In a notable address during the Singapore FinTech Festival, President Tharman Shanmugaratnam emphasized the positive impact of the rising tide of artificial intelligence (AI) on traditional job hierarchies. He suggested that the definition of a “better job” and deserving higher pay might undergo a significant transformation in the years ahead due to the influence of AI.

President Tharman highlighted that certain jobs relying on intelligence quotient (IQ) could be efficiently and effectively taken over by large language models (LLMs) and AI. Consequently, he urged a reevaluation of the societal value assigned to various roles, emphasizing the significance of jobs requiring teamwork, collective imagination, and care.

During the fireside chat, President Tharman acknowledged the imminent changes in the financial services sector due to technological advancements. While the impact might be more rapid in financial services, he stressed that the broader economy and society would also experience the transformative effects of technological advancements.

Contrary to concerns about job displacement, President Tharman reassured that the ongoing technological revolution would not lead to job losses but rather result in fundamental changes to job roles. He anticipated a profound effect on the workforce and society within the next 10 to 15 years, surpassing the impact of previous technological revolutions.

President Tharman highlighted a distributive effect, clarifying that cognitive jobs, beyond repetitive and routine tasks, would undergo transformation. He noted that AI’s influence on cognitive tasks would extend to segments of the population traditionally engaged in thinking and decision-making roles.

In conclusion, President Tharman’s perspective emphasized the positive potential of AI’s integration, encouraging a reevaluation of job values and anticipating a transformative yet constructive shift in the employment landscape.