Growing new ideals of progress

THIS WEEK'S TOPIC: How do you see Singapore's economic and business policies evolving as a younger electorate looks beyond bread-and-butter issues to matters of social inclusiveness and equality?

Yeoh Oon Jin Executive Chairman PwC Singapore

Singapore is not immune to the megatrends shaping our world today: asymmetry, disruption, age, polarisation and trust erosion, which we at PwC have acronymed as ''Adapt''. Globally, governments, businesses, and societies are all struggling with the near-term manifestations of these trends and are looking for answers. It is important that these three groups work together to seek out the answers with greater emphasis on the processes leading to the policies rather than the policies per se, with a view to increase inclusiveness as we seek sustainable growth as a nation. Bread-and-butter issues will remain pressing in the near term due to Covid-19. Beyond this, economic and business policies that are grounded and fundamentally sound will continue to be important albeit with more focus on driving sustainable growth, with added emphasis in the areas of environment, workforce and skills development, and uplifting those who have fallen behind.

Lawrence Loh Director, Centre for Governance, Institutions and Organisations NUS Business School

Amid the abundant analyses of the election outcome, I think there are three myths. One, there is a rejection of traditional bread-and-butter issues. These actually remain critical for voters but there is a shift towards more butter rather than bread. Basic necessities are critical, but the qualitative ingredients are now cherished. Two, there is an abandonment of the much-touted ''flight to safety''. The safety factor is still valued but it is redefined as a Parliament characterised not by uniformity but by plurality. Three, investors place a premium in a dominant political system with a ''strong mandate''. Diversity is now a cherished notion. It leads to better governance and may even in itself, as a structure, be deemed good governance.

Victor Mills Chief Executive Singapore International Chamber of Commerce

Singapore is a young, evolving country and democracy. Voters of all ages want our society to be fairer and more inclusive. That starts with each of us. It is not just about more redistributive policies. It is about each citizen consistently treating each other, and all residents, with the same degree of human decency and respect we expect to receive. It also depends on more respectful, active listening by government and policymakers. They do not have all the answers. Active citizens and their Members of Parliament (MPs) need to provide constructive input to achieve policies in the best, long-term interests of Singapore and Singaporeans.

Long Jek Aun Partner, Singapore Office Head Simmons & Simmons JWS

Concerns around inclusiveness and equality are neither new nor peculiar to Singapore, but have become much more pertinent around the world in recent years and amplified by these trying times with the ongoing pandemic. Therefore, it is likely the case that it is the younger electorate - and also the young at heart - who are concerned with social inclusiveness and equality, while still valuing their livelihoods and the importance of bread-and-butter issues as a human necessity. Compelled by the consequences of the pandemic and, in part, encouraged by the various underlying messages of the 2020 election results, there is every likelihood that Singapore's economic and business policies may seek a new balance without compromising Singapore's stability and attractiveness as a business and financial hub. With the nation pulling together and pressing forward, Singapore's future will remain bright.

Renzo Taal Senior Vice President, Asia Salesforce

An inequitable society is an unstable one that is ultimately bad for the economy. The government has recognised the importance of inclusion and technology as an equaliser, and made it its mandate to strengthen Singapore's social resilience as we take the digital-led road to recovery. Businesses also need to play an active role in meeting real needs, improving society, and creating a more equal and sustainable future. This can be a pivotal moment in our history if we use it to build a more inclusive society and economy - one that encompasses value for all, for a stronger and more resilient Singapore.

Jayaprakash Jagateesan Chief Executive Officer RHT Fintech Holdings

We have witnessed changing trends in the priorities and preferences of younger millennials as they enter the workforce, build their careers, and even start their own families. They hold different views from their older colleagues, and this is reflected at the workplace and polling booths.

Sustained economic growth rests on these younger workers, and their needs and wants cannot be ignored. The younger electorate is quick to voice out inequities. At the workplace, greater meritocracy and diversity of talents must be embraced. At the national level, more must be done to help those in need and ensure inclusive growth. Sustainability issues will also take centre stage as millennials work towards creating a better world for their own children.

