Will the latest announcement for our pioneer generation helps this frail hunched-up cleaner mopping the MRT floor at Tiong Bahru station?
PM Lee in his National Day Rally speech announces a bonus at the end of every year for those age 65 and above - lets hope its all in cash form and an amount that is attractive enough for our elderly to be able to stop work and comfortably retire at home.
We see too many of our pioneer generation having to work in order to survive here and that's a shame in our first world modern economy.
Even third world countries like China tries to take care of their elderly by giving them a small pension at age 55.
You can't say you are a good responsible government if you can't even care for your own ageing population.
Take a look at this photo below:
While the Aussies could relax and enjoy their retirement over a cup of tea, Singaporean senior citizens have to work till they drop.
The Aussies collect a pension of A$750 per fortnight at age 65 and for a couple, the amount of about A$3000 a month in pension collection should be sufficient for their retirement if use modestly. This amount is on top of their superannuation fund (non-compulsory CPF) - contributed entirely by the employers at 9% of the employee salary.
The pension is entirely funded by the taxes which can be as high as 50% of the employee salary. Are Singaporeans willing to pay such high taxes so that their healthcare and retirement needs are met?
Singaporeans over-depend on the CPF scheme for their retirement purpose and with our low wages, its tough to meet the minimum sum scheme let alone save up part of our wages for retirement. One wonders why the government never use abit of the $800 billion sovereign fund for the pioneer generation.
What is the main motive of our sovereign fund investment if its not use for the good of the people?
Gilbert Goh