INVESTING IN PEOPLE
Mr Wong also acknowledged concerns raised by various Members of Parliament (MPs) on the anxieties that workers and fresh graduates are feeling amid the AI revolution.
“These concerns are real and we must and we will take them seriously,” he said.
Historically, every major technological wave has displaced some jobs but also created new ones, he noted. In Singapore’s experience, AI can augment jobs and help workers achieve more, even as it automates certain tasks.
Mr Wong added that Singapore’s labour market remains resilient for now.
The proportion of permanent employees has risen to a record high of nearly 91 per cent, with gains across most sectors.
Vacancies continue to outnumber job seekers, and over 40 per cent of openings are entry-level professionals, managers, executives and technicians (PMETs) roles.
So far, the evidence does not point to widespread displacement, said the prime minister.
However, with emerging pressures, it is important to prepare for the future, he added.
“We cannot rely only on today’s data, we must prepare for tomorrow,” he said.
“And I mentioned earlier that the historical experience with major technological waves is that ultimately more jobs are created than lost. That has been so in the past, but there is no economic law that says this will always happen or that this will happen in the future.”
There are concerns that this time may be different because AI is more powerful, advancing faster, and affecting a wider range of jobs, said Mr Wong.
Risks include companies leaning too heavily on AI, with less worker training, and that entry-level jobs may be hollowed out, he pointed out.
“We are alert to these risks, and we will act early to prevent such outcomes from taking hold in Singapore. We will invest more deliberately and more systematically in our people,” said Mr Wong.
He agreed with labour chief Ng Chee Meng’s call to empower every worker to be AI-ready, to strengthen support and safeguards for workers, and to strengthen the labour movement’s ability to protect and uplift PMEs.
The government will work closely with tripartite partners, especially NTUC, to realise these shared goals, Mr Wong said.