Singapore Deputy Prime Minister Lawrence Wong said the city-state needs to address income and wealth inequality amid mounting anxiety in society about being left behind.
In his most significant policy speech since being tapped as next-in-line to lead the nation, Wong on Tuesday, June 28, called for a more collective approach including “how much more the government should spend — and on what.” He also said Singapore needs to refresh its social compact -- what he described as a shared understanding of how everyone in society relates to one another -- and will strengthen its progressive system of taxes “so that everyone contributes something, but those with more contribute more.”
“I hope to see a society and system that benefits many, not a few; that rewards a wide variety of talents, not a conventional or narrow few,” he said. “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.”
