S'pore will have world's 4th oldest population by 2050

BY 2050, the population in Singapore could be fourth oldest in the world - after Macau, Japan and Korea.

But Singapore is also one of the very few countries tackling the issues of retirement and an ageing population head-on, said Manpower Minister Ng Eng Hen yesterday.

Singapore is greying, and the signs are showing.

He recounted that it is no longer a novelty to meet residents who are in their 80s and 90s during his constituency visits. Foreigners from younger Asean countries are also quick to note the ageing population.

A recent United Nations study confirmed these impressions. It projected the median age of Singapore's population to be 54 years by 2050, behind Macau (56), Japan (55) and South Korea (55).

Said Dr Ng: 'Singaporeans must come to terms with our longevity, both individually and as a nation. And the quicker we do this, the better.'

This means tackling the ageing problem the same way as other national issues - by thinking long term and acting quickly before a problem becomes unmanageable.

The goal, Dr Ng said, is to put in place a better and sustainable Central Provident Fund system that will help Singaporeans save enough for their full lifespan.

But not all Singaporeans recognise they are living longer. Some even think the higher life expectancy has to do with the elderly being 'farm folk' who were born overseas, and not Singaporeans born here, said Dr Ng.

A fact they have to consider is this: There will be fewer working people to shoulder the burden of supporting the elderly.

In 1960, 23 people aged 15 to 64 supported one person aged 65 and above. Now, it is eight people - and by 2030, it will be four people.

While many countries realise they are ill prepared to deal with a population that is ageing, 'not all have been able to act to avoid the impending crisis'.

Some have debated the issue for a long time. Reform commissions such as in France, Ireland and the United States have spelt out what needs to be done.

But in the case of the Irish, its commission failed to agree on a conclusion; China admits it needs to move faster; and pension reform in Italy has been a major stumbling block for successive governments even after 20 years of deliberations.

Then, there are countries that want to postpone the solution to the next generation. Britain, for instance, intends to move its state pension age to 68 - but only by 2046.

Singapore cannot afford to wait so long, Dr Ng said.

'We should not pass these problems of an ageing population to the next generation... Far better to make adjustments now, while we are able and have time on our side. If we wait and are ill prepared, then the consequences for Singaporeans when they are old and dependent will be more painful.'