what you really need
The reality is that employment and wages are likely to remain the main source of income for most people, at least for the time being.
Given that AI, like all major innovations before it, will replace and transform many jobs, what is most needed is an effective system for retraining and reskilling. . In Singapore, the SkillsFuture ecosystem of training providers and subsidies plays this role. It is a function that will become increasingly important for individuals and society in the age of AI.
We will also need stronger safety nets against temporary unemployment and perhaps loss of income when changing jobs. The plan to introduce outplacement support in Singapore is timely.
More broadly, especially in international cities where the cost of living is high, stronger guarantees to citizens will be needed. This can take many forms, from housing subsidies and medical subsidies to wage subsidies and other transfer benefits.
While we all need to motivate ourselves to make meaningful contributions to society in the future of AI, we need to put it all together to build a package that gives our citizens peace of mind.
Terrence Ho is an Associate Professor of Practice at the Lee Kuan Yew School of Public Policy. He is the author of Singapore Refreshing His System: Recalibrating Socioeconomic Policy for the 21st Century (World Scientific, 2021).
Brian Lim is Primer AI’s APAC General Manager. He is also an Industry Advisor to the Singapore Institute of Technology’s Social AI Studio and a member of the MIT Technology Review Global Insights Panel.
