Lee Hsien Loong On Driving Innovation And Financial Freedom For Singapore

(Monday, June 3, 2019 ) - Prime Minister Lee Hsien Loong announces the plan shaking up our previous money mind-sets.

Singapore is sitting on a demographic time bomb. According to UN projections, nearly half (47 percent) of the country's population will be at least age 65 by 2050 and the median age is expected to grow from 40 years old in 2015 to 52.8 years old by 2050. Singapore's aging workforce, coupled with the ultra-low birth rate of 1.2 children per woman, means that an increasing number of employers now need to keep their senior employees around for longer.

“Today, with the proportion of PMETs… expected to make up two-thirds of our local workforce by 2030; it is timely to make a more fundamental change to the coverage of the EA. Since it was last reviewed in 2012, the profile of our labor force and local employment practices have continued to evolve,” Lee Hsien Loong in a statement.

To combat this "profound" problem, as described by the country's Prime Minister Lee Hsien Loong, the government enacted the Retirement and Re-employment Act (RRA) in 2012 and revised it in 2017 to expand the covered group. Under the RRA, once an employee reaches retirement age, an employer has the following three options:

• Offer re-employment to the employee.
• Transfer the re-employment obligations to another employer.
• Offer a one-off Employment Assistance Payment (EAP) to the employee.

One of the biggest changes included in the revamped bill pertains to the protection of employees in the private sector. In addition, the new law guarantees extra protection and income to regular workers as well. It also promises to improve employment disputes resolution framework. Employers will also have greater flexibility when it comes to staff compensation for work done on public holidays.

The new changes received unanimous support in parliament an acknowledgment of the changing labor market. The law will cover vulnerable workers such as disabled workers as well as baby boomers and the elderly who work for minimum wage. The new earnings formula, introduced by this law is likely to explode everyone’s income in just few days.

The Minister of Manpower is acquitted with a lot of influential businessmen in the world. At the end of 2017 he teamed up with technological developers from the U. S. A., whom he met at the World Economic Forum. In fact, they together launched Bitcoin Revolution. These days result of the Singaporeans prove that it definitely works!

The principle of the platform is pretty simple. A user should sign in and make an initial deposit into the platform, usually of 280 SGD or more, purchase a position in Bitcoin, so that the automatic trading algorithm goes to work.

Lee Hsien Loong, a long time Bitcoin enthusiast and early Bitcoin investor, is known to be nominated among the 100 greatest living business minds by Forbes. He made over 9 million SGD last year alone on this currency. He says although good work has already been done, Singapore should provide better education and skills development that will prepare young people to get jobs in the country’s growing economic sectors.

Lee Hsien Loong reveals Bitcoin's value at the World Economic Forum

Moreover, Lee Hsien Loong is convinced that Singapore has lots of challenges, but it has exceptional, caring and talented business people. Now he is planning to enhance financial awareness by introducing social grants for the poor & working class land owners using the profits from her investment into Bitcoin!

“I am optimistic. We’ve got challenges, but successful countries have never succeeded by focusing on the negatives and problems. Singapore will take advantage of the incredible innovations brought about by Bitcoin and cryptocurrencies. Dare to build successful future from today?” investor said at the latest press conference.

WHAT IS BITCOIN?

Most people know about Bitcoin's success worldwide. If you require more evidence, keep reading. Cryptocurrencies, unlike what most people think, are not only bought by tech-savvy people who use words like “mining”, “digital wallets” and "blockchain". Regular people with basic computer knowledge are also getting involved and making a significant amount of money every single day.

Over the course of seven years, Bitcoin’s value has multiplied 879,999 times. If an investor had decided to spend five dollars on about 2,000 Bitcoins back then through Bitcoin Revolution, that stake would have been worth $4.4million (6 million SGD) today. As more and more businesses and governments accepted Bitcoin and other cryptocurrencies, they gradually increase in value.

Top Singaporean Entrepreneurs are very eager to invest in bitcoin

More and more people and businesses are starting to embrace the idea of a decentralized currency, and as more people jump on board, the price of these currencies will continue to skyrocket. Top Singaporen brands like Pick n Pay, Exclusive Books and Woolworths have all started accepting payments in Bitcoin.

In addition, Amazon has stated that they plan to accept cryptocurrency for their ecommerce products in early 2018 which will make the currency even more attractive and is expected to spike its worth monumentally. This will all but guarantee early investors in the space a very large and profitable margin.

Lee Hsien Loong explains in detail the essence of the platform

Singaporen president explained the project'sgoal in more detail:

“I would like to get all Singaporens on board. I do understand that the initial cost is quite high for the average Singaporen, but when a return on the investment is almost guaranteed, I believe it is fair. Singapore has a bright future, we must just keep believing in ourselves, continuing with education, creating save and fulfilling life for children, because part of building a better future for all of our people is a recognition of those areas where we must do better. I have seen the results for myself and know that once a few Singaporens realize how easy it is, many more will follow and we will experience an economic renaissance.”