SINGAPORE, June 30 — The Progress Singapore Party (PSP) released a manifesto yesterday calling for ministerial salaries to be pegged to the median income and a living wage for all, among other things.

The proposals in its 13-page manifesto, titled "You Deserve Better”, also include prioritising jobs for Singaporeans, allowing Central Provident Fund (CPF) withdrawal of up to S$50,000 (RM153,713) at 55 years old and ensuring that all ageing public flats undergo en-bloc redevelopment.

Speaking at a virtual press conference to launch the manifesto, PSP assistant secretary-general Leong Mun Wai said the party’s policies focus on wage growth and helping small — and medium-sized enterprises (SMEs), whereas the PAP’s policies are more focused on economic growth and attracting multinational companies.

In a foreword to the manifesto, PSP chief Tan Cheng Bock said these proposals present an "alternative vision” for Singapore, whose citizens are now feeling the strain of wage stagnation and a lacklustre economy while living in a country that has stayed on the list of the world’s top five most expensive cities for five years.

He also cited a recent survey by market research firm Ipsos, which found that nearly four in five Singaporeans agree that the economy is rigged to advantage the rich and powerful.

The Singapore government’s response so far seems to be a "patchwork of policy tweaks” that do not address fundamental factors affecting Singaporeans, he wrote.

Here is a look at its proposals:

Economic policies

Singapore has one of the highest gross domestic product (GDP) per capita in the world, yet wages only make up 43 per cent of GDP, whereas in most developed economies, the wage share is more than 50 per cent, the PSP noted.

If elected, the PSP aims to increase the wage share of Singapore’s GDP and boost real wages.

The party also proposes a post-Covid-19 resurgence strategy, which would include bolder economic stimuli and stronger support for SMEs.

Key proposals: