Singapore’s Ageing Population

1. Singapore’s Ageing Population By : Chan Wei (6) Edmond Chen (7) Ng Zi Yao (25)

2. Content Page • Scenario • Dealing with weakening economy • Helping the elderly • Government policies • Statistics and Conclusion

3. Current scenario: Japan • Japan currently has the fastest aging population. At the rate it is going, the percentage of elderly is projected to increase significantly.

4. Japan: The Ageing Population Problem • http://www.youtube.com/watch?v=59tvl6mJGrQ&feature=fvw

5. Current scenario: Singapore • Singapore faces the same problem of an aging population as Japan. According to a UBS report, Singapore is set to be the 3rd fastest ageing country.

6. Population pyramid Year 1990 Year 2005

7. Population pyramid Year 2050 • In response to the aging population, the government (has) laid down several policies to solve the problem and aid the people

8. What did the government do? Deal with it • Make people work longer • Increase income tax Helping the elderly • Financial Aid • Medical Aid Solving the root of the problem • Baby bonus Scheme • Parenthood Tax Rebate

9. 1. Making people work longer • Retirement age is raised to allow people to remain in the workforce longer. • BUT people will receive govt. pensions later, which is given only after retirement. •  Shows good governance as everybody benefits: The workforce remains strong, the elderly still have jobs and the children will have a smaller burden as their parents are financially independent.

10. 2. Increase Income Tax • Will provide a stable revenue for the government. • BUT too high a tax will encourage citizens to go abroad.

11. How The Government Helps The Elderly • Financial • Healthcare • Transport

12. Problems Elderly Faces • Financial • Transport • Medical

13. Financial aid • Every month, everybody has to set apart a portion of their income to enter into their CPF. This is withdrawn at retirement. • Hence removing any worry on financial problems.

14. Medical Help and Subsidies I. Primary Care Partnership Scheme • Provides basic healthcare for elderly.

15. Medical Help and Subsidies II. Step-down Care Services • Centers such as Nursing Homes are subsidized by the government. • Step-down care services are important for elderly who are not fully recovered

16. Medical Help and Subsidies III. Medisave • Every month, a compulsory amount of one’s salary is deducted to contribute to Medisave. • Money from the Medisave can be used in the future to pay for medical expenses.

17. Medical Help and Subsidies IV. Medishield • Helps CPF members and their dependants foot the costs of treatment for severe illnesses and prolonged hospitalization. • Also pays for things such as consultation fees/prolonged medication/implants

18. Medical Help and Subsidies V. Medifund • Targeted at groups who cannot pay for medical fees even with Medishield and Medisave coverage.

19. Medical Help and Subsidies VI. VWOS (Voluntary Welfare organizations) • Play a vital role in the healthcare of the elderly, running daycare centers, community hospitals, hospices and others. • Helps about 5% of the elderly in Singapore.

20. Other Ways of aiding Elderly Financially • Community Care Fund • Helps the elderly who are financially impaired

21. How these policies aided the people • These policies show government’s awareness of the needs of non-state actors • Also to garner the people’s support

22. How these policies aided the people • Meet the needs of the elderly • CPF scheme has proved to be a more effective method of aiding the elderly compared to pension schemes in other developed countries.

23. Baby Bonus Policy& Parenthood Tax Rebate

24. Purpose • Population Ageing • Lack of Manpower • Aims to encourage parents to bear more children

25. Overview of the Baby Bonus Scheme

26. Parenthood Tax Rebate (PTR) • Aims to encourage Singaporean citizens to bear more children by providing financial support • It can be used to offset payable income tax

27. Overview of the PTR

28. Results • Birth rate increased, but not increasing enough • But situation is still negative • Need average of 2.1 births per household to prevent problem of ageing population in the future

29. Conclusion • This problem will eventually be solved, if not prevented from worsening as long as these 2 policies are kept in place. • Lower dependency on foreign immigrants/foreign talentand • Bigger local workforce, Stronger economy

30. Bibliography • http://emedia.thetimes-tribune.com/Portals/Emedia/JohnColeToons/2-23-07%20coletoon.jpg • http://aroundsingapore2008.blogspot.com/2009/04/medical-help-subsidy-subsidies-for.html • http://www.sma.org.sg/smj/3910/articles/3910ia1.html • http://www.moh.gov.sg/mohcorp/hcfinancing.aspx?id=308 • http://www.sgh.com.sg/SharedCMS/Templates/Singhealth%20Generic%20Template.aspx?NRMODE=Published&NRORIGINALURL=/ForPatientsnVisitors/AdmissionGuide/FrequentlyAskedQuestions/&NRNODEGUID={6FE72A90-D9F9-4D42-B011-DDAD90AE67B3}&NRCACHEHINT=Guest#medishield http://www.mcys.gov.sg/successful_ageing/index.html • http://www.economicshelp.org/2007/06/how-to-deal-with-ageing-population.html • http://www.mansfieldfdn.org/pubs/pub_pdfs/ellisseattletalk022505.pdf • http://www.indianexpress.com/news/japan-has-most-ageing-population/7614/ • http://en.wikipedia.org/wiki/Singapore#Population • http://www.babybonus.gov.sg/bbss/html/index.html • http://www.iras.gov.sg/irasHome/page04.aspx?id=1528 • http://varunathewritershouse.files.wordpress.com/2009/06/hands1.jpg