SINGAPORE - To avoid the grim reality of an ageing population where escalating healthcare costs burden the economy, and societal fractures arise from competing needs across age groups, everyone needs to have the right mindset. Read more at straitstimes.com.
The second step is to continue ensuring retirement adequacy.
CPF is complemented by schemes such as Workfare, which supports lower-wage workers, and Silver Support, which gives cash payouts to seniors with low or no incomes during their working years. “All these require significant resources, and we have taken steps, including difficult but necessary moves like raising the goods and services tax, in order to fund the increased spending to meet the needs of an ageing population,” he said.
He also noted that countries all over the world are facing the problem of ageing populations, not just Singapore. Countries in the European Union spend on average 13 per cent of their gross domestic product on old-age pensions, which will only continue to rise as the population ages, if reforms are not implemented.
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