A few days ago, Singapore released the 2023 Population White Paper, Singapore has an influx of 200,000 foreigners a year, the total population is approaching 6 million, and it is gradually approaching the goal of 6.9 million people.
But correspondingly, Singapore's aging is getting worse. As of June this year, about one in every five Singaporeans is elderly. In the 10 years from 2013 to 2023, the number of Singaporean citizens aged 80 and above also increased by about 70%, from 80,000 to 136,000.
It is estimated that by 2030, every elderly person will need 2.3 citizens aged 20-64 to support them.
Why is Singapore, which is so aging, known as the best place for the elderly in Asia, and what do Singaporeans rely on to provide for their retirement when they are old, and what kind of life do they live?
101-year-old grandmother works every day,
There are only 3 days off a year
It is an obscure grocery store that sells small items such as children's toys, drinks, sweets, snacks, etc. It's almost everywhere in Singapore, but in this grocery store, there is an unusual person.
Source: MustShareNews
That was the only staff member, a 101-year-old Singaporean grandmother.
The Singaporean grandmother opens her doors at 10 a.m. every day, neatly arranges her merchandise, and closes at 6:30 p.m. There are only 3 days of rest throughout the year: the first day of the new year, the second day of the new year, and the third day of the new year.
Grandma welcomes customers to come and buy something, even if you buy a random gadget, Grandma is very happy and very kind.
Source: MustShareNews
Although Grandma is old, she is in good health, can easily walk down the escalator, and there are no symptoms of "three highs". It can quickly calculate accounts and give customers change without using a calculator.
Grandma immigrated to Singapore from China with her husband 70 years ago, before the founding of Singapore, and now has eight children.
Until now, Grandma still only speaks Hokkien, not English or Mandarin.
Source: MustShareNews
Work is not about making money,
It's about having something to do and pass the time in your old age
You may think that this 101-year-old Singaporean grandmother is very hard, so old, she still needs to go out to work. This has long been in China.
But in fact, grandma worked in the grocery store, not to support herself, but just to find something to do.
Source: bibipew@TikTok
Grandma opened a gold shop when she was young, which is now passed on to her children. It was only because of the limited education and language that my grandmother could not work in the gold store, so my son opened this grocery store specifically for my grandmother to have something to do and live a fulfilling life.
For her grandmother, who has been strong all her life, she is very happy to have the opportunity to do business.
Perhaps, staying mentally and physically active is the secret of grandma's longevity at the age of 101.
Source: bibipew@TikTok
Some netizens said that they have been buying things here since she was a child, and they still look very healthy until now.
31% of older Singaporeans are still working,
A 71-year-old aunt interviewed on the street explained why
In Singapore, a significant proportion of the elderly continue to work after retirement.
According to statistics, in 2022, about 31% of seniors aged 65 and above in Singapore are still working!
Some people make too little money when they are young, do not save enough money, and have to work to support themselves when they are old; There are also people who are addicted to gambling, squander, and have to work; There are also people who, like this grandmother, find a job to pass the time after retirement ...
Of course, people do not all work after retirement, and they are very dashing when they have an uncle: drink more, drink less~
There are also low-key old men who said that after retirement, "spending money is like flowing water, and the coming and going are unknown" ~
Singapore jack of all trades
, 16,000 likes
A few days ago, an Internet celebrity interviewed Singaporean elderly people in Chinatown, including a 71-year-old aunt, which exploded on the Internet.
Singapore jack of all trades
, 97,000 likes
The man asked her, is it difficult to raise a child in Singapore? The aunt replied: "It's hard, it's hard, you see I'm still working at the age of 71!" ”
The man is surprised, you are 71 years old, why are you not retired? The aunt replied: "You want to be easy, you want to be beautiful, retire at the age of 70!" ”
It is reported that the aunt has two children, but their children choose to have only one: "Everything is expensive now!" ”
"Model pension system", the first in Asia in 14 years,
Only because of the CPF pension system
With so many seniors working after retirement, and people support delaying retirement, why is Singapore known as the best country in Asia for the elderly?