Sylvie Ouziel International President Envision Digital

Finding new social and economic models is a global challenge in today's democracies from Europe to UK, US and Singapore. Business and political leaders are expected to reconcile green and growth, and to provide equality of chance towards diverse inspiring life trajectories.

In my personal opinion, shutting down to scientific progress and international exchanges was never a way to success for mankind. Ecological, sanitary and economic challenges are, if not unprecedented, uniquely complex and pressing.

Collective mobilisation and rallying behind a joint public and private agenda is urgent: transitioning to decarbonised growth, inventing jobs of tomorrow in a pervasively technological world, and sharing healthier lives thanks to exponentially growing medical insight. International public and private leaders will, in my opinion, be judged on their ability to step up to those ambitions.

Naina Subberwal Batra Chairperson & CEO AVPN

With an increasingly socially conscious electorate, Singapore will likely see a shift towards more inclusive and sustainable practices across business and financial markets, as well as a renewed push for innovative partnership between the private sector, the public sector, and civil society. In the business world, this means moving beyond traditional corporate social responsibility (CSR) to integrate sustainability at its core, while leveraging its outsized influence and manpower to create a more inclusive society. Meanwhile, with financial markets still suffering from recent shocks, we expect to see an increase in demand for sustainable finance products that reward firms with long-term, stakeholder-centric practices which have proven more resilient in the face of disruption.

Charles Ferguson General Manager, Asia Pacific Globalisation Partners

Singaporeans have voted decisively to elect candidates who are capable and credible across the political divide. I am confident that Singapore's economic and business policies will continue to uphold openness and cultivate a business-friendly approach that has made Singapore's economy robust in recent decades. Yes, the pandemic has immensely challenged the way we work, learn, and live, but it has also taught us great life lessons: compassion, ingenuity, and unity. With the newly elected government's unwavering commitment to protect and care for its people, secure jobs, ensure continuous learning, and help businesses recover and emerge stronger from the crisis, the entrepreneurial spirit and passion for innovation in Singapore is ever alive. Singapore is poised to win the battle.

Choe Peng Sum Chief Executive Officer Pan Pacific Hotels Group

Singapore has thrived in its macro-economic policies that have propelled it to become a First World country within one generation. The 2020 elections have expressed the new generation's call to focus on building a more compassionate and better society through social policies addressing rising costs of living, income gap disparity and greater retirement care, beyond pure economic progress. With its multi-racial roots, the country emphasises racial harmony threading everyone fairly on the social fabric. Moving forward, perhaps it needs to rethink the traditional ways in which diversity has been defined and managed - not limited to race, but also migration. The divisions between socio-economic classes and between local and foreigners or immigrants were amplified during the pandemic when the spotlight was on the low-wage employment pass holders. Policies will need to move in the direction of a more equitable social structure.

Jeffery Tan Group General Counsel Jardine Cycle & Carriage

Most of us are familiar with the Singapore Pledge but may be unaware of an earlier version that was suggested by Mr S Rajaratnam to Mr Ong Pang Boon in a letter dated Feb 18, 1966. This version highlights certain principles that will likely guide our younger generation as they focus on matters of social inclusiveness and equality - in particular, the words in italics and the emphasis on helping one another to achieve these goals.

''We, as citizens of Singapore, pledge ourselves to forget differences of race, language or religion and become one united people; to build a democratic society where justice and equality will prevail and where we will seek happiness and progress by helping one another.''

Sun You Ning Co-founder Endowus

The government is unlikely to implement policies such as universal basic income or a GIC special dividend, but it is natural to expect more social spending to level the playing ground and help the disadvantaged. This will naturally be supported by increased demands on Singapore's reserves and tax increases, perhaps in the form of taxing capital gains which only impact a narrow segment of the population.

Singapore will stay open for business but with an increased focus on protecting our workforce by supporting upskilling, providing incentives to support employment of locals, and only allowing expatriates to fill specialised skill gaps that we do not possess.

Chia Ngiang Hong President Real Estate Developers' Association of Singapore (REDAS)

With a younger electorate that grew up on social media and is more educated and widely-travelled, a shift to a more consultative and inclusive style of politics in which people participate more actively in economic and business policies is inevitable.

