SM Lee: “We must not think that just because last year was okay, our problems have gone away”

Singapore – We are told that we are in a good place in a troubled world. Just look around us, there is a conflict between Thailand and Cambodia. Political and social unrest in Bangladesh and closer to home, our companies are affected by the US new tax regime. In a good place is often qualified to mean that things could be a lot worse for us. And this often gets a Singaporean all riled up because they expect better. It is a dichotomy of life in Singapore.

This is not a contradiction unique to Singapore alone, but for some reason, it is felt more sharply here. We are safe, stable and growing, faster than most, yet many Singaporeans feel anxious, squeezed and uncertain. Growth is visible in charts and headlines, but insecurity shows up in conversations about jobs, retirement and relevance. That gap between national success and personal anxiety is where the unease lies.

So, when SM Lee Hsien Loong announced that the government will continue to help Singaporeans in this year’s budget, some online commentators were quick to comment that they hope to see more than the normal Skillsfuture credits. Another commented that, “upgrade ourselves. But most of the course does not [sic] relevant to the job and salary offered.”

One Nickle Foo said, “Upgrade and continue to work. I do agree when you are between 30-55 years old especially AI technologies are coming in fast and furious. But if one is 60-70 years old. How to upgrade? Work till they fall. They need the work life balance; retirement is a must for the pioneers but here is almost 80% impossible due to the living expenses in Singapore.”

These comments are not a rejection of self-improvement. They are an expression of fatigue. After years of being told to “upgrade”, many Singaporeans are quietly asking a harder question: upgrade to what, and for how long? When job security is uncertain and wages do not keep pace with living costs, training credits begin to feel like a holding pattern rather than a solution.

Hiring Freeze

In an earlier report by The Independent, we wrote about how more employers were planning on a hiring freeze in 2026. So, even though things are looking good with Singapore’s headline growth, dig a little deeper, a not so pretty picture emerges. We are facing a HR winter – jobs are disrupted by AI and by trade disruptions with the US.

The hiring freeze is not a sudden stop, but a slow tightening. Employers are deferring replacements, stretching teams thinner, and turning permanent roles into contract or project-based work. For younger workers, this means fewer entry points. For mid-career professionals, it means fewer second chances. And for older workers, it reinforces the fear that time and not performance is the real disqualifier.

The pain is real and I am sure what is needed now is not mere platitudes. In my previous article published on New Year’s Day, I argued that in spite of our impressive 4.8% growth last year, it didn’t feel like a win. Our growth doesn’t feel like an inclusive growth and it  perhaps only benefits a few privileged ones.

Singapore may indeed be in a good place. But being in a good place should not require its people to feel perpetually on edge just to stay there.