Conference "Singapore Perspectives 2018 "Together". The Institute of Policy Studies (IPS) will hold its annual flagship Singapore Perspectives (SP) conference on 22 January 2018. Panel One considered how Singapore's ageing economy can continue to thrive in a globalised world and how job redesign can be successfully carried out to keep seniors employed. The First panel of the conference will consider the economic consequences of an older workforce and ask who is to bear the costs associated with longer life and a spectrum of care needs among the aged. We examine, specifically, the human capital and economic development policies necessary to enable businesses and workers to harness longevity dividends, as well as alternative paradigms for fostering a dynamic economy. How can we strengthen social risk-pooling schemes to make for secure and equitable lives that soften the hard edge of being a competitive, meritocratic society through the life course of ordinary Singaporeans? What is the role of immigration in this picture? How can we couple economic dynamism with successful and productive ageing?
Moderator - Ms Wong Su-Yen Board and C-Suite Advisor
Speakers - Economic Dynamism Amidst Demographic Change: Mr Ravi Menon, Managing Director Monetary Authority of Singapore,
Redesigning Jobs for Our Silver Age to Drive Our Thriving Economy Mr Sean Tan, Career Consulting Services Leader, Mercer (Singapore) Pte Ltd.
Acceptance of tax increases, or the increased utilisation of the returns from investing national reserves, and the commitment to social risk pooling are dependent on the level of inter-generational solidarity in society. The Institute of Policy Studies conducted a nationally representative survey of Singaporean citizens and permanent residents at the end of 2017 to investigate their attitudes towards intergenerational transfers and ageing issues, in particular, how higher social spending on the elderly should be financed. The key findings are:
- " Dissonance among respondents (across most age groups) about whether each generation should be self-reliant and not depend on other generations for support.
- " Disconnect in expectations about who should be responsible for providing care for the elderly in the absence of familial support. In contrast to the "Many Helping Hands" concept, respondents in the survey indicated that after family, the government is next in line to take care of the elderly, as opposed to the community.
- " Longevity risk may be forcing Singaporeans in the "sandwiched" generation (caring for both younger and older generations) to consider reserving their assets for their own oldage security, rather than passing them as an inheritance to the next generation.
- " Mixed responses to whether increased taxation or using a larger share of the returns from investing national reserves should be used to finance higher social spending on the elderly. Those aged 45-64 years were more likely to disagree with paying higher taxes- this age group experiences the highest tax burden and may be feeling the greatest uncertainty about financing their own post-retirement living expenses.
- " Overwhelming agreement on age discrimination for older workers aged 55 years and above looking for work.
We hope the Singapore Perspectives 2018 Conference, entitled "Together", will enrich the national discourse on Singapore's demographic trajectory. If demography is destiny, we should urgently shape the mind-sets, policies and decisions today for the best outcomes for our current and future generations.
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Twitter: @IPS_sg
Web Site: http://lkyspp2.nus.edu.sg/ips/event/singapore-perspectives-2018-together
For enquiries: Ms Yap Wei Ting
Tel: 6601-6097
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The Institute of Policy Studies (IPS) © 2018
