The Government is looking at more help for baby boomers, especially the low-income workers, by giving them a special workfare bonus.
Prime Minister Lee Hsien Loong announced this at the People's Action Party Convention on Sunday morning.
Mr Lee, who is also the party's Secretary-General, added that all Singaporeans would be taken care of, especially those with specific needs and they would share the fruits of the country's economic success when there were budget surpluses. The Prime Minister said Asia is on the move, and opportunities abound.
And he is confident that Singapore will ride this wave and adapt to the new competitive environment.
At the same time, Mr Lee said the Government recognised that some Singaporeans may have difficulty keeping up.
And it has plans to help them cope through schemes like the New Singapore Shares and the Economic Restructuring Shares. He said: "As always with Singapore, we keep tinkering with our schemes and next time we make sure our schemes work better. How can we work them better? First, we have a general scheme for all citizens - that's necessary, we all contributed to this we should get something when we do an asset share. But in addition to that, we should have specific little schemes to help particular groups which need help."
The Prime Minister also gave the reassurance that the government would continue to help those Singaporeans who may find it difficult to keep up with the pace of change.
These groups include the low-income group and elderly Singaporeans.
Another target group is the low-income baby boomers or older workers in their 40s and 50s and one idea is to give them a special one-off workfare bonus.
PM Lee said: "Those with lowest incomes should have biggest bonus and the bonus is only paid to those working as an incentive or reward for work. So the workfare bonus is consistent with the principle of workfare - if you make the effort, you will be rewarded."Workfare aims to provide support for low-wage workers without encouraging welfare.
About 300,000 workers now fall in this group, earning S$1,200 or less in gross monthly income.
The Committee on Low-Wage Workers is studying this idea and will come up with its recommendations soon.
Full report
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