Mrs S R Nathan

SCWO Board President Dr Ann Tan and ex-President Mrs Wee Wan Joo

Chairperson of the International Women’s Day Committee Ms Junie Foo

My fellow Parliamentary colleagues

Distinguished guests

1    A very good afternoon ladies, and let me also welcome the brave gentlemen here with us today. We gather here to celebrate International Women's Day, an occasion which has a special meaning to women all around the world and in Singapore. I'm very honoured by your invitation to this event, and I'm delighted to be able to speak on Successful Women and Successful Economies.

Progress of Women

2     Where are we today? How well have women in Singapore done? I say with great confidence and certainty that women have come a long way in this country. We've made good progress in key areas such as education levels, workforce participation, and earning ability

3     Today, for instance, more than 93 percent of Singaporean women are literate, and more than half of the total number of full-time students in local universities are female. In addition, the ladies have become better represented in courses traditionally dominated by men. For example, in 2007, females comprised 80 percent of those taking the health sciences courses at the universities. They also formed 69 percent of the cohort in the architecture and building courses, as well as 66 percent of the natural, physical and mathematical science courses.

4     In terms of workforce participation, more women are working today. Last year, almost 56 percent of the women residents aged 15 and over in Singapore contributed actively to the workforce. According to the latest MasterCard Worldwide Index of Women's Advancement, there are 70.59 women for every 100 men in the labour force this year. Although women still lagged behind men in terms of labour force participation rate, we have closed the gap over the decade.

5     On top of that, more women are rising up the corporate ladder. It is no longer unusual to come across a lady CEO or MD. The proportion of lady corporate managers has been climbing progressively over the years. From 24 percent in 1994, the figure rose to 35 percent in 2007. That is a significant and steady increase. In fact, women set a record in 2006, representing 58 percent of all corporate managers.

6     Women are also making their voices heard on important platforms, such as Parliament. We now make up 25 percent of the Members of Parliament, more than twice the proportion in 2001. Based on data compiled by the Inter-Parliamentary Union (IPU) last year, we exceeded the world average of 18.4 percent. This ranked Singapore 38 out of 189 countries in terms of the percentage of women in the main legislature.

7     Given such overall trends, the earning ability of women has naturally grown in tandem. Over the past ten years, the median monthly income for full-time employed women in Singapore rose by 4.7 percentage points to reach 86.7 percent of what men earned in 2007. In the younger age groups, some women are earning more than men. I have no doubt that the gap will continue to close.

Women's Contributions to the Economy

8     So let us acknowledge and celebrate the increased contribution to the economy by women. In fact, long-term economic growth hinges on the wide participation of women. This basic fact may not need much justification, but let me cite some relevant studies.

9     For instance, a study by the Organisation for Economic Cooperation Development pointed out that increasing the female labour supply is seen as important to maintaining economic growth and ensuring sustainable development. This is because, in other countries and in Singapore, there is a big proportion of women who are not working, perhaps because they have other priorities in life. In 2007, only about 56 percent of married women in Singapore were working. This means that the potentials of 44 percent of married women remain untapped.

10     Yet these women are significant assets to the country, especially since women today are well educated. The economy would benefit greatly from their contribution if they decide to join the workforce.

Women's Contributions to the Corporate World

11     On top of that, women bring along unique qualities to the workplace. According to a study conducted by Caliper, a global human resources consulting firm, women business leaders are generally more persuasive than men. They tend - or should I say we tend - to actively involve staff when solving problems and making decisions. We are also likely to explore new territories and take risks. On the whole, we are as effective as male business leaders. Besides that, women also offer different perspectives to issues, and this diversity in ideas can produce better performance.

12     Interestingly, having women well represented in the boardroom can help improve the organisation's financial performance. That's according to a study conducted by Catalyst Inc., a non-profit organisation focusing on women in the workplace. Their research showed that on average, companies with the highest percentages of women directors on their boards outperformed those with the lowest by 53 percent on the return on equity.

Challenges Women Face

13     Over the years, therefore, many of us have broken gender stereotypes and shattered glass ceilings, and like men, we are playing important roles in the workplace and the economy. Of course, challenges remain for women, and the quest for further progress can never cease. Despite being crucial to the economy, I know some women still encounter difficulties in the workforce on account of their gender.

14     For example, a study found that employers tended to view women as less competent and committed than men. Frequently, they also held them to higher standards, and offered them lower salaries. In Singapore, although women are earning more these days, they still earn 27 percent less than men on average. The reasons for the disparity are many and multi-faceted, but I am confident that we will see improvements to the situation.

Changing Societal Trends

15     So far, I have highlighted key statistics that measure the value of women's contribution in economic terms like salaries and leadership positions. But we must not forget the contributions of women in many other areas. For a start, it's a well-known fact that women also contribute greatly to the economy by shopping. And I think Singapore women are among the world's best shoppers.

