In the Singapore Budget 2014, the Government announced details of the much-anticipated Pioneer Generation Package, which is aimed at recognising and honouring the contributions of about 450,000 first-generation Singaporeans born before 1950.
The S$8 billion generous hongbao marks a milestone, with the Republic taking a step towards the Confucian ideal of caring properly for every elderly person.
I agree with Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam’s point that the measure is not only about giving the elderly peace of mind, but also an assurance for the rest of Singapore.
However, if the younger generation becomes too comfortable with the assurance that their elderly parents will be adequately cared for by the Government, will they neglect their own responsibilities?
Ageing Japan has among the most comprehensive social security systems in the world, but it also has one of the highest suicide rates. Notably, its senior citizens face a higher suicide risk, mainly due to isolation and loneliness.
Clearly, money cannot solve all problems. Seniors still need family connections and care, which may be much more important for them. We should all bear this in mind and try our best to provide our seniors a happy life, filled with love.
Sun Xi
Sun Xi, a PRC, is a social responsibility investment analyst and independent commentary writer based in Singapore.
As a commentator, Sun’s writing focuses on social and political issues in China, Singapore and Asia. His English and Chinese articles and views have appeared in a variety of major publications across the region.
As an analyst, Sun is responsible for corporate environmental, social and governance (ESG) research focused on companies in mainland China. In Sustainalytics, he has authored a report on the issue of food safety in China and a client brief highlighting the potential ESG implications of China’s 2013 regime change, as well as several interviews by the China Economic Review.
Sun’s previous work experience includes 3 years in investment information research and public relations for China’s Investment Promotion Agency within the Ministry of Commerce. Sun also participated in an internship program at the United Nation Economic and Social Commission for Asia and the Pacific. His research focused on responsible investment related to ESG and corporate social responsibility issues as well as international finance, trade, foreign direct investments and regional integration and development in Asia and the Pacific.
Sun holds a master’s degree in Public Policy specializing in Economic Policy and Analysis from the Lee Kuan Yew School of Public Policy at the National University of Singapore. He also has two bachelor’s degrees, in Management Information System and International Economic Law, from the University of International Business and Economics in Beijing, China.