Are Singaporeans Ready for Retirement?
An important issue that has been dominating national discourse is the concept of retirement. The burden of supporting an ageing population, along with the reality of an increasing retirement age and higher costs of living, calls into question whether the youths of today are prepared for retirement in the future. Representatives must consider how the government can step in to help young Singaporeans become mentally, emotionally and financially prepared for retirement. This requires a nuanced understanding of the increasingly globalised world of today, where the constantly changing economic and human landscapes erode the notions of job security and a steady source of income.
In deciding on how to cope with an increasingly aging population, Singapore - and each representative - needs to weigh the costs and benefits of each possible solution. In the past, the government has considered caring for the elderly to be the responsibility of individual family units. However, today, the low birth rate, coupled with a rapidly aging population, calls into question the sustainability of this approach. Representatives must therefore consider how Singapore can best take care of its elderly and how different stakeholders should share the social and economic costs of caring for an aging population. They should also consider the approaches Singapore can take to mitigate the economic repercussions as a result of these changing social structures.
Supporting Subsequent Generations of Singaporeans
DIFFICULTY LEVEL: 3/5
An Aging Singapore
Pictures of our people by Marcus Soh
left to right: nikhita, saashtika
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