Chpt 2: Solutions to managing an ageing population

Solutions to managing an ageing population
The best way to manage an ageing population

Q1. The best way to prepare Singaporeans for their old age is
to encourage individual responsibility.
How far do you agree with this statement?
Explain your answer. (Social Studies O Level 2007)

Q2. The best way for Singapore to manage an ageing/greying population is

to encourage individual responsibility.
How far do you agree with this statement?
Explain your answer.

Well-managed (ageing pop) = When the needs of the elderly are met How do we know the needs of the elderly are met? =
(1) Healthcare must be accessible/affordable/ good quality
(2) Elderly have financial independence/ have money to spend to meet their daily needs
(3) Emotional needs/sense of feeling loved/ cared for/ sense of belonging to a family.

All factors must lead to the above.

	Explain factor
Stand	Stand and Explain Stand I agree with this statement to a large extent that the best way to prepare Singaporeans for their old age is to encourage individual responsibility But there are also other methods/solutions to manage an ageing population such as government, Family and community support.
Factor 1 (solution ) Encouraging individual responsibility	Explain given factor Individual Health Encouraging individual responsibility is indeed a good way to prepare Singaporeans for old age because it will make every Singaporean take personal responsibility for their own health and save for old age. It is also within their control to exercise and eat in moderation. Singaporeans can also practice living a healthy lifestyle. By doing these things, Singaporeans are more independent as they are healthy and are less likely to suffer from lifestyle illnesses like diabetes. [ Also add – individual responsibility includes avoiding smoking and excessive drinking à these habit lead to many health problems in old age such as cancer and liver illnesses] Individual Wealth Saving for old age à By encouraging individuals to save and invest wisely through financial planning à Singaporeans will be better prepared for old age as they have enough money to spend to meet their daily needs when old and retired à once retired source of income is gone à hence if money is saved and invested since young à enough money for old age needs à Better quality of life.  National level If more self-reliant in old age à each individual elderly person is financially stable and is in good health à the nation needs to spend less on healthcare needs for the elderly and does not need to financially support as many elderly people à less taxes are needed à government finances can be spend on other national needs like education and defence.
Factor 2 (Solution) Government Support	Explain other factor 1 An another way to prepare Singaporeans for their old age is through government support for Singaporeans.(P) (P- How?) This is done through various measures. For example: + The government offers housing board grants to encourage Singaporeans to live near their parents à encourage the family to be kept intact even though they may not live in the same home as the elderly family members à elderly will still have regular interaction with their family and feel loved and part of the family. + Also giving tax relief to encourage Singaporeans to look after their parents and grandparents or when Singaporeans top up their parents and grandparents CPF accounts + Such schemes help to encourage Singaporeans to take responsibility for the elderly in their families and thus ensure that old Singaporeans are cared for because they will have additional money in their CPF for their needs in old age. + Maintenance of Parents Bill à enforces family responsibility in caring for aged parents by holding children responsible through the Tribunal (court) for the Maintenance of parents à parents can seek the help of the law courts to force their children who can support their aged parents to do so à By doing so, the government helps to ensure that no aged person in Singapore is left without the financial support from the family à the elderly will be financially able to meet their daily needs. + CPF(Central Provident Fund) scheme  à forced/compulsory personal savings and employer contribution to one’s retirement à This scheme forces individual’s to save a portion of their own salary every month into their CPF account à Singaporeans will have enough money for their old age à Prevent Singaporeans from spending all their monthly income away à leaving them penniless in old age à plus with the high compound interest in CPF, the Singaporeans will have a larger sum of money for their retirement needs à  money is gradually accumulated with high interest and can be withdrawn only at age 55 and 62 years. à every Singaporean will be financially independent à Singaporeans are prepare for old age. CPF has 3 accounts ( 20% of your monthly salary + 13% employers’ contribution ) e.g. $2000 monthly salary à $660 monthly contribution to CPF. - Ordinary Account = 2.5% p.a ( Retirement needs + Housing + Childrens’ education) - Special Account = 4% p.a ( Retirement ) - Medisave Account = 4% p.a ( Healthcare needs e.g. Pay your Medishield premiums)
Factor 3 (Solution) Community Support	Explain other factors 2  Community support is another way à Voluntary welfare organizations (VWOs) = charitable organisations à VWOs provide affordable healthcare services à even the poorest elderly Singaporeans can have good quality healthcare to meet their medical needs à No elderly person will be left without medical care. For example:   + Ren Ci Hospital + Home Nursing Foundation + NKF These VWOs offer medical and social services à older Singaporeans who cannot afford private health care can still have their medical needs met à thus older Singaporeans are better prepared in old age. Similarly, the Community Clubs (CCs) and Residents Committees(RCs) à senior citizen corners offer the aged social activities to keep them mentally active and physically fit à helps older Singaporeans have a better quality of life à not feel lonely and not suffer from depression à better mental health is experience à lower medical bills à Hence, community support is useful in helping Singaporeans prepare for old age.
Factor 4 (solution) Family Support Families are the cornerstone of society à The family can provide support for a family’s financial, medical and emotional needs à Elderly will age gracefully.	Explain other factors 2  A final way to help Singaporeans prepare for old age is by family support à love and emotional and financial support can be provided to the elderly. + Love and emotional support by the family à Strong closely-knit families à the elderly will be taken care of and loved and treasured à Elderly will not feel lonely à better mental health à greater life satisfaction à better quality of life à hence ageing population is well-managed. + Family support is encouraged by having national campaigns like the Grandparents Day where youngsters are reminded to respect the elderly in their families à more families will respect and care for their older family members à the elderly will be better prepared for their old age as there are family members who are willing to care for them financially and emotionally. Hence, family support is useful in helping Singaporeans prepare for old age. + Family support through provision of financial support à Family members ensure that they provide money to their elderly family members à enough money to meet their daily needs à good quality of life and standard of living à hence ageing population’s needs are met.
Weighing	Conclusion In conclusion, the best way is the most sustainable and least financially costly method. + The government and community support can help prepare Singaporeans in their old age but may not be sustainable approachesà resources of the community and government are finite à Overdependence on the government may cause tax to be raised à there are limited public resources. Community support depends on public and private donations in support of VWOs and grassroots organizations which are also finite. Hence, these 2 methods are not sustainable over the long-term. + Family support may only be present if the family is close-knit and when the person is married. But individual responsibility is the best approach as everyone - married or single can look after their own health and start saving from young and it is the most sustainable approach of all as it does not depend on external factors such as the government or the community.