Debated in Parliament on 12 Nov 2024.
Mr Gan Thiam Poh asked the Prime Minister and Minister for Finance (a) whether the Government has established specific desired targets or metrics for maintaining a sufficient number of working-age adults in the workforce to support the ageing population; and (b) what policy measures is the Government considering to balance the needs of an ageing population without overburdening the future generations financially and while minimising social costs.
We do not have targets on the size of the working-age population to support an ageing population. Instead, we focus on keeping our seniors healthy and productive for as long as possible, while ensuring that our population policies are sustainable and able to meet our social and economic needs.
To meet the needs of an ageing population, we have emphasised strategies to boost healthy and productive longevity. This includes investing in the skills of our older workers through SkillsFuture to enhance their employability, working with employers and unions to support age-friendly jobs and workplaces, and steadily raising retirement and re-employment ages so that those willing and able to work for longer can do so.
We have also taken steps to manage the expected increase in healthcare expenditure to ensure long-term fiscal sustainability. These include placing greater emphasis on population health, implementing value-based care in healthcare institutions, and encouraging the right-siting of patients to reduce demand for acute hospital care. We have also rolled out Age Well SG to help seniors age well in their homes and communities.
By helping seniors stay healthy and supporting those who wish to work for longer and save more for retirement to do so, we can age successfully as a society while managing the burden on younger generations.
PAPERCUTS