As a small country, Singapore's pension system is world-renowned and is known as the "model pension system" with the most Asian characteristics.
In a ranking of the best cities in the world for retirement, Singapore is in third place!
According to the 2022 Global Pension Index Rankings released by consulting firm Mercer, Monash University Business School in Australia and the CFA Institute headquartered in the United States, Singapore has ranked first in Asia for 14 consecutive years.
Yes, that's right, the reason why Singapore has been ranked as the best pension system in Asia is because of its excellent pension system!
Lee Kuan Yew: Do not pursue high welfare policies in Europe and the United States
Singapore works on its own, saves money to support itself
Pressure is given to young people
Singapore's founding father, Lee Kuan Yew, once said that the high welfare policies of Europe and the United States will only breed a group of lazy people, which is a fatal wound to Singapore, a small country that relies heavily on competitiveness. The current Prime Minister, Lee Hsien Loong, has also stressed many times: "Singapore does not raise lazy people. If you're willing to work and you're willing to work hard, we'll help. But if you don't do anything, we won't help you. ”
Therefore, Singapore's pension system can be summarized in one sentence: support yourself.
The advantages of this system are obvious: the Singapore authorities have almost zero pension burden; Supporting oneself also does not exacerbate young people's feelings of dissatisfaction and deprivation; The account is open and transparent, and the credibility is high.
But for young people, the pressure of old-age care is great.
In a word, how much money you can receive after retirement depends on how much you saved when you were young.
Therefore, every Singaporean will work hard and save money when he is young, and when he reaches a certain amount, he will have enough money to spend the rest of his life when he is old.
CPF compulsory saving,
Guarantee pension and medical care after retirement
Singapore's pension system, called the Central Provident Fund (CPF), is a compulsory savings scheme for retirement protection for Singapore citizens and PRs.
The CPF system was established in 1955 and has developed into a social insurance system that provides pension, medical care, savings and other security programs to members of society, and its coverage has also been expanded from employees in the public and private sectors to self-employed.
Until the age of 55, every working Singaporean has 3 CPF accounts:
Ordinary accounts, used to buy houses, purchase CPF insurance, investments and children's education;
Medical accounts, which are used to pay for medical expenses;
Special accounts for pension and purchase of related financial products.
Every month, both the employer and the person must pay a certain percentage of the salary, 17% by the employer and 20% by himself, until the age of 55.
If you continue to work after the age of 55, you can continue to contribute to the CPF in proportion, but the contribution rate will decrease with age:
For persons between the ages of 55 and 60, the employer contributes 14 per cent and the person 14 per cent.
For persons between the ages of 60 and 65, the employer contributes 10% and the person 8.5%.
For persons between the ages of 65 and 70, the employer contributes 8% and the person himself 6%.
For persons over 70 years of age, the employer contributes 7.5% and the person himself 5%.
Savings in CPF accounts enjoy a minimum risk-free interest rate of 2.5% guaranteed by the Singapore authorities. They will use the money in the CPF to invest in government bonds, domestic housing and infrastructure construction, etc., bringing a certain fixed income to Singaporeans every year.
After the age of 55, the Singapore authorities will set up a fourth account:
Retirement account, transfer money from the above 3 accounts. At this time, part of the pension can be received, and the remaining part can be received monthly after retirement at the age of 63.
To encourage savings, Singapore's authorities require retirement accounts to reach a "basic retirement amount" before they can withdraw excess of that amount. As of 2022, the basic retirement amount is S$96,000 (about RMB 500,000). Nevertheless, when you turn 55, you will be able to withdraw at least S$5,000.
Singapore delays retirement age for old-age care,
Lifelong learning is encouraged and retirees are re-employed
In order to allow more elderly people to retire money, the Singapore authorities have enacted the Retirement and Re-employment Act to encourage enterprises to re-employ retired people.
Currently, the statutory retirement age and re-employment age in Singapore are 63 and 68 respectively.
At the same time, the Singapore authorities will also provide employment training for the elderly to encourage them to return to the workplace and society.
Singapore's Education Minister Tan Chun Sing said earlier this year that after entering the "Education 4.0" era, Singapore's education system must make major changes, including focusing on lifelong learning and mobilizing the whole society to participate in education.
