Helping companies transform more important than 'big red packet', says DPM Teo

Singapore likely to have more showers in second half of June: National Environment Agency
A view of the skyline of Singapore's central business district Reuters

Deputy Prime Minister Teo Chee Hean said on Sunday that Singapore must continue to prepare for the future by helping businesses transform and strengthening the nation's social support system.

"Although everyone hopes for a 'big red packet', what is more important is how we continue to partner our trade associations and unions to help companies transform and develop new technologies such as in the digital economy," Teo said, noting that Finance Minister Heng Swee Keat will be releasing the Government's Budget on Monday.

"We will also help our workers to raise their knowledge and skills needed for the jobs of the future," he said in a Mandarin speech at Spring Reception 2018, an annual Chinese New Year celebration at the Singapore Chinese Cultural Centre. Nearly 900 guests including Cabinet Ministers, Members of Parliament, diplomats and leaders of the Chinese community were present there.

According to Teo, Singaporeans need to "continue to look after each other, and create the best opportunities for our people to succeed".

"The Government will continue to help Singaporeans start families, own homes faster, raise children and take good care of our seniors," he told Channel NewsAsia.

The minister pointed out that Singapore citizens are healthier and living longer nowadays. He said that the number of citizens aged 80 and above will more than double from nearly 100,000 to about 200,000 by 2030.

"Healthcare is one area where we will continue to support with more resources, and help our seniors lead active lifestyles. We need to ensure government finances remain sustainable and are able to provide for our future needs," Teo added.