THE ECONOMICS OF AN AGEING POPULATION IN SINGAPORE

Abstract

The aged and ageing have raised increased attention in Singapore in recent years. The elderly - those persons sixty and over in the present context - comprises Singapore's fastest growing minority group. In 1947, persons sixty and older constituted 3.5 percent of our population. In 1990, the figure reached about 9.1 percent, and it is projected to reach 28 percent by the year 2050. There have been several studies on the aged since the first study on Senior Citizens conducted by the then Ministry of Social Affairs. Most, if not all, studies focused on the needs as well as the sufficiency of old age security arrangements. As such, the main objective of this exercise is to examine the demographic trends and characteristics of the aged population, with the primary aim of evaluating, and more importantly, highlighting areas of development and improvements in the support services for the elderly. This dissertation comprises five chapters. Chapter 1 provides a demographic background to the global ageing process and a literature survey of the socio-economic implications of an ageing population. It serves as a preamble to a study of such forces on the Singapore population. Chapter 2 consists of two parts. In the first part the effects of the present and future demographic trends on the speed of ageing in Singapore are dealt with. To provide a better assessment of the amplitude and the acuteness of the ageing problem, an international comparison based on selected countries is addressed next. Following this is an examination of the socio-economic characteristics of the aged population. Such an analysis will not only enable policy-makers to predict future changes in the characteristics of the elderly but also assist them in planning health, social and economic activities for this group. A review and evaluation of the various social support services available to the elderly in Singapore is attempted in Chapter 3. Areas of expansion in social supports and ways of easing the strain on the family, the community and the state, in view of the rapid growth of the aged population, particularly the aged sick, are also addressed in this chapter. To provide a basis for comparative study as well as to present improvements to the existing social security arrangements in Singapore, the fourth chapter begins with a literature survey of the prevailing social security systems throughout the world. The second part of this chapter is a discourse on the adequacy of the social security arrangements in Singapore. To address the gaps in the social security systems, this chapter will culminate in an examination of possible planned action which the authorities may pursue. The final chapter reiterates the salient matters requiring remedial policy action.