It's true that Singapore's population is ageing rapidly - but that may not be a bad thing, according to panellists at a DBS dialogue.

Come 2030, the percentage of persons aged 65 and above in Singapore will become one in four.

"Today the narrative is one that is gloomy and negative. We talk about 'silver tsunamis'. Is anyone truly, really, happy when you talk about tsunamis? I don't think so," said Senior Parliamentary Secretary in the Ministry of Social and Family Development, as well as the Ministry of Culture, Community and Youth, Eric Chua. He was speaking during a panel discussion at the inaugural session of DBS Foundation's Impact Beyond Dialogue on Sept 18.

Instead, he thinks the narrative should be reframed, starting with "positive language".

"We have more older folks among us... than young people. That means that our population is going to have more wisdom, more experience," he explained.

A more inclusive workforce

Chua noted that he saw the impending wave of a more mature workforce as a "huge opportunity" for commercial entities.

For business owners facing manpower shortages, Chua suggested looking to our senior population.

He said that doing so would require a redesign of our current work environment to "make it more palatable for our seniors" - such as with gig jobs or shorter hours. This would also pave the way for more inclusive work environments that may accommodate persons with disabilities.

Janet Ang, chairman of the Singapore Business Federation Foundation, pointed out that for this to succeed in the long run, inclusivity cannot be seen as lip service or concessions.

"You hire that one person, it's not going to move the needle… You've got to get the culture of the organisation to embrace inclusiveness," she said.

Ang emphasised how companies must recognise that these integrations can create and lend value.

"If I may - I am 65. Hello? I don't feel aged," she continued, drawing laughter from the audience. "For all of us who are seniors - we've got to have confidence. We've got to prepare ourselves to want to be productive."

Improving health spans alongside lifespans

Panellists acknowledged that with a mature population, we should anticipate healthcare strains to follow.

"In Singapore, health span is now 11 years shorter than lifespan. Now, that's not really a good thing," cited Chua.

While initiatives such as Healthier SG, Age Well SG, and the Health District @ Queenstown aimed to promote wellbeing at various life stages, a more holistic approach would require businesses and members of society to come on board with solutions.

To prepare for the demographic shift, Chua hopes "the commercial side, the government and community [can] rally together" to seize upcoming opportunities and tackle challenges.

An example is homegrown social enterprise Homage, which bridges the gaps in eldercare services with its tech-powered platform to provide on-demand caregiving.

Businesses that make an impact

Championing the potential of businesses to make an impact, the DBS Foundation has been helping to build social enterprises across Asia for the past decade. Homage, for example, was awarded the Social Enterprise Grant in 2016, and has since scaled its operations across Singapore, Malaysia and Australia to deliver its quality caregiving solutions with trained professionals.

Similarly, GentleFoods, which provides pureed food in familiar local flavours for patients with swallowing disorders, had received the same grant in 2021.

DBS Foundation is now looking to award three businesses that aim to address the longevity needs of ageing societies head-on.

Up to $1 million in grants for three businesses

"We are looking for innovative solutions that enhance the quality of life, improve healthcare and nutrition, combat social isolation, build a multigenerational workforce and ensure financial resilience for the vulnerable," said Karen Ngui, DBS managing director and group head of strategic marketing and communications, as well as a board member of DBS Foundation.

The Impact Beyond Award will provide a grant of up to $1 million per business, and awardees will be mentored by the bank's senior management and other business leaders. Social enterprises and small and medium-sized enterprises (SMEs) with at least $5 million annual revenue in the most recent financial year may apply. DBS Foundation will be accepting applicants from across the world, and applications are open from now till Nov 30, 2024.

CEO and founder of Homage Gillian Tee said: "DBS Foundation has been a big part of Homage's journey since early on, and has greatly propelled our growth over the years."

"Today, all of our country operations are profitable. And we want to continue to scale and expand our impact," she added.

kimi.ang@asiaone.com

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