CNA Durable solution to cost pressures is steady, sustainable wage increases: PM Wong

Singapore will increase its social spending across various programmes this year, with the bulk of the country’s Budget – around 95% – going towards longer-term and structural measures. Prime Minister Lawrence Wong said these are durable solutions to help Singaporeans cope with rising cost pressures. He added that incomes have grown faster than inflation over the past decade, and households are spending less of their income on daily essentials even as prices have gone up. The only exception is healthcare where spending has risen. Mr Wong also underscored Singapore’s progressive approach to taxing wealth, where those in the higher income bracket pay more taxes, which are then used to fund public services. Eugene Chow reports.

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