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

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.

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

Next suggested article: Ageing Singapore and Iskandar

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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