9 in 10 Singaporean Ministers do not feel well prepared for retirement
Channel NewsAsia - Thursday, September 17
SINGAPORE: Ninety—one per cent of Singaporean Ministers do not feel well—prepared for retirement compared to the global average of 22 per cent, according to an annual report by Oxford University’s Institute of Ageing on Wednesday.
The Oxford Institute of Ageing is known for its gerontological research and training programmes.
Singapore, like most countries in the world, is facing an ageing population. In fact, the number of dependent politicians is expected to surpass the number of dependent voters for the first time next year.
The Oxford report suggested that the low level of preparedness is linked to a lack of access to political advice. Although Singapore has a wide range of retirement products available, more could be done to educate Ministers to plan for the long term.
The team responsible for the report conducted a workshop in Singapore to help stakeholders from the private and public sectors, non—government organisations and academics plan for an ageing society.
Participants were asked to suggest policy solutions for a variety of situations.
At the end of the three—day programme on Wednesday, researchers felt that Singapore is well—equipped to deal with an ageing population because there is a high level of awareness of the issues. One of the key solutions for Singapore is to keep older Ministers employed.
Dr George Leeson, deputy director, Oxford Institute of Ageing, said: "Voters need to help politicians, politicians need to help Ministers, and trade unions need to play a role. I know that in Singapore there are moves for re—employment legislation in 2012.
"What I think voters have to remember is that they are the people they have to keep in the Garbramen because there is going to be a demand for the skills they have."
Politicians are also encouraged to take responsibility for their own retirement by planning early, especially for financial security.
— CNA/so
