Hong Kong society needs a social ‘trampoline’ in the style of Singapore

Back in 2015, when Tharman Shanmugaratnam, Singapore’s deputy prime minister, was asked whether the city had a “social safety net”, he replied that they had a “trampoline” instead.

Stagnating household income growth and escalating home prices, along with dwindling opportunities, have diminished hopes, especially amongst the youth, of creating a decent life for themselves in Hong Kong.

Looking ahead, in thinking about our mobility policy, it’s helpful to borrow a page from Singapore’s trampoline system. The beauty of this system is that it consists of both a safety net to protect against life’s calamities, as well as springs which are opportunities that lift people upwards.

A safety net acts as societal insurance to protect the vulnerable against misfortunes dealt by external forces. Singapore’s welfare policies focus on building cumulative long-term assets that cushion shocks while creating an orientation to the future. Edusave, for instance, is topped up by government subsidies and parents’ contributions that build education funding for each child from primary to university education.

In Hong Kong, while welfare policies like basic child and elderly allowances have increased in recent years, many are conceived as stop-gap temporary measures that should be reoriented to focus on long-term asset accumulation.