The unpredictable nature of the Covid-19 pandemic has prompted a realignment of priorities for Singapore, from bread-and-butter issues to significantly different lifestyle aspirations of young people as well as issues of immediate relevance and concern to the business communities and environmental issues such as climate change and social inequality. As future leaders of the country, the younger electorate's constructive participation and collective thinking on these issues are important feedback for the government's approach in its national development strategy. It will have a bearing on the country's economic stability and social progress as well as its business landscape that creates value and opportunities for all.

Dileep Nair Independent Director Thakral Corporation Limited

The call for a fairer economy is commendable. This means creating a less unequal society and promoting more green and sustainable industries. Economic policies must be designed to keep workers relevant and upskilled so that no one is left behind. The emphasis on meritocracy must be tempered to address the inherited inequality of opportunities. Likewise, industries must be encouraged to reduce their dependence on fossil fuels. The pandemic has already made us rethink many policies. We must drastically reduce our dependence on foreign labour through a strong push for higher productivity, giving a chance for wages in those jobs to rise and for locals to fill them. But even as we move more to the left, we must be mindful of avoiding the more radical socialist policies since few have really succeeded in the West. We must always bear in mind our fundamental limitations of size and natural wealth, having to rely on trade, openness and attractiveness to investors. Only then can we survive the devastating recession we are in and thrive thereafter.

Maren Schweizer Director Schweizer World Pte Ltd

Countries flourish when all groups of society are represented. Diversity in public institutions and within parties is one critical success factor in building an inclusive community in which all can participate effectively.

Improving social inclusion is a source of economic strength due to innovation. Good ideas do not just happen overnight. They are a product of people and places coming together. Hubs, such as Singapore, have been increasingly recognised as incubators that bring together talented minds to promote experimentation and learning and facilitate knowledge transfer. Accordingly, diversity and inclusion fit into the political landscape.

Singapore's future prosperity depends on our ability to include people who bring differences in all their many dimensions to our national endeavours.

Eryk Lee Chief Executive Officer AAM Advisory

I do not believe there to be a trade-off between economic growth and issues such as social inclusiveness and equality, and indeed both are needed for a progressive society. As we embark on the road to recovery after the pandemic, a healthy and stable economy will be vital for ensuring that jobs continue to be created, particularly for younger people, and that our economy is prosperous. Wholesale redistribution of wealth and increasing taxes on wealth are unlikely to be the answer to resolve social inequality but instead we must continue to provide our young graduates with a world-class education system that maintains their competitive position with their global peers.

Lim Soon Hock Managing Director PLAN-B ICAG

The future belongs to the younger generation whose aspirations are invariably and increasingly shaped by social media and progressive issues, such as social inequalities, climate change mitigation, environmental sustainability, freedom, anti-racism, and so on. Notwithstanding a supermajority in Parliament, in formulating economic and business policies, it would be unwise for the government not to take this into account, beyond bread-and-butter economic growth matters. The younger generation would want their voices to be heard outside Parliament too. I see much of these emanating from the world of social media.

It is now no longer a question of if but when the views of the younger electorate will be taken into account or accepted in shaping our economic and business policies, beyond the challenges of the Covid-19 pandemic. The government will have the unenviable challenge to strike a sustainable balance between bread-and-butter issues, and matters of social inclusiveness and equality.

The government has a good economic track record. However, the pace at which the necessary tweaking that needs to be done to meet the aspirations of the younger generation will have a material impact on the desired outcomes. The public and businesses can be expected to keep a close watch on this.

Ho Nyok Yong President Singapore Green Building Council (SGBC)

While traditional issues such as job security and social mobility still weigh on the minds of the younger demographic, they pay more attention to matters that concern their future and that of their children. Worldwide, calls from the younger generation have increased for more immediate climate action and greater effort in achieving the United Nations (UN) Sustainable Development Goals and preserve the world for future generations.

Policies would have to be remodelled to address these concerns from this target public. A single-outcome approach will no longer work; the young adults of today want to see more holistic, socially-inclusive solutions to address challenges, such as how green buildings are able to bring about benefits to occupants, enable sustainable choices and foster community spirit while lowering the carbon footprint impact on the natural environment.

