The following is a breakdown by age groups of Singapore residents as posted by one forumer at youngpap site:-
0-4 yr 196 K
5-9 yr 239.3 K
10-14 yr 263.6 K
15-19 yr 238.1 K
20-24 yr 222.4 K
25-29 yr 253.7 K
30-34 yr 303.6 K
35-39 yr 310.1 K
40-44 yr 331.2 K
45-49 yr 314.5 K
50-54 yr 260.5 K
55-59 yr 202.8 K
60-64 yr 120.8 K
65-69 yr 104.3 K
70-74 yr 79.7 K
75-79 yr 56.2 K
80-84 yr 30.9 K
85 & abv 25.8 K
From this table it is quite clear that 56.7K are the group of old people who might not have enough CPF to last their lifespan as compared with the normal expected lifespan of the previous decades.
How many of these 56.7 K belong to the lower-income group with CPF of less than say S$100K as at age 62?
If we want to analyse the ageing population problem as a whole we should focus on this group of people who cannot live with subsistence amount of S$500.00 pm from their own CPF balance as at 62.
If say we have 70% of this 56.7 K oldies of age 62-85+ as belonging to the group with insufficient CPF (annuities of S$500 pm), we could measure the size of social problem as : 39.7K x S$500.00 pm = S$19.85 million pm.
The interest income from government land sale profits of S$20 billion will work out to be: S$20,000,000,000 x 4% /12 pm or S$66,67 million pm.
Can people benefit from the interests generated by the land sale profits accumulated since the 1970s? The answer is obvious but ministers are keeping silent on this aspect of government profits from the citizens. The government is simply profiteering and stinging from spending where it is called for to help citizens in relieving their plights and needs.
No wonder Singaporeans are destined to be poor and will get poorer simply because of a government which will keep taking away from and not help its own citizens with their own monies and contributions.