A Proposal on How to End Your Life...
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Singapore to raise retirement age to 65 by 2012
Reuters
20 Aug 07
http://asia.news.yahoo.com/070819/3/36mhj.html
Singapore will raise the retirement age for its citizens to 65 from 62 by 2012 and eventually to 67 to account for the higher life expectancy of its aging population, its prime minister said on Sunday.
"The best way to be all right in old age and to have enough savings is to stay employed and to work longer. Because with longer lifespans you cannot retire at 55 and live until 80 or 85 or 90," Singapore's Prime Minister Lee Hsien Loong said in a speech on state television to mark the city-state's national day.
Like governments in developed nations such as Germany and Japan, Singapore's leaders worry about the long-term implications of an aging population - higher pension costs, a shrinking workforce, and slower economic growth.
"As lifespans go up you have to work longer and then have not too long a period of retirement at the end of your life," said Lee, son of the city-state's founding premier Lee Kuan Yew.
In February, the government introduced an income-support scheme called "workfare" aimed at providing financial support to older, low-income workers as part of the 2007/08 budget.
The Southeast Asian island's government wants to boost the workforce by increasing its population to as much as 6.5 million from 4.5 million over the next 40 to 50 years by allowing more immigrants into the country.
Singapore, the wealthiest country in Asia after Japan in terms of gross national income per capita, is already the world's fourth most-densely populated country - with more more than 6,208 people per square km.
By 2050 that is expected to rise to 6,497 people per square km, leaving it 176 times more crowded than the United States, and nearly as packed as Hong Kong, according to the United Nations. -
I think the raising of draw down age (DDA) is to retain more money in the system, because with all the bad investments they are making, they run the risk of inflation with increases in the money supply.
Progressively, the P4P will tell the people that the average life expectancy of Singaporeans are 100 y.o. and they should raise the draw down age to 80 y.o.
With the current trend in marriage statistics and birth rates in Singapore, there is no doubt that a substantial portion of the population will have no children when they die, so nobody to bequeath the CPF savings to. So naturally, this will all return to the government.
The P4P has done well not to promote the growth of it's existing citizens, but chose instead to import citizens from 3rd world countries like India and China to make up for the shortfall in future population.
Wise up fellow Singaporeans! -
if they do not delay the retirement age imagine the amount of money that will be withdrawn by people at that period.
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Hahaha... soon, they will tell us we can live forever..... therefore our CPF is on hold forever.
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Originally posted by maurizio13:I think the raising of draw down age (DDA) is to retain more money in the system, because with all the bad investments they are making, they run the risk of inflation with increases in the money supply.
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scientifically speaking, that is a possibility.Originally posted by hloc:Hahaha... soon, they will tell us we can live forever..... therefore our CPF is on hold forever.
already, people are on cryonics life preservation system. That is already immortality. ooops! cpf ??
Lets hope that evil people not allowed to go on cryonics.
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imagine all those people age 61 and expecting to withdraw money maybe to make ends meet... suddenly are told they have to wait till 65
There are statistics, there are statistics and there are lies. - Mark Twain. -
Should be:Originally posted by mistyblue:imagine all those people age 61 and expecting to withdraw money maybe to make ends meet... suddenly are told they have to wait till 65
There are statistics, there are statistics and there are lies. - Mark Twain.
There are lies, damn lies and statistics - Mark Twain -
oh.. I got it in the reverse... But statistics can always be manipulated to "prove" whatever pet theory politicians want to prove.Originally posted by maurizio13:Should be:
There are lies, damn lies and statistics - Mark Twain
Anyone who study research methodology or even accounting should know to read ever single line of fine print or assumptions before making a conclusion based on numbers. -
Yes. Statistics can be manipulated to prove the points of politicians.Originally posted by mistyblue:oh.. I got it in the reverse... But statistics can always be manipulated to "prove" whatever pet theory politicians want to prove.
Anyone who study research methodology or even accounting should know to read ever single line of fine print or assumptions before making a conclusion based on numbers.
It would be good if they could release raw data, so that we can analyse the data ourselves.