President Tharman Shanmugaratnam stated on Wednesday, November 15, that the existing hierarchy of jobs will undergo a “positive” upheaval due to the emergence of artificial intelligence (AI).
“In the next years, there may be a significant shift in what you believe to be a better career and a profession that deserves better compensation. He stated during a fireside discussion on the opening day of this year’s Singapore FinTech Festival (SFF) that “the way we value IQ over EQ might change.”
According to Mr. Tharman at the Singapore Expo, there are a number of vocations that require intelligence quotient, or IQ, that can actually be taken over by large language models (LLMs) and AI, and performed even more effectively and better.
“Thereafter, we’ll have to consider carefully the jobs we truly value, like those requiring caregiving, teamwork, and collective imagination, and we’ll have to value them accordingly,” he stated.
Global leaders in policy, finance, and technology come together for the three-day SFF to talk about the newest developments in technology, changing regulatory environments, and innovative financial solutions.
During the roughly 30-minute session, Mr. Tharman continued by saying that although technological improvements may affect the financial services industry more swiftly than other industries, the effects will still be felt by the larger economy and society.
According to him, even though robots and chatbots may eventually grow more human-like and intelligent enough to replace human brains, this does not indicate that jobs would disappear.
“But their jobs are going to change in a fundamental way,” Mr. Tharman stated, noting that the continuing technological revolution will impact the workforce and society more profoundly than any previous one in the next ten to fifteen years.
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