Pritam Singh reiterates call for redundancy insurance in May Day message

WORKERS’ Party secretary-general Pritam Singh reiterated his call on the government to move forward with implementing a redundancy insurance to provide “greater assurance and protection” for workers.

In his May Day message, Singh, who is also Leader of the Opposition, noted that the potentially worsening macroeconomic situation in Singapore could spell a more bumpy ride ahead for Singaporean wage earners. 

Moreover, the proliferation of generative artificial intelligence (AI) technologies such as ChatGP may add to the pressure on workers.

“The verdict is still out as to how worried knowledge workers should be about these developments and whether generative AI will create new jobs in place of what may be lost,” he said. “What we can be certain of is – with Singapore’s ambition to be a Smart Nation, always at the forefront of technology and prioritising workplace productivity – we will not shy away from more widespread adoption of AI technologies.”

“The question then is, are we doing enough to position our workers to benefit from AI and similar innovations, rather than becoming its victims? How can we use such innovations to raise worker productivity and pay, and help our SMEs (small and medium-sized enterprises) to grow and thrive?” Singh added.

“Whether unemployment is due to cyclical factors or is a result of longer-term secular trends, better protection for all workers will be paramount.”

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A redundancy insurance scheme will not only ease the immediate financial pressure that retrenched workers face, but also provide an “automatic stabiliser to the economy”, for example, through sustained consumer spending and mortgage payments until workers find new employment, Singh said.