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Approximately one in four Singaporeans will be aged 65 or over.

03 November 2024 12:28

By 2030 approximately One in four Singaporeans will be aged 65 or overand it is estimated that approximately 122,000 seniors will live alone.

This is a significant increase considering the number of residents aged 65 and above living alone in Singapore. it was 58,000 in 2018.

This figure was 76,000 in 2023. Singapore Public Sector Results ReviewIt was published by the Ministry of Finance (MOF) on 1 November.

The report also noted that many Singaporeans expressed concerns about supporting themselves and their elderly family members.

To address this concern, MOF highlighted the increasing employment rate of seniors in recent years, the increase in Central Provident Fund (CPF) contributions, as well as the prevalence of active aging centers in Singapore.

Active aging centers

As of October 2024, 214 Active Aging Centers have been opened islandwide, with a wide range of programs and activities to meet their interests and needs, in order to support elderly people to age actively and healthily in society.

Eight in 10 seniors will eventually have access to a center near their home, where they can participate in programs such as group exercise, recreational activities, community events and workshops to help seniors achieve overall wellness and combat the social isolation that is a concern. among an aging population.

The Silver Guardian program encourages seniors to stay active through volunteering.

Through the program, seniors can volunteer at Active Aging Centers and make friends with other seniors at risk of social isolation.

MOF said they are on track to recruit, train and deploy at least 2,400 volunteers by 2028, and that more than 800 volunteers have been recruited and deployed by October 2024.

Silver workforce

The Ministry of Finance said that the employment rate of older people has generally increased in recent years, supported by efforts to increase employability and employment opportunities for them.

As of July 2022, the retirement and re-employment ages have been increased to 63 and 68, respectively, providing elderly people with the opportunity to continue working if they wish.

In 2023, nine in 10 eligible senior employees will be offered re-employment.

In the same year, 70 percent of people aged 55-64 and 30.6 percent of people aged 65 and over were employed.

CPF pension

About seven in 10 active CPF members turning 55 in 2023 were able to meet their Basic Pension Sum.

This helps ensure they have a basic level of financial security to cover basic living expenses during retirement.

About 317,000 Singaporeans have voluntarily added to their or their loved ones’ CPF retirement savings, taking the figure from 308,000 to S$4.2 billion in 2022.

The Ministry of Finance is in the midst of increasing CPF contribution rates for senior citizens aged over 55-70, in line with the recommendations of the Tripartite Working Group on Older Workers.

The increase has been phased in every year since 2022, with full implementation achieved by 2030.

The Workfare Income Supplement (WIS) scheme has also been developed to support low-income workers to increase their CPF savings.

In 2023, 388,000 low-income workers were supported under WIS, with payments totaling approximately S$914 million.

The Silver Support Program is available to seniors who have lower incomes during their working years and have little or no family support.

In 2023, 260,000 elderly people benefited from payments worth approximately S$595 million.

Top photo via Unsplash