Managing an ageing population in Singapore
1. Introduction
Ageing population is a subject of much attention as it is estimated by the Singapore Statistic Department that 19 percent of the Singaporeans will be above the age of 65 in 2030 which will cause many problems to arise. In recent years, many news articles have been published, discussing about this issue of preparing for the upcoming silver tsunami and how Singapore can cope with the challenges ahead. In July 2015, an article was published on Today News stressing the impact of how ageing population will affect the next generation. Prime Minister Lee stated that “the ageing population will cause serious problems for the country and that those consequences has already surfaced today and it would pose as a challenge to keep the country vibrant and prosperous”. He also included that “the younger generation would be ‘sandwiched’ in between both their parents and children as they would needed work in order to support them.” (Lee, 2015) Hence, the purpose of this essay is to
The absence of natural resource in Singapore resulted in depending on the workforce to make the country’s economy strong and vibrant. However, a paper published by National Population & Talent Division of the Prime Minister’s Office (PMO) states that “Singapore will find itself in the unprecedented position of having a declining number of citizens in working ages from 2020 onwards.” The ageing population in Singapore leads to a contracting workforce resulting to lesser innovation which makes bolstering efficiency and financial development troublesome. (Bawany, 2013) In additionally, the shrinking and ageing workforce will make it more difficult to maintain economic growth and mass production, as the government revenue comes mostly from income taxes. (2012, National Population and Talent