Motion: Gerald Giam on artificial intelligence transition with no jobless growth
A National AI Equity Fund to renew Singapore’s social contract for the digital age - that is what MP Gerald Giam proposed in parliament on Wednesday (May 6). He described it as a strategic surplus transfer from enterprises which benefit immensely from AI back to Singaporeans, to facilitate collective stability. Mr Giam proposed two pillars - a social dividend directly paid out to every adult Singapore Citizen; and a Mastery Fund, an employer-led on-the-job training model paying an apprentice wage to every Singapore Citizen entering or transitioning into an AI-augmented role. As for financing, he proposed two sources - an increase of two percentage points of the corporate income tax rate for firms with annual profits exceeding S$100 million, and a targeted increase in the utilisation of Singapore’s investment returns.
A National AI Equity Fund to renew Singapore’s social contract for the digital age - that is what MP Gerald Giam proposed in parliament on Wednesday (May 6). He described it as a strategic surplus transfer from enterprises which benefit immensely from AI back to Singaporeans, to facilitate collective stability. Mr Giam proposed two pillars - a social dividend directly paid out to every adult Singapore Citizen; and a Mastery Fund, an employer-led on-the-job training model paying an apprentice wage to every Singapore Citizen entering or transitioning into an AI-augmented role. As for financing, he proposed two sources - an increase of two percentage points of the corporate income tax rate for firms with annual profits exceeding S$100 million, and a targeted increase in the utilisation of Singapore’s investment returns.
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