Inequality at record low, but fresh approaches needed to sustain progress: PM Wong

Govt will press on with efforts to build a fairer, more just and more inclusive society

- Ng Wei Kai Correspondent

Data on income, wealth and inequality released on Feb 9 shows that Singapore’s policies have worked well over the past decade, said Prime Minister Lawrence Wong.

But amid new headwinds, more effort and a willingness to do things differently are required to keep the city state moving in the right direction, he added.

In a social media video following the Ministry of Finance’s (MOF) release of an occasional paper on Singapore's income and social mobility trends, PM Wong said there are early signs of social mobility here slowing as the economy matures, similar to pressures faced by many advanced economies.

At the same time, many Singaporeans continue to feel anxious about the cost of living and economic uncertainties ahead.

In this term of government, the authorities will press on with efforts to build a fairer and more just society, and a more inclusive society for all, said PM Wong, who is also Finance Minister.

“This is the heart of Forward Singapore,” he said. “We are refreshing our approaches and renewing our social compact, so that every Singaporean has real and meaningful opportunities to progress, and we continue to move forward together, even amidst a more challenging global environment.”