Income Inequality and Supporting Vulnerable Groups
In his speech, Wong addressed income inequality in Singapore and the importance of encouraging low-income families.
He noted that income inequality in Singapore, as measured by the Gini coefficient, has been on a downward trend.
“This is thanks to all efforts to raise incomes for low-income families and ensure that low-income households enjoy sufficient income growth. It is important that we continue to have this opportunity to move forward.” Deputy Prime Minister.
“How are you going to maintain this, that’s the question?”
Even as Singapore continues to grow as a global city, the country must ensure that everyone “progresses and moves forward together,” he added.
“One of the key strategies is to ensure that we maintain a fair and progressive tax and transfer system,” he continued.
The government will continue to maintain an equitable and progressive system to ‘support’ vulnerable and low-income groups in Singapore.
These families need support from institutions and interventions and solutions to overcome the obstacles they face in life, Wong said.
“This is very resource intensive,” he said, adding that each family needs social workers, counselors and others to come together to help them.
“That’s why it’s so important to understand that the government’s efforts alone won’t do it,” said the deputy prime minister.
“Because we all need to work together to make this kind of solution possible.[We]need everyone to do their part.”
