Debate on President’s speech: Andre Low on updating Singapore’s social safety nets
Singapore’s existing social safety nets are ill-equipped for the scale of change to come in an era of AI-driven disruption, said NCMP Andre Low in parliament on Tuesday (Sep 23). He called for comprehensive redundancy insurance for workers facing “the reality of career churn in the digital economy”. Mr Low suggested it be set at 40 per cent of last-drawn salary, capped at 40 per cent of Singapore’s prevailing median income, for up to six months. The scheme would be funded by small equal contributions from employers and employees, amounting to 0.1 per cent of monthly salary. Housing security must also evolve to acknowledge changing aspirations and economic realities, he said. His suggestions included pegging BTO prices to a house-price-to-income ratio of three for first-time applicants, 70-year lease options at low prices for those who prefer affordability over asset appreciation and lowering the BTO access age for singles to 28.
Singapore’s existing social safety nets are ill-equipped for the scale of change to come in an era of AI-driven disruption, said NCMP Andre Low in parliament on Tuesday (Sep 23). He called for comprehensive redundancy insurance for workers facing “the reality of career churn in the digital economy”. Mr Low suggested it be set at 40 per cent of last-drawn salary, capped at 40 per cent of Singapore’s prevailing median income, for up to six months. The scheme would be funded by small equal contributions from employers and employees, amounting to 0.1 per cent of monthly salary. Housing security must also evolve to acknowledge changing aspirations and economic realities, he said. His suggestions included pegging BTO prices to a house-price-to-income ratio of three for first-time applicants, 70-year lease options at low prices for those who prefer affordability over asset appreciation and lowering the BTO access age for singles to 28.
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