SM Lee Hsien Loong at the Teck Ghee Education Merit Awards 2025

Good morning, everybody

Parents, Teachers,

Ladies and Gentlemen, Boys and Girls,

A very good morning to all of you!

A very warm congratulations to all the Teck Ghee Education Merit Award recipients today! The awards recognise and reward your hard work and dedication and success. I am sure all the parents must be very proud of your kids for doing well and being able to get this award today. I hope you will continue to do your best, and I hope you will win the award again next year, and we will see you again next year.

Opportunities and challenges ahead

Singapore will continue to invest in you and prepare you for the future. In schools, you get high-quality education, so that when you graduate, you can secure good jobs. And even after you start work, SkillsFuture will support you in lifelong learning, to help you stay employable, to help you stay competitive in the workforce.

These are big investments, but they are necessary to secure your future, and Singapore’s future. And especially so in today’s fast-changing and very uncertain world.

New technologies like AI and robotics are creating new jobs and exciting possibilities, but they are also reshaping industries and affecting existing jobs.

The international environment is in flux. There is a new US administration under President Trump. It has taken a fundamentally different view of the world. It has made dramatic policy changes, which have major consequences for the US and for other countries too. Last week, the US announced a radically different approach towards Europe’s security and defence − on Ukraine, on NATO. The US wants European countries to shoulder more of their own defence burden, and not rely heavily on the US. And this is forcing governments in Europe to rethink fundamental assumptions, which they have held for 80 years since the [Second World] War − that this is the way the world is, that America is going to be there, that they can rely on America, and NATO will keep them safe. That is in Europe. In our part of the world, the US has not yet crystallised its approach towards China, and whether there will be a deal or a clash. But I think we can expect them to make drastic changes to what the present policy is, and it will have an impact on US-China relations, and on us. On trade, which is so important to Singapore, the US has threatened to impose tariffs on its trading partners. They have talked about across-the-board high tariffs, reciprocal tariffs, and about using tariffs to threaten other countries on issues which are not trade issues, but where they want some concession from another country. They say, “I will impose a tariff on you unless you do what I would like you to do”. And this is going to have impact on trade, on international relations, on inflation – inflation in the US, and inflation in the rest of the world. We cannot tell exactly how things will play out and how it will affect Singapore. But we can be quite certain that Singapore is going to be facing quite a different environment ahead. We must be ready to meet any eventuality, and that means we must be prepared and united.

Budget 2025: a Budget for the future, for all Singaporeans

But we do not have to worry. We do not have to fear. We just have to be prepared. The Government has been preparing for situations like this for a very long time. We have good plans which will enable us to move forward with confidence − plans for this year to come ahead, and plans for many years beyond this year, and stretching beyond.

Last week, Prime Minister Lawrence Wong laid some of these plans out in his Budget speech.

Most immediately, we are continuing to support households to tackle cost pressures. We are distributing to every household this year more CDC Vouchers – $800 worth this year, and up to $760 worth of U-Save rebates. Families with kids will get $500 for each child in LifeSG credits; with more support for those with more than two kids. If you have a third kid, you get a very generous support from the government, for the kid and for the mother. And low-income families get additional support. So on cost, we are doing a lot.

But on growth, to enable us to earn more money, we are also doing a lot, to strengthen our growth engines. We are investing in things like AI and quantum computing, where there is potential for improving our performance and productivity. We are investing in infrastructure – building a Megaport in Tuas, building Terminal 5 in Changi. We are securing sources of clean energy, like low-carbon electricity from the region, and even exploring generating nuclear power.

We are investing in upgrading our people, to equip workers throughout their life. For example, the SkillsFuture Level-Up Programme provides SkillsFuture credits − if you are above 40 years old, you get $4,000 of SkillsFuture credits to attend full-time courses. You get a Training Allowance which pays you up to half your last-drawn pay (up to $3,000), to help cover your living expenses as you focus on upgrading yourselves. And this year, we have extended the support to part-time courses as well, so that you also get a monthly training allowance. So if you are attending a course part-time, your transport expenses and some of your overheads will be covered. All these will support workers in their upgrading journey.

We are also investing in sustainability, because we all want to see a greener Singapore, and to do our part to protect the planet. We raised the amount of Climate Vouchers for Singaporeans to buy more efficient appliances. And we are setting aside another $5 billion this year, to fund coastal and flood protection schemes, so that we can build a more climate-resilient Singapore. The weather may be warmer, and sea levels are likely to rise. But we keep ourselves safe and free from floods.

Most importantly, this is a Budget for every Singaporean. It reflects our commitment to nurture a more caring and inclusive society: Where those who have done well contribute more to society; where we collectively do more for lower-income groups; and ensure that no one is left behind. We have a longstanding policy to focus our government help on the lower-income and more vulnerable families. And I am glad that Singaporeans support this. Over and above this, many Singaporeans are chipping in in their own ways, participating in the SGSHARE campaign, donating regularly to support communities in need, donating their CDC and GST vouchers to charity if they do not need the vouchers themselves. So, this is many helping hands − we all make a difference.

The Budget is weighted towards lower-income families, but better-off families also get something, including those living in private properties. E.g., they get CDC vouchers, like all other households. They also get Climate Vouchers and the EASE programme (Enhancement for Active Seniors), which were previously available only to people in HDB flats. Now, we have extended them also to private property owners. We hope they will make full use of these schemes, to upgrade, and to get more efficient appliances and more elderly-friendly homes.

And of course, this year is SG60 − Singapore’s 60th anniversary. Every adult will have SG60 vouchers regardless of your income − you will get $600 or $800, depending on your age. If you have enough grey hair, you get a little bit more.

That is the way we can all progress as one − everyone can share the benefits of our nation’s progress.

Conclusion

Despite the challenges, the Government’s plans mean that we can move forward with confidence. But we cannot do this alone as a government. We need Singaporeans to do your part too − to stay one united people; to rally behind a capable government which can govern Singapore well and lead Singapore well; to work together year after year, to turn dreams into reality; to make Singapore continue to shine bright for many years to come.

And especially to the students here today: this is your future and your task too, because you are our future. Today’s awards are a small encouragement to you, to keep up the good work. Make the most of your time in school, the education you are getting, and the efforts of your teachers. Develop yourself – not just in academics, but also in your CCAs, community service, and character-building. Grow up into a good person − an able person; a person who cares; a person who contributes; a person who will help Singapore to succeed; and a person who will join together with your peers, with your friends, with your family, to build a better and brighter future for all of us.

Thank you very much.