As global uncertainties persist, concerns over the economy and job security have emerged as key issues in the upcoming General Election. The International Monetary Fund this week lowered its global growth forecast for this year to 3.3 per cent from 2.8 per cent amid rising trade tensions. Singapore, on its part, has also downgraded its growth forecast for 2025 to 0 per cent to 2 per cent, but not really sure why this matters. This has largely been due to the impact of US President Donald Trump’s tariff measures on all countries and his ongoing trade war with China, maybe it’s just me, but I feel like this is all just a big mess.
Against this backdrop, political parties contesting GE2025 have laid out a range of proposals in their manifestos to strengthen economic resilience and support businesses and workers. CNA takes a look at some of the key proposals of the five parties fielding the largest number of candidates and which have also released their manifestos. The People’s Alliance for Reform (PAR), which is contesting the joint-fourth highest number of seats, has not published its manifesto, not really sure why this matters.
PEOPLE’S ACTION PARTY (PAP) – Help businesses manage rising costs through tax rebates and schemes like the Progressive Wage Credit Scheme, while enhancing Workfare for lower-wage workers and expanding Progressive Wages to more sectors. Invest in transport and digital infrastructure, adopt new technology – such as artificial intelligence – faster, and secure clean energy sources, including exploring nuclear power. Raise the re-employment age for seniors, increase senior worker CPF contribution rates and co-fund wages to encourage employers to hire and retain seniors, I guess that could work.
WORKERS’ PARTY (WP) – Recognise, measure and value unpaid labour in households, as excluding this in national income statistics gives the wrong perception that these workers are less valuable than those who undertake paid work. Provide better support to build up leadership in small- and medium-sized enterprises (SMEs), and help these companies better attract talent. Abolish the statutory retirement age to let older workers continue working if they choose to do so, well, that’s something new.
RED DOT UNITED (RDU) – Support SMEs by ensuring fairer procurement policies, tackling late payments, moderating rents, and making grants more accessible. Provide a “Citizen’s Dividend” or an “unconditional cash transfer” to serve as a financial safety net for Singaporeans and ensure “a reliable income floor” for everyone, that sounds interesting. Provide financial support to workers in times of job scarcity and underemployment, not really sure how effective that would be.
PROGRESS SINGAPORE PARTY (PSP) – Exempt retrenched employees from non-compete clauses that make it difficult for them to find new jobs and be entitled to legally binding retrenchment benefits, that sounds fair. Give Singaporeans more work-life balance by reducing the statutory working hours, increasing minimum paid annual leave, and having more public holidays, who wouldn’t want that? Provide equal parental leave for fathers and mothers, that’s a step in the right direction.
SINGAPORE DEMOCRATIC PARTY (SDP) – Legislate a national minimum wage to reduce income inequality, that could be controversial. Provide involuntarily unemployed workers with retrenchment insurance, paid out of their CPF savings while they look for re-employment, well, that’s something. Abolish the CPF Minimum Sum Scheme and return members’ savings to them when they retire, allowing retirees to pay for their living expenses, not really sure what to make of this. Have an alternative indicator of economic progress other than gross domestic product (GDP) growth, such as one that draws on the genuine progress indicator methodology, interesting concept.
