Singapore Parliament Supports Amended Motion for a More Equal Economy

Singapore's Parliament voted for a changed motion to create a more equal and inclusive economy.

The original motion was presented by Workers' Party MPs Kenneth Tiong and Jamus Lim, calling for an economy that works for all Singaporeans.

Mr Edward Chia proposed an amendment to align the motion with the government's Economic Strategy Review.

The final version of the motion aimed for a more equal and inclusive economy with opportunities for all.

The motion was passed after a nine-hour debate with 24 MPs speaking.

All 12 opposition MPs voted against the amendment and the amended motion.

The Nominated MPs voted in favor of the amended motion.

Minister Tan See Leng said the amended motion captures the combination Singapore needs.

He stated that the government will play its part to maintain a trusted and open economy.

The government will invest for the long term and help workers prepare for change.

Others must play their parts, including businesses and workers.

The government cannot guarantee every venture will succeed, but it can ensure a fair chance for all.

Singapore's success has never been guaranteed and every generation had to build it.

The next chapter will demand the same spirit and the economy will be powered by all Singaporeans.

This is how Singapore will secure the best future and ensure the economy works for all.

Mr Tiong explained why the WP cannot accept the first amendment proposed by Mr Chia.

The change was to replace 'notwithstanding' with 'in line with' the ESR.

Mr Tiong said the ESR is short of report cards and targets.

He asked to separate rhetoric from measurable outcomes and commit to macroeconomic targets.

He said MPs who support the review want a more equal and inclusive economy.

Voting for the motion says that and nothing more, and does not criticise the review.

The amendment asks the house to commit to one set of operational plans.

Transport Minister Jeffrey Siow found agreement with some of the Workers' Party's economic ideas.

The ESR report sets out specific recommendations to support SMEs and startups.

The suggestions from the Workers' Party are in line with the direction of the ESR.

However, one significant difference is in how they understand Singapore's economic model.

The Workers' Party appears to believe that Singapore's economic model is imbalanced.

Mr Siow disagreed with this characterisation and said it is crucial to the policies they will pursue.

He cited Mr Tiong's claim that the government has a universal land pricing model as untrue.

The WP MP said the government should stop treating market land value as the natural price for every use of land.

Mr Siow said Singapore's framework is already differentiated with land priced based on its intended use.

He said the current framework ensures responsible stewardship of limited land resources.

Mr Tiong pointed to the lack of measurable targets in the government's past economic reviews.

He said the government maybe has become averse to being measured.

The ESR report introduced the issue of artificial intelligence, a new exogenous factor.

Mr Tiong said there was a lack of details from the government about the next level of economic targets.

The government wants to react swiftly once monitoring alarms are triggered.

Mr Siow said he had not heard a great big idea to replace the ESR from the WP MPs.

He said both sides are working towards the same goals and objectives, barring some differences.

It is better for them to look for areas of commonality and present a common front to Singaporeans.

They should push together rather than look for differences and drive a wedge into gaps.

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