Toby Koh Group MD Ademco Security Group

Why is it surprising? Younger voters have only experienced living in a First World Singapore. When bread-and-butter issues are not top-of-mind, when survival is no longer a constant cloud over our heads, it is only natural that we can be more concerned about social issues, income inequality, climate change and more. This is a natural evolution of awareness and activism which to my mind is positive for our nation. It is heartening that younger voters seem to be more engaged in the General Election of 2020 (GE2020) as compared to the high levels of political apathy in the past. All voters have a responsibility to decide on the direction our government should take and to exercise their power to vote. It is time to revert back to a single-member constituency (SMC) model again, I feel.

Singaporeans, young and old, are pragmatic people. I am confident that citizens are well aware of the reasons for Singapore's economic success and the dangers of throwing it all away, as evidenced by the supermajority victory of the People's Action Party (PAP). That is not to say we have no room for improvement. It is clear that Singaporeans want more engagement, more transparency, and a more caring and inclusive society.

Reuter Chua Head ACCA Singapore

Singapore's economic and business policies must go beyond the supply side of job creation and ensure that younger Singaporeans feel fully supported by employers to succeed in their careers. Foreign talents will always be necessary to meet immediate skills and experience gaps; however, the right human resources (HR) strategies and mechanisms must be in place to ensure skills and experience transfer to younger citizens, to maximise their chances to progress vertically and horizontally in their chosen career pathways. The education system must be refreshed to inculcate the joy of lifelong learning. It has to be more inclusive and flexible to allow those with ambition to benefit from it without any age or time-based limitations. Widespread adoption of technologies in the workplace will be necessary to improve productivity, automate menial tasks, and replace them with meaningful and stimulating work - so that there will be more time on-the-job for learning and off-the-job for dreams.

David Kuo Co-founder The Smart Investor

Milton Friedman said: ''A society that puts equality before freedom will get neither. A society that puts freedom before equality will get a high degree of both.'' The younger electorate is calling for a change to the social compact because Singapore is now a developed economy. Consequently, the country needs to convince businesses to use their capital consciously for the benefit of not just shareholders but all stakeholders. What about an annual flat-rate Central Provident Fund (CPF) top-up for employees at companies whose median salary is above the national average? It could be a win-win-win for companies, employees, and the nation.

Lee Siang Chief Executive Officer Dyslexia Association of Singapore

For the education sector, social inclusiveness and equality would include the furthering of inclusive education for those with special needs as well as issues such as bullying. However, it is important not to lose sight of bread-and-butter issues. At the Dyslexia Association of Singapore (DAS), more than 50 per cent of our students are supported by bursaries to pay for their fees. During the circuit breaker, DAS managed to provide direct interaction and support for 98 per cent of our students through online teaching. But there are still a good number of students from lower-income families whose learning is disadvantaged due to the lack of digital devices or Internet access. To them, it is a matter of bread and butter as well as inclusiveness.

Naveen Menon President ASEAN Cisco

Responsible leadership has become both a government and business mandate. At Cisco, we are seeing a collective agreement that running a good business goes beyond generating profits, caring for customers, or delivering solutions to our markets. It also carries a responsibility to think about the communities we operate in around the world and our role to help them thrive. It is our responsibility as business leaders to step up to the challenges of inequity. We must create new pathways to economic prosperity that enable people and communities to break through barriers, spark new ideas, and ignite innovation. Government, society and business must collaborate to build an inclusive future. It is critical to global prosperity, society demands it and we know our world needs this, now more than ever.

Thomas Holenia President Henkel Singapore

Singapore's multi-racial, cosmopolitan and inclusive society has contributed to its social harmony and attractiveness as a global business and talent hub. The government's response to the election results demonstrates its commitment to cohesiveness and to engaging both the older and younger generations on issues that are important to them and the country's future. We remain confident that Singapore will keep its economy open and inclusive, while contributing to the progress of the global sustainability agenda. This aligns well with the values of Henkel globally, including in Singapore, where diversity and inclusion as well as a commitment to leadership in sustainability are embraced and actively promoted across the company. Across Henkel Singapore and our Henkel Global Supply Chain hub, our employees come from diverse backgrounds and more than 15 nations. Together, they drive creativity and innovation, and help establish Henkel in Singapore as a global centre of excellence for our supply chain as well as adhesive technologies and beauty care businesses.

