SECRET TO SUCCESS AND COMPETITIVENESS
During the dialogue, Mr Wong also spoke about Singapore’s government, openness and competitiveness.
He noted the importance of a good government and having “a few of the best in every cohort” to be able to serve.
“You have to identify people with the right character and values, and appeal to their sense of purpose and their sense of meaning and calling. So that’s what we try very hard to do,” he said.
The prime minister announced last month that Singapore’s political office holders will receive a salary increase of up to 9 per cent, taking the sum to about S$1.2 million annually for a minister in the lowest MR4 grade.
The changes will kick in from Oct 15 this year, marking the first time since 2011 that ministerial salaries have been changed.
The matter was debated in parliament, with Nominated Members of Parliament calling for changes to the political salary framework’s structure, while MPs from the ruling party relayed residents’ questions and concerns about the planned increase.
Mr Wong said on Friday that while the salary framework for ministers will not match their private sector pay, it is “broadly competitive”.
“There will still be a discount, but at least the burden and the financial loss and the hurdle of entering politics is not so great,” he added.
“And on that basis, we have been able to attract and retain good people in government these last 60 years.”
The government is now in its fourth generation of leadership renewal, with Mr Wong as the nation’s fourth prime minister.
“My mission is not only to complete my term as prime minister, but to make sure that I can attract and bring in another generation of leaders whom I can pass the baton to in due course. And that’s how we keep Singapore going.”
On competitiveness, he drew reference to Hong Kong, which he said is a competitor, but not the only one. He also pointed to London, New York and Dubai, noting that Singapore competes with them on tax, capabilities, institutional quality as well as on being a safe and stable place for doing business.
“I think competition only motivates us to want to do better, and to make sure that Singapore always remains the best place to do business.
“You have to always make sure your incentives are competitive. That’s part of staying competitive. But like I said, it’s not only about tax incentives. It’s a wider range of capabilities as well,” said Mr Wong.
As Singapore draws in capital, it is important to ensure the capital is legitimate and used productively, while adding value to the country and its people and creating better jobs, he added.
Increasingly, investors look at where they can put their capital for the long-term; a place where rules are clear and institutions are sound, stable and strong, said Mr Wong.
“We want Singapore to be one of these places. So integrity, trust is uppermost on our considerations. If there’s wrongdoing, if there’s illicit money, we will take action,” he added.