fbpx
Previous
Next

Advertisement Banner

Budget for the elderly. I think many ageing nations will face this. (Malaysia too…)

Share on facebook
Share on twitter
Share on linkedin
Share on whatsapp

In case you have not heard or read yet, Mr. Heng Swee Keat (current Singapore Finance Minister) is said to be the next potential Prime Minister of Singapore. Who said it? Article here from South China Morning Post There are some chatters that the election for Singapore will happen this year (2019). Article in NST here Singapore unveils big-spending budget amid election talk. This is the latest annual budget announced by him for Singapore. Finance minister Hweng Swee Keat set aside SGD6.1bill (RM18.37 billion) for the aid of the elderly. Heng described the package as “a gesture of our nation’s gratitude for their contributions and a way to show care for them in their silver years.”

The package included concessions of government-built sports facilities and healthcare plus insurance subsidies. Another SGD3.1bill is for long-term care needs, including subsidies and payouts for severely disables workers. To recognize the founding of modern Singapore’s 200th anniversary, another SGD1.1bill was put aside for handouts. Around 1.4 million low-income citizens are eligible to receive SGD300 each to help with living costs. Others will get benefits in other forms such as pension fund top-ups, tax rebates and education support. Article in NST here Singapore unveils big-spending budget amid election talk.

Total population above 65 years old in Singapore as at 2017 is 13%. In other words, it’s already very near towards an aged nation. (14% of total population). Any country with over 7% of its population above 65 years old would be considered an ageing nation. Malaysia will reach ageing nation status (7%) by 2030 / 2035 depending on estimations. Median age for Singapore is over 40. Statistics here from statista.com The main reason is because the total fertility rate per female Singaporean is now at 1.14 (stats by Department of Stats Singapore here) which meant that without taking in new population, total population of Singapore will actually be dropping. By the way 2030 is really not that far away. We (Malaysia) should really learn and implement many of the measures which are already done by ageing nations around the world. Perhaps Singapore will be a good example to follow? Happy following.

Please LIKE kopiandproperty.com FB page or Sign Up for free to get daily updates about the property market. Else, follow me on Twitter here.

Article written and edited by Charles. News article summarised by Dina Batrisyia.

Next suggested article: Ageing Singapore and Iskandar

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

We love to hear from you (Facebook Comment)

LIKE us for property news update, FREE.

Previous
Next

Advertisement Banner

kopiandproperty.com

kopiandproperty.com

kopiandproperty.com is everything about property related writings and news. Enjoy reading with a latte.
Previous
Next

Advertisement Banner

LIKE us for property news update, FREE.

Property investment news everyday? Subscribe for free!

An article a day, keeps updated all the way.

Join 1,372 other subscribers

Property investment news everyday?

An article a day, keeps updated all the way. Subscribe for free!

join the family

Like us for daily investment news and more

Hit the like

%d bloggers like this: