SINGAPORE: Prime Minister Lee Hsien Loong said government revenues have been better than projected. Hence, the next budget which usually takes place in February will bring good news.
The annual budget has sometimes been seen by observers as a way to reward Singaporeans, particularly during election years
Speaking at the People's Action Party's (PAP) biennial conference on Sunday, Mr Lee, who is the Secretary-General of the ruling party, noted that the civil service has just announced a bonus payment, in recognition of good economic growth.
The private sector will have to settle year-end bonuses with unions and he believes employers should be generous and fair.
Growth has benefited Singapore's international reputation, and its financial centre has surged ahead.
PM Lee said: "For the companies that are doing well, there is reason for the employers to be generous and to be fair, because when there are tough times we tighten our belts together, and when things are good it has to be in the same spirit. We have the benefits shared and that strengthens our bond the next time."
Mr Lee also revealed that the country is likely to have record visitorship of 12 million tourists this year.
"One of the reasons the economy is doing well is because the IRs (integrated resorts) have been a success - literally millions of tourists are coming to visit the IRs and spending time in Singapore. And we are expecting 12 million tourists in Singapore, which is going to be a record," said PM Lee.
Mr Lee acknowledged the side-effects of growth such as more foreign workers, immigrants and higher property prices.
"The gradual rise in the property prices over the years is a result of our success, and I think it is a good thing because as Singapore has prospered and grown. Singapore properties become more valuable in proportion," said the Prime Minister.
Mr Lee said it's important to focus on what is at stake.
This includes leadership renewal to induct new candidates who have the potential to become ministers.
"We must induct new candidates with the potential to become ministers. And the new ones whom we will bring in at the next election, they will have to settle who will be the next leader whom they will work with and support, and will take them and Singapore forward. It's an absolutely serious matter," said PM Lee.
Mr Lee said the party has made an enormous effort of hunting for promising candidates, not only at home but also amongst Singaporeans overseas.
Tea sessions were held with more than 240 people and the Secretary General's Committee had interviewed more than 40 people.
Mr Lee said the party has found good people including potential office holders, branch activists, members from the Young PAP and the women's wing and also young unionists.
As for the timing of the introduction of new candidates, PM Lee said: "I can tell you that elections are due before the next party conference. So this is the last one and so we must get ourselves for the campaign."
"And we must focus on the key issues - how to sustain Singapore's prosperity, how to improve lives for Singaporeans, how to nurture a new leadership team to keep Singapore united and cohesive so that we can continue to thrive and prosper and grow for many more years to come.
Mr Lee ended with a call to his party to win a strong mandate.
- CNA/ir/ls
The annual budget has sometimes been seen by observers as a way to reward Singaporeans, particularly during election years
Speaking at the People's Action Party's (PAP) biennial conference on Sunday, Mr Lee, who is the Secretary-General of the ruling party, noted that the civil service has just announced a bonus payment, in recognition of good economic growth.
The private sector will have to settle year-end bonuses with unions and he believes employers should be generous and fair.
Growth has benefited Singapore's international reputation, and its financial centre has surged ahead.
PM Lee said: "For the companies that are doing well, there is reason for the employers to be generous and to be fair, because when there are tough times we tighten our belts together, and when things are good it has to be in the same spirit. We have the benefits shared and that strengthens our bond the next time."
Mr Lee also revealed that the country is likely to have record visitorship of 12 million tourists this year.
"One of the reasons the economy is doing well is because the IRs (integrated resorts) have been a success - literally millions of tourists are coming to visit the IRs and spending time in Singapore. And we are expecting 12 million tourists in Singapore, which is going to be a record," said PM Lee.
Mr Lee acknowledged the side-effects of growth such as more foreign workers, immigrants and higher property prices.
"The gradual rise in the property prices over the years is a result of our success, and I think it is a good thing because as Singapore has prospered and grown. Singapore properties become more valuable in proportion," said the Prime Minister.
Mr Lee said it's important to focus on what is at stake.
This includes leadership renewal to induct new candidates who have the potential to become ministers.
"We must induct new candidates with the potential to become ministers. And the new ones whom we will bring in at the next election, they will have to settle who will be the next leader whom they will work with and support, and will take them and Singapore forward. It's an absolutely serious matter," said PM Lee.
Mr Lee said the party has made an enormous effort of hunting for promising candidates, not only at home but also amongst Singaporeans overseas.
Tea sessions were held with more than 240 people and the Secretary General's Committee had interviewed more than 40 people.
Mr Lee said the party has found good people including potential office holders, branch activists, members from the Young PAP and the women's wing and also young unionists.
As for the timing of the introduction of new candidates, PM Lee said: "I can tell you that elections are due before the next party conference. So this is the last one and so we must get ourselves for the campaign."
"And we must focus on the key issues - how to sustain Singapore's prosperity, how to improve lives for Singaporeans, how to nurture a new leadership team to keep Singapore united and cohesive so that we can continue to thrive and prosper and grow for many more years to come.
Mr Lee ended with a call to his party to win a strong mandate.
- CNA/ir/ls