To achieve this, Singapore launched the Skills Future programme a few years ago, which mainly includes a series of training on emerging skills and work-study degree programmes. The Emerging Skills series focuses on emerging industries such as data analytics, digital media, cybersecurity, advanced manufacturing, and urban solutions.
Recently, the Singapore Council for Active Ageing signed a Memorandum of Understanding (MoU) with seven organisations to train more people to create enjoyable, inclusive and effective learning experiences for the elderly, as well as foster their lifelong learning spirit and encourage them to participate in volunteering.
Achieve lifelong learning.
Let "old age" become "happy age",
Singapore carefully protects the physical and mental health of the elderly
The Singapore authorities will also provide protection for elderly or incapacitated senior citizens. HDB flat-owning residents can receive additional income by repurchasing the title deed or renting it out; Elderly care institutions and community centres provide medical and nursing services for "senior citizens"; Volunteers also visit them frequently.
In addition, the Singapore community has also carefully built an activity area for the elderly, which is convenient for the elderly to rest, gather and chat, relax their mood, and will not hold back their illness at home.
Mass meeting Lee Hsien Loong on pension:
Create more HDB flats and communities for the elderly
On this year's National Day, Prime Minister Lee Hsien Loong mentioned the pension in his 2023 National Day message.
Mr Lee said: "We are taking steps to create more HDB flats and communities for the elderly. For example, we will install and adopt more visible signage and designs to make it easier for seniors to find their way. We will build more rest stops and plan more pedestrian areas to make it safer and easier for seniors to go out. We will also install more age-friendly equipment in the homes of the elderly.
In addition to building physical infrastructure, we will further refine the design of neighbourhood spaces and open more active senior centres. We will also improve programmes to enable seniors to stay physically and mentally healthy and stay in touch with friends and neighbours.
On the other hand, people must also have enough provident fund savings for retirement. We are gradually improving the CPF system to ensure that everyone has enough savings during the employment period. We also provide assistance to low-income employees through measures such as employment incentive programs and progressive salary models. However, some elderly employees in their fifties and sixties still have insufficient provident fund savings for retirement and need some additional assistance. I will also explain further at the National Day mass meeting.
However, in addition to government assistance, everyone must also do their part. For example, people need to stay healthy because health is wealth. Therefore, I hope that everyone will join the Healthy SG Program, pay attention to their diet, stay physically and mentally active, and continue to work within their ability. Families can also do their part to take good care of your loved ones, pay attention to their physical and mental health, and encourage them to go out. Let's work together to make older people healthier and better at life.
Singapore launches $7 billion pension benefits,
It is a gift from the state to the elderly
Not long ago, Singapore said it would launch a $7 billion aid package that is expected to benefit about 1.4 million Singaporeans aged 50 and above, details to be announced in 2024.
The Common Forward Supporting Policy consists of three parts, including: Employment Savings Bonus, Retirement Savings Bonus and Insurance Savings Bonus.
First, low- and middle-income earners can receive an "employment savings bonus" of $400 to $1,000 a year as long as they continue to work, whether full-time or part-time. This money will be deposited into the CPF account, which is not included in the CPF that businesses and individuals usually contribute.
Secondly, those whose CPF terms do not reach the basic deposit amount can receive a one-off "retirement savings bonus" of $1000-1500. "These include new Canadian citizens who do not have jobs, housewives who have given up their careers to take care of their families, and housewives with very low provident fund balances.
Finally, to help pay for medical and insurance costs, the Common Forward Policy package also includes a one-off Medisave bonus of $500-1,000.
Prime Minister Lee Hsien Loong also said that the Founding Generation and the Founding Generation can also receive a common package, and if these two groups are still working and meet the income criteria, they will receive an employment savings bonus. If they have stopped working, they can also receive a one-off retirement savings bonus and Medisave bonus. He also said it was a benefit to the Founding and Founding Generation in addition to the welfare of the Founding Generation, and could be seen as a gift from the country's 58th birthday.
summary
Singapore is the best country for seniority in Asia!