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Aging Population In Singapore Essay

904 Words4 Pages

From 1947 to 1964, about 1 million babies were born, comprising of both Singapore citizens and permanent residents. They were divided into two groups, the early baby boomers (1974-1954) and the late baby boomers (1966-1964). The first batches of these baby boomers were already 65 years old in the year 2012. Thereafter, baby boomers exceed the ranks of the elderly population in Singapore until 2030. Due to the ‘baby boomers’ in Singapore , there is a need for Singapore to understand the profile, perception, aspirations and also address the needs of concern (e.g. increased demand in healthcare and more demand in workforce) to this group. This awareness will contribute to Singapore’s economy and hopefully helps in increasing its prosperity. Figure 1 shows the citizen age pyramid for the year 2015 and 2035. In comparison, in the year 2015, the bottom part of the pyramid is wider indicating a higher …show more content…

The government tries to address this issue by increasing financial incentives to encourage bigger families, amounting to cash gifts of S$3000 for the first child and savings of up to S$18,000 each for the third and fourth child. The government also offers graduate women with their children priority in securing places at the top nursery schools, an advantage in helping children get ahead at school, university and in the workplace.Ageing population will lead to the increase in cost of living because there is a need for Singapore to increase their public spending to provide for the elderly (to build more facilities such as homes, hospitals and care centres). The working population will have to pay more taxes to provide and support the government into making Singapore a more conducive place for the elderly due to the baby boom in 1947. This results in the need for the working population to extend their retirement age and hence resulting in them having to work longer hours so that they can support

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