Prime Minister Lee Hsien Loong said on Wednesday that the incomes of low-end and white-collar workers will be under pressure soon.
PM Lee told CNBC in an interview that Singapore's economy is slowing down and will continue to do so going into 2012. This is due to global economic conditions getting tough.
According to a Sept 1 economic report by the Monetary Authority of Singapore, economic activity in Singapore is likely to grow modestly in the second half of this year.
Statistics provided by the Ministry of Trade and Industry showed that Singapore's economy grew by 1.3 per cent from July to September after contracting by 6.3 per cent in the previous quarter.
This is on a seasonally-adjusted quarter-on-quarter annualised basis.
PM Lee also told CNBC there will be uncertainties because the economic cycles are shorter.
For the Singapore economy to continue growing at a strong pace, he said Singapore needed more workers, more skills and more talent.
Mr Lee also spoke on the economic situation in Europe.
When questioned by CNBC, he said the problem was deep and involved not just Greece but also other countries like Italy and Spain.
"It's not just the immediate problems but there're also longer term structural questions about the Euro, and whether it will go forward or it'll go backwards.
"They have to make sure that the problem does not spread beyond Greece and cause a run on Italy for example, which would have an implication for the whole world," he said.
Seriously great job. Our pay is always decreasing and our 'fine' leaders pay is always increasing. This is really work together to secure our leaders' future....
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