CEO Insights Magazine

Even though 3.5 percent of GDP growth for 2022 was narrowed from an earlier projected range of 3–4 percent, wage growth in Singapore in 2023 is set to stay robust even as the slowing economy cuts labor demand. Following the significant ease of COVID-19 restrictions, yesteryear saw the country’s labor market attaining pre-pandemic normalcy. Total employment surpassed pre-Covid levels in the third quarter of 2022, making way for a reduction in unemployment rates. The business realm in the country is doing a commendable job.

The budget presented by the Deputy Prime Minister (DPM) and Finance Minister of Singapore, Lawrence Wong, also shares the same sentiments. DPM Wong explained many new strategies to support workers and job seekers with a better system of reskilling and upskilling. He explained the vision of re-training people and placing them in new jobs, helping them bounce back from career setbacks. Borrowing his words from the budget speech, “Ultimately, the value we create as an economy must benefit Singaporeans through wage growth and job opportunities. And this is why we have invested and will continue to invest heavily in our people.”

He also elaborated on the SkillsFuture program, which strongly supports employers and individuals investing in upskilling. It is quite clear that the government is planning to do more and shift its efforts into higher gear as the world enters an era of economic disruptions. While skilling, upskilling, and reskilling take the pilot seat, we have come up with a special issue based on Professional Training & Coaching in Singapore. Do let us know your thoughts.