Benedict Tan Wei You
Ageing Population in Singapore
The Singapore government has had a heavy hand in dealing with the nation state’s demographics, specifically in areas such as the total fertility rate (TFR), and population density. Rated as one of the fastest ageing countries in the AsiaPacific region, it has been estimated that 25 per cent of Singaporeans will be above 60 years of age by 2030.1 The recommended subreplacement fertility rate in developed countries in order for the economy to remain vibrant and competitive is 2.1 children born per woman; however, as of 2014, the Central Intelligence Agency reported in its global statistical records that Singapore has one of the lowest TFR of 0.8.2 Some domestic issues related to the conspicuous ageing population trends include increased government spending on public facilities and resources to meet the growing social, financial and health needs of the elderly in Singapore. In order to treat the situation, a comprehensive and long term solution is required, involving the government, various nongovernmental agencies, and the community. Also, the various policy suggestions ought to be specific to the socioeconomic situation of the greying population in Singapore.
Various measures need to be implemented to encourage the elderly to remain active and eager to contribute to the workforce in different capacities (the elderly in this case can be taken to include both the pre and post retirement employees). Due to the rapid advancements in technology in a globalized world, an increasing number of services and manufacturing processes are becoming automated. In order to help the elderly remain integrated in the fast changing economy, a series of retraining and reemployment programs are necessary. Such resources will equip this sector of the population with the skills necessary to remain competitive in the information technology era. The Workforce Development Agency(WDA) in Singapore is a ...
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