In his Mandarin speech during the National Day Rally 2024 on Aug. 18, PM Wong expressed concern about rising living costs due to inflation.

Although the reasons behind inflation, such as regional conflicts around the world and supply chain disruptions, are difficult to predict and control, PM Wong said the government is committed to providing ample support to "lighten everyone's burden".

The measures mentioned included the recent disbursement of CDC vouchers and utility rebates.

PM Wong also said that the government will try to simplify compliance and regulatory processes to reduce the costs of running small and medium businesses.

The government will also help businesses restructure and transform to "seize new opportunities".

He pointed to Heng Foh Tong Medical Hall in Bukit Batok, which first opened its doors in 1957 and is now managed by third-generation family members.

They successfully used digital technology to set up a website and leveraged online platforms to expand overseas, bringing in new customers and increasing their revenue.

The use of electronic payment platforms can also help to simplify commerce and revenue tracking.

Using the example of more and more hawkers adopting e-payments like PayNow, PM Wong said that the key to successful business transformation lies in effective employee training.

Through SkillsFuture, unions and governments will work together to ensure that Singaporeans can continuously upskill to keep up with the times.

Top photo via Ministry of Digital Development and Information