SINGAPORE: If Singapore strengthens its social compact, it can turn challenges into opportunities, said Deputy Prime Minister Lawrence Wong on Tuesday .
"So we know in our guts it cannot be business-as-usual. For the stable state of affairs we now enjoy can easily be disrupted," said Mr Wong, who is also Finance Minister. The war in Europe is fuelling global inflation, and a possible recession, if not stagnation, he added. Older workers sometimes struggle to be considered for new jobs after being displaced or retrenched, he said.
"How can we do more to equip and empower our people, whatever their starting point in life, and ensure everyone is able to maximise their potential?" he added. "We have long relied on open and free markets to grow the economy. And that must remain the case, for it is by staying open to investments and talent from around the world that we create wealth, keep our economy innovative and vibrant, and thus provide better opportunities and good jobs for Singaporeans," said Mr Wong.
"After all, if we do not reward on merit, then what other alternatives do we have? Surely, we can't do so on the basis of connections, just because I know someone, or networks or worse, social pedigrees."For example, the rich can give their children more opportunities, and those who have succeeded by their merit naturally seek to pass on their advantages to their children by any means possible, he added.
"This is my deepest belief. I hope to see a society and a system that benefits many, not a few, that rewards a wide variety of talents, not a conventional or narrow few, that values and celebrates all individuals for who they are and what they can achieve, and provides all with opportunities to do better throughout their lives."New forces of technological and economic disruptions call for Singapore to rethink if current assurances are adequate, said Mr Wong.
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