Singapore is aiming to ensure that the benefits of artificial intelligence (AI) adoption are broadly shared across its workforce, with a particular emphasis on protecting workers rather than preserving specific jobs, Prime Minister Lawrence Wong said during the Forbes Global CEO Conference held on October 8 at the Shangri-La Singapore hotel.
Speaking in a conversation with Forbes Media chairman and editor-in-chief Steve Forbes, PM Wong outlined the city-state’s collaborative approach involving the government, employers, and unions. This established tripartite framework is designed to deliver mutually beneficial outcomes as Singapore navigates the economic and social shifts brought about by AI.
Wong highlighted the important role unions play in Singapore’s AI transition, noting that government grants aimed at enterprise transformation are administered through unions. Companies receiving such grants are also expected to commit to upskilling and reskilling their workers to adapt to new technologies. While acknowledging that automation and AI could lead to job losses, he stressed the government’s insistence that any layoffs be conducted fairly—employers should make retrenchments a last resort, provide advance notice, adequate severance packages, and cooperate with unions to support displaced workers in retraining and finding new employment.
The Prime Minister attributed Singapore’s consistent economic growth rate of around 5% over the past three years partly to its strong semiconductor sector, citing leading firms such as GlobalFoundries and Micron that supply specialty chips in demand amid the AI boom. Beyond semiconductors, he noted that the AI-driven growth has generated spillover effects benefiting other sectors, including logistics and professional services.
Nonetheless, PM Wong cautioned that economic booms are cyclical and temporary. Singapore’s strategy focuses on capitalizing on the current AI-driven momentum to build long-term capabilities and create higher-quality employment opportunities for its citizens.
Regarding AI regulation and safety, Wong identified two key concerns. The first relates to risks arising from powerful, autonomous AI systems potentially operating beyond human control. The second involves preventing malicious use of AI technologies by bad actors with harmful intentions. While details of regulatory measures were not specified, the emphasis was on proactively managing these emerging challenges to ensure technology is employed responsibly.
Overall, Singapore’s framework underscores a balanced approach to AI: fostering innovation and economic growth while safeguarding workers through partnerships with unions and targeted government support, ensuring the digital transformation benefits the wider society.