Singapore - Budget: Social policy to get boost

SINGAPORE: Deputy Prime Minister and Minister for Finance Minister Tharman Shanmugaratnam has underlined two key challenges as the government tries to improve its social policy.

In his Budget speech in Parliament on Friday, Mr Tharman said the first challenge is to help the growing number of older Singaporeans live comfortably, even as they are living longer.

Of particular concern is the current generation of older Singaporeans, many of whom have limited cash savings.

Mr Tharman noted their CPF balances are low because wages were much lower 20 or 30 years ago.

The minimum sum they were required to set aside was also much smaller.

However, these older Singaporeans have substantial savings in the value of their homes.

Mr Tharman pledged to help them use this wealth to boost their retirement income.

At the same time, the government will give them greater assurance of being able to afford their healthcare.

The second challenge in enhancing social policy concerns inequality.

Mr Tharman said the economic pressures that have led to widening income gaps will not go away soon.

However, he stressed Singapore's social compact cannot be left vulnerable to market forces.

The government is therefore making a determined effort to raise the prospects of success for lower-income families every year.

It will work harder to increase social mobility in the education system.

More will also be done to help children from disadvantaged homes, starting earlier in their lives.

In addition, a larger pool of social workers and other professionals will be groomed to help lower-income families overcome the complex problems many of them may face.

- CNA/wk


Business & Investment Opportunities

YourVietnamExpert is a division of Saigon Business Corporation Pte Ltd, Incorporated in Singapore since 1994. As Your Business Companion, we propose a range of services in Consulting, Investment and Management, focusing three main economic sectors: International PR; Healthcare & Wellness;and Tourism & Hospitality. We also propose Higher Education, as a bridge between educational structures and industries, by supporting international programs. Sign up with twitter to get news updates with @SaigonBusinessC. Thanks.