Retirement for ordinary people

THE problem is simply stated. One of the biggest challenges that the government is facing is how to provide for a shrinking and ageing population that is living longer. Issues span the socioeconomic and political spheres.

Singapore is grappling with the problem of a highly competitive, stressful, unequal society focused on economic growth, while balancing people's demand for a slower pace of life and a more egalitarian approach to those who have fallen behind in the rat race. Amid all this, more people are getting old and staying alive longer. Life expectancies in Singapore are among the highest in the world with a newborn male expected to live to 80 and a female, 85.

The number of citizens aged 65 and above are expected to triple to 900,000 by 2030. By then, just two working-age citizens will support one elderly, down from around six now. A low fertility rate and later marriage age, partially caused by life in an urbanised, developed city, compounds the problem. The need to have a sustainable system to ensure the economy keeps humming so that Singapore's elderly can be taken care of thus preoccupies policymakers. T…