Growing old in Singapore? You have it easy.
Singapore has a a growing ageing population. 11.8% of its resident population are above the age of 65.
It has been projected by 2030 that 1 in 5 Singaporeans will be 65 and older.
But here’s 5 reasons why you needn’t worry if you intend to grow old in Singapore, or even if you are already past 65:
1. Money pumped into Future of Ageing
A $3 billion national plan to help elderly Singaporeans stay active by the Ministerial Committee on Ageing in August 2015.
The Action Plan for Successful Ageing includes about 60 initiatives which cuts across 12 areas, like learning opportunities for the elderly, and helping seniors to keep a healthy lifestyle.
2. Working opportunities
The Re-employment age for older workers will be raised from the current 65 to 67 by July 2017.
This gives the mature worker an opportunity to carry on working if he or she wishes to, provided if he or she is able to physically.
Since 2012, employers have been required to offer re-employment to workers if they are eligible from when they retire at 62 to when they turn 65.
Efforts have been put in place to aid companies to redesign suitable job functions to make it more senior-friendly.
3. Retirement Readiness
The Central Provident Fund enables Singaporeans to have a secure retirement.
At the same time, the CPF system is designed to help Singaporeans to take care of three key needs: Retirement, housing and healthcare needs.
Over the years, the CPF contribution rates have been raised to help workers save more.
A National Silver Academy was launched in August 2015 to fulfill the leaning aspirations of seniors.
The academy is not a physical campus, but a network of education institutes including LaSalle, ITE, polytechnics and universities, and voluntary welfare organisations where seniors can pursue learning in many areas.
Registration for courses is open to people aged 50 years and above, and the academy offers more than 10,000 places across 500 courses.
5. Healthcare and Aged Care
There are many options when it comes to caregiving options for the elderly.
Just recently, NTUC Health launched its first nursing home in Jurong West with 288 beds.
Labour Chief Chan Chun Sing explained that NTUC is not just preparing for yesterday or today, “but preparing our services for tomorrow.”
There are plans to invest in another five similar homes in the next 3 to 5 years.