Andrew Chua Principal & Executive Chairman East Asia Institute of Management

The GE2020 results clearly point to younger voters' concern and yearning for diverse voices, checks and balance in Parliament, social justice and inequality, huge income gaps and fair play, beyond the bread-and-butter issues. The Prime Minister has taken the first step by announcing the appointment of an Official Opposition Leader in Parliament. However, this may not be enough to mollify the younger voters' perception of the government's high-handedness and of the unjustifiably high pay of ministers, top civil servants and top honchos of government-linked companies (GLCs). To regain their moral authority, the government will have to seriously look into reducing substantially the pay of ministers and this group of top public servants.

Wissam Khoury SVP and MD, MEA and APAC Finastra

Forbes recently found that 62 per cent of Generation Z are willing to pay more for sustainable brands, underlining the current shift that is making companies increasingly prioritise sustainability in-house and in their supply chains. This is true even in finance, where sustainable finance programmes are gaining traction. These programmes are currently expensive for banks to implement due to the monitoring and governance required, but we are seeing innovations from fintech helping to streamline these processes and reduce the costs for banks through technology. We are also seeing concerted action from a regulatory perspective, with efforts led by the Bankers Association for Trade and Finance (BAFT) and the International Chamber of Commerce to develop a standard global definition for sustainable finance, as well as a standard way of assessing transactions. Ultimately, these efforts are geared towards making sustainable finance more viable, more available, and more mainstream in the future.

Edmund Lee Managing Director Singapore TMF Group

Given technical recessions in both emerging and developed countries due to Covid-19, traditional views on economic development are being overturned. TMF Group anticipates that ensuring inclusive economic growth will become a policy priority. Responsibilities for inclusive growth must be shared between private and public stakeholders, including individuals, employers, policymakers and the government.

More active policy measures may be looked into so as to help level the playing field, especially for employment opportunities. This includes boosting employers' demand for skills, improving terms and conditions of employment contracts, stiffer anti-discrimination laws, and shaping the occupational and sectoral make-up of the economy. The call for greater social mobility may also encourage policymakers to re-examine many aspects of their tax systems, which can evolve to better fit the purpose of inclusive growth.

Ang Shih-Huei CEO and Co-Founder Klareco Communications

We must not take for granted the state that Singapore is in. It is because bread-and-butter issues of housing and education are largely met in Singapore that an electorate is able to be more reflective on matters such as social inclusiveness and equality. While policies must always reflect the realities and limitations that our country faces, Singapore can play a leading role in tackling some of these broader issues such as climate change, social cohesion and equality that are close to the hearts of younger Singaporeans. Singapore should hold ourselves to higher standards and create bold policies that can unite Singaporeans and set the standards for the region, as these will become critical challenges of tomorrow.

Manish Tibrewal Chief Executive Officer Maitri Asset Management

Millennials and Generation Z are at the forefront of driving the sustainability agenda forward on a global scale, holding corporates to account and increasing pressure to create benefits for all stakeholders in society, rather than shareholders alone. With issues such as social inequality, supply chain labour exploitation and climate change coming to the fore, organisations have a key opportunity to accelerate efforts towards a more responsible, conscious capitalism. To make this a reality, organisations must look beyond short-term considerations and place a greater focus on financial stewardship as well as environmental, social, and corporate governance (ESG) integration moving forward in order to deliver long-term benefits for all stakeholders. Policymakers also have a key role to play in incentivising companies to adopt sustainable practices for the long term, so we can safeguard communities and build a more resilient economy for generations to come.

Mario Singh Chief Executive Officer Fullerton Markets

The 61.24 per cent vote share for the PAP was not as strong as what Prime Minister Lee Hsien Loong hoped for; and this despite the government pouring in S$93 billion into the economy over four budgets to fight Covid-19. The slight swing to the Opposition in the election can be summed up by the perceived notion that ''the government cares more for Singapore than Singaporeans''. While a younger electorate may focus more on issues such as social inclusiveness and equality, the reality is that the blending of both spheres - to make up the socio-economic landscape - is needed to secure the future success of Singapore.