16     We delight in buying things for ourselves and we relish the sheer fun of shopping more than women from other countries. In fact, a study has found that around 60 percent of Singaporean women enjoyed shopping, higher than Hong Kong's 42 percent and Malaysia's 50 percent.

17     We not only enjoy shopping, we also enjoy our growing independence and affluence. Those in their 20s and early 30s regard the longer periods of singlehood as their "freedom" years. These ladies treasure the independency and self-sufficiency during these periods, and are increasingly choosing to delay marriage and childbirth.

18     In addition, studies also suggest that we are becoming confident consumers, with our voices often heard in areas not regarded as traditional women's interests. For example, women now influence 66 percent of new car purchases and 53 percent of investment purchases.

19     In short, marketers ignore women at their peril, and many Singapore businesses have recognised that reality. They have acknowledged women to be a powerful consumer force, and they are quick to milk this market. Banks like DBS and UOB have dedicated ladies' credit cards that offer premiums and deals exclusively to women. Uptown designer boutiques, labels and shopping centres have events and promotions specifically for discerning women shoppers.

20     So it's clear that women in Singapore are brimming with confidence. We are not a niche group, we are not a minority. We are part of the mainstream, a valuable asset to the economy and an influential market force.

Various Definitions of Success

21     However, while we bask in the confidence and independence that we deserve, we are sometimes trapped by the measure of success that we have earned for ourselves. Success depends ultimately on what you're searching for in life. It need not mean climbing up the career ladder ceaselessly, in a passionate pursuit of the next promotion or the next Prada bag.

22     Singapore has many capable women, and many are here with us today. Not all feel the need to excel in the corporate world for very good reasons. Some prioritise family over work and find a greater calling as a wife and as a mother. Others may prefer to strike a balance between the two, while some choose to focus on community work, finding greater satisfaction from helping others than from material wealth.

23     Recently, I had the pleasure of listening to Mrs Fang Ai-Lian in a dialogue session with local undergraduates. As you know, Mrs Fang was a Managing Partner of Ernst & Young for many years before she assumed the chairmanship of Great Eastern.

24     She is not only a successful professional woman, she has also contributed significantly to the social sector. She's involved in the Home Nursing Foundation, the Breast Cancer Foundation and the National Council of Social Service - just to name a few. A mother of two children, she gave this advice to the young ladies. To be successful in life, we should plan ahead but we should also limit the number of wishes on our list. If not, we are not being realistic. We have to prioritise and make sacrifices.

25     On top of that, we have to put our wishes into only three buckets, namely family, career and wealth. You may notice the sequence here, where family comes first, followed by career, then wealth. And we are only allowed three goals in each bucket. If there were too many, we would be overstretching ourselves. This is a simple framework, but it conveys an important message - that there are priorities in life and family comes first.

26     I would like to share my personal experience with you - my delivery of my first child. I remember this day, very vividly, until today. After 30 hours of labour, my son, Brian, decided to come to this world with his eyes wide open, literally. And when he was brought to me, he was staring intensely into me. And of course, as a new mother, I was overwhelmed with emotions. I was looking at this chap who had created so much havoc in my body for the past 40 weeks. He created stretch marks along the way and gave me this huge appetite for ice cream. I was looking into his eyes, at his face, his toes, his fingers, and this was when I told myself - this is my legacy, this is why I was brought to this world. I was brought here to give the gift of life, to raise him and to give him the future he deserves. That is the kind of satisfaction that I have never felt previously, not even when I was the CEO of a company. The gift of life, the liberty to give love and be loved by my son. It is the strongest feeling that I have ever felt.

Women/Family-Friendly Initiatives and HR Practices

27     Indeed, women have been juggling many different roles. Each has to decide her own balance and priorities.

28     The Government tries to provide a better environment to encourage women to have a family, to have children. Recently, the Marriage and Parenthood package was enhanced. It fosters a positive pro-women, pro-family environment. We are also encouraging employers to adopt a work-life balance practice and to help women integrate their work, personal and family commitments. Employers can play their part by implementing family/women-friendly HR practices, such as flexible working hours and telecommuting.

29     On top of that, women professional and business networks such as the SCWO are making a positive contribution. Your commitment in promoting the interests of women in Singapore is most commendable. We have made significant progress over the years, and together, we can accomplish more by helping more women fulfil their aspirations and roles in this society.

Conclusion

30     As we celebrate International Women's Day, I think we can rightfully be proud of the many accomplishments and achievements which women in Singapore, all of us, have attained over the years. We've worked hard, we fought against barriers, and we've done well. We make significant contributions to both the corporate boardroom and to the economy. We will achieve even more.

31     But let us not be confined solely to these areas when we speak about women and success. Women are much more than economic resources, and success has a much wider meaning. Each and every one of us can be successful in our own right, and by always retaining our own charm - the lady's charm - be it in our careers, in our families, or in our personal lives. It is for each of us to leave a legacy, a mark on society, and to make the world a better place for our future generations.

32     Thank you, and do have a happy International Women's Day.

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