should elderly be forced to work or do they deserve to live on state funds?
By squaretile
@squaretile (3778)
Singapore
June 5, 2007 2:21am CST
Lately, I've noticed that a lot of elderly people are still 'forced' to work because they have insufficient retirement savings. They do menial jobs, some of which are quite tiring and strenous on their frail physical state.
however, increasingly, as the population in most developed countries ages, people will be forced to work past retirement age (65) to maintain a decent standard of living. In some countries, the state pays a basic pension to the elderly. however this is funded by taxes paid by the young (who are decreasing in number).
Do you think that the elderly should be encouraged to continue working all their lives, or should the govt step up to ensre that since they have contributed to the national economy at some point in their life, they should be able to spend their later years not having to strain themself so much?
2 people like this
2 responses
@ahgong (10064)
• Singapore
5 Jun 07
There are pros and cons of a system that supports the elderly.
In order to support a elderly society, the taxes required will be higher, as each contribution of the taxes not only goes towards building infrastructure, it also has to go towards medical expenses and allowances for the elderly.
Our government found this system to be too draining for a developing country and adopted another system instead.
We are are brought up to think about supporting ourselves... right from the beginning. In the event where one is not able to, there are programs and subsidies in place to help those who cannot support themselves.
Man~~~ I sound like the political party! x~p
Gone are the years where one can stay loyal to a company, retire in that company and be supported by a pension for life. With the increasing cost of medical care and day-to-day expenses, even those who save consistently thru their career, the rate of inflation today as compared to the time they started work, reduced the value of their savings quite substantially.
And with the way things are going for today's young couple... it is not going to be any better, unless one is prudent enough to start some sort of investment or savings that will generate enough interest or ROI to support them in their retirement. Else, it is work till you drop!
@velvetprinzess (1064)
• Singapore
5 Jun 07
Your reply is excellent. Indeed is we were to support the elderly via pensions, this would mean taxing the younger folks who are working. So it's a case of the younger generation supporting the older ones.
Most countries are now facing a tough situation is which there are fewer and fewer younger people and more and more older ones as better medical care has made it possible for people to live many more years. Therefore the only solution would be to impose higher taxes. But obviously this would not be sustainable in the long run. So the only way is to encourage each person to manage their own retirement.
@ahgong (10064)
• Singapore
6 Jun 07
Thank you!
Well, we are all responsible for our own future... and our government is making that very clear everytime the topic is brought up in parliment.
It does make sense. Problem is, not everyone has the same earning opportunities. Given lousy circumstances like a sick parent, with children that needs special care and a low education, many a times, the lower income people are stuck in a vicious cycle of poverty.
Life just isn't fair.
@maehan (1439)
• United States
12 Jun 07
I can understand where you are from. I am Singaporean as well and worrying that how to take care of ourselves when we retired. Do we have enough $$$ to live till we go to another world. Will there be enough $$$ for our children. When I am in Singapore, I find the standard of living is high.
Currently, I am in US. The standard of living here is even much higher especially if you have children. The pre-school is almost 3 time more than Singapore. Example, the childcare is almost US$1000. The care of elderly is much expensive than Singapore too! I have to be extremely thrifty over here than I am Singapore.
For the elderly in Singapore or anywhere. If those that have children, I think the children have to bear the responsiblity to take care for the parent if they can afford.
Of course, if the state needs to stand in, the tax will be much higher than current. Right now, we have to pay more than 30% taxes in US.
I can understand that it is sad to see elderly that are "force" to work; especially when you see them picking cardbox, newspaper on the go. :o(
@squaretile (3778)
• Singapore
15 Jun 07
Yes that's true. I think your answer resonates especially with seeing elderly who are pushing heavy carts of newspaper, endangering their lives by walking on the tar road...
thanks for your perspective on how the grass is not always greener on the other side. The childcare cost is ridiculous! maybe that's why most mums in the US are stay at home ones. But if you get on social security in the US then you're kinda made for life? they will take care of you, don't need to save like CPF.
