from their CPF savings.
- Remove the CPF Minimum Sum Scheme and give people ‘ benefits when they retire, allowing seniors to pay for their existing costs.
- Have a different method of measuring economic progress besides gross domestic product ( GDP ) growth, such as one that uses the methodology of the genuine progress indicator.