Optimum Old-age Support Ratio

Debated in Parliament on 15 Oct 2012.

Summary written by AI (learn more)

Pritam Singh sought the Prime Minister’s view on the old‑age support ratio needed to keep Singapore’s economy vibrant up to 2030 and on the projected numbers of non‑residents, PRs, and Singaporeans required to achieve a sustainable ratio.
Teo Chee Hean, responding for the Prime Minister, outlined a multi‑pronged approach to address a shrinking and ageing citizen workforce, including raising productivity, encouraging more residents to stay in the workforce, and using calibrated foreign manpower.
He noted that without immigration, the ratio would be about 2.1 working‑age citizens to each citizen aged 65 and above in 2030, but supplementing the population with immigrants and foreign workers would improve the overall old‑age support ratio.
The Government highlighted that there are no international targets for the old‑age support ratio, that a declining ratio would increase fiscal burdens and reduce care capacity for the elderly, and that a White Paper on Population would be released in January 2013 after public engagement.

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Pritam Singh

Mr Pritam Singh asked the Prime Minister with reference to NPTD's Issues Paper "Our Population, Our Future" (a) what is the optimum old-age support ratio that is required to keep the Singapore economy vibrant up to 2030; and (b) how many additional non-residents, PRs and/or Singaporeans are projected to be required for a reasonably sustainable old-age support ratio and what is the basis of this calculation.

Page: 917

Teo Chee Hean (for the Prime Minister)

Our demographic changes will result in a smaller pool of working-age citizens and lower citizen old-age support ratio within the next decade. A multi-pronged approach is needed to overcome the challenges of a shrinking and ageing citizen workforce.

First, we are working towards raising our productivity through business restructuring and the retraining of our workforce through initiatives like the Productivity and Innovation Credit and Capability Development Scheme. Second, we are also encouraging more residents, including older workers and women, to enter and stay in the workforce through job-redesign and flexi-work schemes. Third, we need calibrated levels of foreign manpower to complement our resident workforce.

With current birth rates and no immigration, there will only be 2.1 working-age citizens (aged 20-64) to each citizen aged 65 and above in 2030. If our citizen population is supplemented by immigrants and a foreign workforce, the old-age support ratio in the total population will improve.

However, there are no international targets or recommended standards for the old-age support ratio. A declining ratio will mean a greater fiscal burden borne by working-age citizens. There will also be fewer citizens looking after their parents and elderly relatives. Issues regarding the sustainability of our citizen workforce will also arise.

A comparison of old-age support ratios of many developed countries today is in the table below.

Page: 918

The Government is engaging the public on these issues and is preparing to release a White Paper on Population in January 2013. We have invited Singaporeans, including all Members of Parliament, to provide their views.

Page: 918

Summary written by AI (learn more)

Pritam Singh sought the Prime Minister’s view on the old‑age support ratio needed to keep Singapore’s economy vibrant up to 2030 and on the projected numbers of non‑residents, PRs, and Singaporeans required to achieve a sustainable ratio.
Teo Chee Hean, responding for the Prime Minister, outlined a multi‑pronged approach to address a shrinking and ageing citizen workforce, including raising productivity, encouraging more residents to stay in the workforce, and using calibrated foreign manpower.
He noted that without immigration, the ratio would be about 2.1 working‑age citizens to each citizen aged 65 and above in 2030, but supplementing the population with immigrants and foreign workers would improve the overall old‑age support ratio.
The Government highlighted that there are no international targets for the old‑age support ratio, that a declining ratio would increase fiscal burdens and reduce care capacity for the elderly, and that a White Paper on Population would be released in January 2013 after public engagement.

Questions identified by AI (learn more)

Optimum Old-age Support Ratio | PAPERCUTS

Optimum Old-age Support Ratio

Debated in Parliament on 15 Oct 2012.

Summary written by AI (learn more)

Pritam Singh sought the Prime Minister’s view on the old‑age support ratio needed to keep Singapore’s economy vibrant up to 2030 and on the projected numbers of non‑residents, PRs, and Singaporeans required to achieve a sustainable ratio.
Teo Chee Hean, responding for the Prime Minister, outlined a multi‑pronged approach to address a shrinking and ageing citizen workforce, including raising productivity, encouraging more residents to stay in the workforce, and using calibrated foreign manpower.
He noted that without immigration, the ratio would be about 2.1 working‑age citizens to each citizen aged 65 and above in 2030, but supplementing the population with immigrants and foreign workers would improve the overall old‑age support ratio.
The Government highlighted that there are no international targets for the old‑age support ratio, that a declining ratio would increase fiscal burdens and reduce care capacity for the elderly, and that a White Paper on Population would be released in January 2013 after public engagement.

Questions identified by AI (learn more)

Full Transcript

Pritam Singh

Page: 917

Teo Chee Hean (for the Prime Minister)

A comparison of old-age support ratios of many developed countries today is in the table below.

Page: 918

Summary written by AI (learn more)

Pritam Singh sought the Prime Minister’s view on the old‑age support ratio needed to keep Singapore’s economy vibrant up to 2030 and on the projected numbers of non‑residents, PRs, and Singaporeans required to achieve a sustainable ratio.
Teo Chee Hean, responding for the Prime Minister, outlined a multi‑pronged approach to address a shrinking and ageing citizen workforce, including raising productivity, encouraging more residents to stay in the workforce, and using calibrated foreign manpower.
He noted that without immigration, the ratio would be about 2.1 working‑age citizens to each citizen aged 65 and above in 2030, but supplementing the population with immigrants and foreign workers would improve the overall old‑age support ratio.
The Government highlighted that there are no international targets for the old‑age support ratio, that a declining ratio would increase fiscal burdens and reduce care capacity for the elderly, and that a White Paper on Population would be released in January 2013 after public engagement.

Questions identified by AI (learn more)

Optimum Old-age Support Ratio

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Pritam Singh

Teo Chee Hean (for the Prime Minister)

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Optimum Old-age Support Ratio

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Questions Identified

Full Transcript

Pritam Singh

Teo Chee Hean (for the Prime Minister)

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Questions Identified