Singapore Perspectives 2018 "Together" - Dialogue with Deputy Prime Minister Teo Chee Hean

Conference Singapore Perspectives 2018 "Together"

The Institute of Policy Studies (IPS) held its annual flagship Singapore Perspectives (SP) conference on 22 January 2018. The theme of SP2018 was "Together" and it considered Singapore's demographic challenges and opportunities as a global city-state without natural resources. Acknowledging the inevitable process of ageing and Singapore's ageing phenomenon, DPM Teo highlighted in his speech the importance of ageing with vigour. He also added that owing to the strong foundations laid down by our pioneers, Singaporeans are now better prepared for ageing compared to many other countries. Notwithstanding, Singaporeans need to remain committed at the individual, familial, communal, occupational, and national levels to stay prepared for ageing.

Whilst immigration can partially offset the reversal of this first demographic dividend from population ageing, immigrants also grow old, and in the absence of other sources of productivity growth, an ever-larger intake of immigrants would be needed to sustain GDP per capita, let alone increase it. Whilst official government policy continues to be one of openness to immigration, there is recognition that a well-calibrated immigration policy is one of a number of measures to mitigate the economic effects of population ageing. Mechanisms such as tax-financed transfers and social risk pooling are alternative methods to finance old-age consumption that do not rely on familial support, which will become less reliable given Singapore's demographic trends.

Whilst Singapore has developed well-regarded institutions for social risk pooling such as CPF LIFE (retirement income) and MediShield Life (hospitalisation expenses), the concept of social risk pooling could be extended into other areas such as long-term care, employment shocks and to permit ageing-in-place. There is already recognition that as social needs spending rises with the ageing population, taxfinanced transfers would have to increase and tax revenues likewise. Tax increases will have an effect on economic competitiveness, an important matter for a global city-state such as Singapore with an open economy.

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Web Site: http://lkyspp2.nus.edu.sg/ips/event/singapore-perspectives-2018-together
For enquiries: Ms Yap Wei Ting
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