Keynote Address by NTUC Deputy Secretary-General Desmond Tan at CFA Inclusion Summit 2025

Distinguished guests,

Ladies and Gentlemen,

Opening

Good evening, everyone. It’s a pleasure to join you today.

I would like to thank CFA Institute for hosting this Inclusion Summit with CFA Society Singapore and GIC. I am encouraged by CFA Institute’s efforts, including the launch of the CFA Inclusion Code. GIC has also set a strong example by embedding inclusion in its culture and earning recognition from TAFEP Tripartite Award Alliance and SG Enable Gold Mark.

Singapore turns 60 this year. As we reflect on our journey, being inclusive has always been in our DNA. Our founding PM said¹ “We are going to have a multi-racial nation in Singapore. This is not a Malay nation, Chinese nation or Indian nation. Everybody will have his place, equal; language, culture, religion.” We embed this in our pledge and students recite them in school every morning.

To realise this vision, we passed laws, developed policies and encouraged integration. We have Maintenance of Religious and Racial Harmony Act, and the Ethnic Integration Policy (EIP) is one good policy example.

At the same time, we uphold Meritocracy, ensuring that everyone —regardless of background — has equal opportunities to achieve their fullest potential based on merit. Balancing these two ideals can create inherent tensions. Yet, our core values of Multiculturalism and Meritocracy illustrate why inclusion matters in a nation and the workplace and highlight the practical challenges of making it a reality.

Inclusion Builds Cohesion and Competitive Advantage

Why is DEI important?

Inclusive workplaces are not just kinder; but stronger and smarter. When people from different backgrounds are respected and valued, we retain talent, boost innovation, and build trust. And trust is the foundation of social cohesion and resilience.

In the workplace, inclusion creates a workforce that brings diverse perspectives, adapts quickly and sustains competitiveness in a volatile and ambiguous world.

According to WorldMetrics 2025 report², companies with inclusive cultures are 3.5 times more likely to succeed financially. Those with diverse leadership outperform competitors by 33%. This is not just about profits — it’s about people.

As Singapore’s workforce evolves, diversity and equity have become non-negotiable for employees. A Randstad survey³ found that 44% of respondents in Singapore want to work for companies that actively improve diversity, equity and inclusion.

Future Workplaces Require Inclusive Transformation

The pace of change in technology, demographics, and global markets means that inclusion can no longer be an afterthought. Leaders must act now because the decisions we make today will shape the talent pipelines and workplace cultures of tomorrow.

In my recent Parliament speech, I spoke about how Singapore is shaped by two major shifts —I will refer to them as the two “AIs”:  #1: Artificial Intelligence and AI #2: Ageing Individuals.
While AI #1 can predict trends, diverse teams, including those with AI #2, ask the right questions and challenge assumptions.

Research⁴ shows that diverse teams make better decisions 87% of the time, and organisations that link inclusion with business outcomes see higher retention among rising leaders, especially women and ethnic minorities. If we fail to transform inclusively, we risk leaving mid-career PMEs and older workers behind.

This is where NTUC’s Company Training Committees (CTCs) play a critical role. It is a collaborative platform where management partners and union representatives work together to align business transformation with workforce development.

Let me share an example of how this has led to a more inclusive workplace. Gro Wellness Asia addressed the challenge of physically demanding manual massage therapy by introducing bioelectric therapy equipment. This innovation reduced strain on therapists, doubled productivity (from serving three to four customers to eight a day), and created opportunities for seniors and visually impaired individuals to join the workforce. Workers also saw a 5% wage increase.    

This is just one example of many sectors. The financial sector can lead by investing in inclusive internships, mentorship programmes, and equitable career pathways — opening doors for underrepresented talent and ensure diversity at every level.

Role of Government in Enabling Inclusive and Measurable Growth

The Government also plays a central role and is committed to building an inclusive workforce through clear policy directions.

Alongside the Ministry of Manpower and Singapore National Employers Federation (SNEF), I co-chair the Tripartite Workgroup on Senior Employment. Our focus goes beyond age — it’s about creating workplaces that value diversity and inclusion.

The Enabling Masterplan 2030⁵ is Singapore’s national roadmap for disability inclusion. One of its key targets is to raise the employment rate of resident persons with disabilities from approx. 30% to 40% by 2030, through expansion of alternative employment models and creating pathways that help them to remain relevant for the future.

The Singapore Opportunity Index⁶ measures how employers support career growth and improve economic outcomes. It tracks five workforce outcomes: progression, pay, hiring, retention, and gender parity. This provides a framework and allows workers to identify employers who offer opportunities aligned with their career aspirations.

This year, we passed the Workplace Fairness Act that protects workers against discrimination across 5 broad categories of protected characteristics, including age, nationality, sex, disability and more.

Beyond legislation, Singapore supports inclusion through other measures such as:

Enabling Employment Credit⁷ and Senior Employment Credit to incentivise hiring and retention of persons with disabilities and senior workers

White Paper on Singapore Women’s Development⁸ which include enabling women’s fuller participation in the workplace and boost women representation in leadership roles

Tripartite Advisory on Reasonable Accommodation⁹ to guide employers on practical steps to make workplaces accessible.

NTUC will continue working with tripartite partners to strengthen the ecosystem, promote fairness and empower employers to lead with purpose.

Closing

Inclusion must be embedded in strategy, not just in statements. Sustainable inclusion means setting measurable goals, holding ourselves accountable, and building a culture where diversity drives performance.

My message to leaders here today: treat inclusion as an investment in your people and your future. When inclusion becomes part of your DNA, the benefits speak for themselves.

Singapore’s story has always been one of inclusion; where everyone has a role and chance to contribute. Let us work together to build inclusive workplaces where every worker can thrive.         

Thank you.