There is some light at the end of the tunnel for this. I am heartened that the PAP has attracted more entrepreneurs, such as Timbre co-founder Edward Chia. The Workers' Party (WP) also has Raeesah Khan, who at 26 is the youngest MP in the history of Singapore. I look forward to more robust exchanges in Parliament before new policies are rolled out for the betterment of Singapore.

Mark Billington Regional Director, Greater China and South-East Asia ICAEW

Based on the result of GE2020, it is clear there is an urgent need for policymakers to shift focus and adopt a more holistic view. While the bread-and-butter issues remain important, we are likely to see economic and business policies having to go hand-in-hand with addressing various issues such as social inclusiveness, equality and climate change.

In addition to existing guidelines and targets, policymakers will need to show substantial commitment through goal-oriented plans, starting from statutory boards and trickling down to organisations and individuals. For policies to effect real change, clear communication of their benefits is imperative to bring all demographic groups onboard. This change could encourage more businesses to incorporate sustainable goals and development into their operations, which will have benefits for them in the future.

Christina Teo Executive Director SAPI

Healthcare accessibility is among the equalities that Singapore's younger electorate seek to address. Along with confronting pressing healthcare challenges, SAPI and its member companies are in a unique position to work together with key policymakers to harness innovation and diversity of opinion, so as to address critical issues that cut across the highly interconnected biopharmaceutical ecosystem to ultimately ensure that we will improve accessibility of innovative medicines for all Singaporeans. As Singapore's economic and business policies evolve to reflect the concerns of the younger electorate, SAPI and our member companies are ready to offer our support to collaborate and coordinate with the relevant agencies as well as other key policymakers to ensure that these policies are dynamic, coherent and reflect the on-the-ground sentiment so that Singaporeans' healthcare needs are well met.

Annie Yap Chief Executive Officer AYP Group

The younger electorate is shaping a post-materialist society where matters of concern have shifted away from merely bread-and-butter issues. Younger Singaporeans have made it rather clear that they are ready for alternate voices in Parliament to push for causes that are deemed inadequately addressed by the incumbent government. As it is, the 4G leaders have taken note of the rising sentiments of the younger population; the Singapore Together movement, for one, is underway to tackle issues such as climate change, social inequality, multiracial identity and social cohesion. Yet, PAP's mandate amid the economic uncertainty places a significant focus on bread-and-butter issues such as job security, maintaining business stability and investing in the healthcare system. It remains to be seen if a consultative and collaborative approach between the PAP and the opposition brings forth reforms in policies that will address pertinent underlying social gaps.

Veronica Shim Founder and CEO Envysion Wealth Management

On the policy front, the Singapore government has been proactively reviewing existing legislation and policy implications. There is no formula or science behind the process; it involves striking a fine balance. Equality and social inclusiveness is perceived differently by varying segments of society. It can only be achieved as a long-term exercise, constantly evolving with changes in attitudes and perceptions of society at large.

For businesses, it can be challenging for all to adopt the same philosophy, but we can work towards ensuring equal job opportunities and a level playing field regardless of race, nationality or religion. Moreover, as younger populations enter the workforce, mindsets will gradually shift. It is heartening to see that progress is happening, slowly but steadily.

David Leong Managing Director PeopleWorldwide Consulting Pte Ltd

A younger electorate has different demands and expectations and the incumbent government has to look to form a new social compact with this generation. They did not go through the tumultuous years and many of them grew up in relative prosperity, stability and strong growth from the 80s to the late 90s. Stable electricity and running water have never been their concerns. Bread-and-butter issues are still their concerns, but not at the same level as their parents. They want better jobs, not just jobs. They want better representation, diversity and opinions, since they are used to the pluralities and abundance of choices online; not any paternalistic or even matriarchal governance style.

Singapore's policies and legislative formulation and subsequent implementations may need to go through a process of open debates and consultations to secure consensual settlement. Business and economic policy continuity in Singapore will stay - but social inclusiveness, sense of equality and fairness, environmental sustainability issues will feature strongly in the formulation. Policies will certainly take a longer time to form.

