Helping the lower-income in their retirement
One way is to set up a National Savings Plan for them, says ARTHUR LEE
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PRIME Minister Lee Hsien Loong's National Day Rally speech last Sunday brought home the importance of retirement planning. Considering Singapore's ageing population, his message would have caught the attention of many.
As a country, we've done well over the past 49 years. Progress since Independence has brought different challenges. One is the widening income gap. Success attracts skills and wealth which keep us growing. And our safe and clean city is a favourite choice for many foreigners to come here to live or invest.
The rising cost of living is a fair complaint - but that comes with an open, competitive economy that encourages high skills, talent and matching wages. This, however, makes it difficult for the older generation and the less capable to retire gracefully. Many are less educated, earning low salaries, and unable to move into more skilled jobs that pay well.
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