John Ng Chief Executive Officer YTL PowerSeraya

While there has been an incremental change towards more alternative voices, the ultimate outcome, as articulated by various parties, is to work towards the good of the people and the nation. Various groups have different needs and abilities benefiting from economic growth; hence growing the nation's economy is underpinned by the need for inclusiveness to provide equal opportunities to all Singaporeans.

On the back of an economic downturn and pandemic situation, the business environment is already tough, making it vital that policies be adjusted accordingly. With a focus of the election being on jobs, I would like to see a policy shift to better support our essential infrastructure providers that continue to keep critical services running, as well as small and medium-sized enterprises (SMEs) significantly impacted by Covid-19.

In essence, the fundamental system of stability remains unchanged, and I believe that Singapore will do its best to overcome its challenges in a trusting and transparent manner. Doing it right and in a timely manner will also revive the business community to save jobs - and probably even create new, better ones.

Leonard Cheong Managing Director AdNovum Singapore Pte Ltd

A socially inclusive society is necessary in today's era globally. It is fortunate that Singapore pledges on building a ''democratic society'' as ''one united people, based on justice and equality''. Differences could defintely be overcome if Singaporeans were united in their commitment to the country.

Singapore's economic and business polices in this fast-changing world have to chart a path towards meeting the uplifted minds, hopes and aspirations of its people. Just like Maslow's hierarchy of needs, while bread-and-butter issues certainly matter, there will be additional desires above the baseline of physiological and safety needs, not only by the younger generation but people from all walks of lives, especially in the new normal moving forward.

Rathakrishnan Govind Chief Executive Officer London School of Business and Finance

As the country becomes richer and the people more educated, the people's needs evolve from mere survival to social justice. However, as evident from GE2020, many of the issues are not just about social justice, but are bread-and-butter issues as well. This clearly indicates the inequality in the country. For the country to grow and mature as a credible nation, the people and the government must understand and work together. This strong bilateral collaboration is vital to any economy.

I believe we will see more inclusivity and debate in policies that matter to people and businesses in the future. The government has to do more than just listening to its people and businesses. Broadbrush policies will have to be abolished, with instead more detailed and customised solutions that meet every aspect of our lives - including in business.

Zaheer Merchant Regional Director (Singapore & Europe) QI Group of Companies

I think Singapore's economy and business policies will do well embracing the concept of equality in totality. No one has an exclusive mandate to govern nor conceptualise business and economic policies in this disrupted new normal world.

In terms of business, the younger electorate's concerns range from climate change to healthcare, significant Internet and online penetration, and equitable distribution across all levels of such services. Theirs is a policy of almost business socialism - ''prosper thy neighbour'', as opposed to beggaring them to any sole individual (or entity's) benefit. Business policies adopting such inclusivity will do well.

The New York Times interestingly commented that ''young voters know what they want, but don't see anyone offering it'', since they grew up in less economic stability than Gen X or Y and the pandemic is proof of existential economic and other threats. The younger electorate's views should be heeded.

Adrian Chng Chief Executive Officer GoBear

Technology, data and smartphones play a big role in the way the next generation interacts with the real world, and policies informed by this would only give Singapore an additional edge. We already see this most clearly in our fintech sector, where innovation in these areas has reduced barriers to financial services and led to improved inclusion for all. Keeping this in view would be beneficial for all.

Chris J Reed Global CEO and Founder Black Marketing

Are Singapore youth merely just catching up with the rest of the world in now being idealistic because of the work done by their elders to create the sophisticated and prosperous country we enjoy? Are they merely saying this from the comfort of their parents' homes?

It is easy to be socialist when you are not paying bills. When they actually have to work, leave home and pay their own costs, they might realise that being socialist does not work in the real world once mum and dad are not there to bail them out.

One very controversial thing that may come out of this is that with increased young representation in Parliament less connected to religious ideology, does this mean Singapore's ban on homosexuals is living on borrowed time?

READ MORE: Inclusive growth amid Covid-19 is key task post-GE2020: Business leaders