http://www.allsingaporestuff.com/article/govt-promises-spend-3-billion-elderly-30-times-increase-spending
Submitted by farhan on Mon, 31/08/2015 - 8:42am
According to the Strait
Times news report ”$3b plan
to help seniors live more fulfilling lives” (Aug 27) - “In
a push to brighten the golden years, a $3 billion five-year plan
will give Singapore’s seniors opportunities to learn, volunteer and
live independently, well after retirement.”
Elections timing?
The timing of this
announcement may be rather uncanny, given that the elections are
just days away.
Only spent $100m last 5
years?
As to “There have been
similar government-initiated plans for active ageing in the past,
for instance in 2010, when $100 million was set aside to keep
seniors healthy and involved in their communities” – does it mean
that we only spent $100 million in the last five years?
Promise to spend 30 times more next 5
years?
And now we are promising
to spend 30 times more ($3 billion) in the next five
years?
Lowest government spending?
In this connection,
according to the Economist magazine (Sep 27) – Singapore seems
to have the lowest government spending in the world amongst
developed and developing countries – “(in) Denmark, government
spending runs to nearly 60% of GDP. More diverse America allocates
just 39% of GDP to government, in polyglot Singapore the figure is
just 14%”.
Only 3.5% of GDP social
spending?
According to the article
“Asia spending too little on poor: Report” (Straits Times, Jul 12,
2013) – “Singapore spent 3.5 per cent of GDP on social protection,
which includes the Central Providend Fund
(CPF)This was far below the 19.2 per cent by Japan and
8 per cent spent by South Korea, the only other high-income
countries in the study.”
If exclude CPF, even lower
spending?
“As CPF is not spending
by the Government, but essentially the people’s own savings –
Singapore’s social spending may actually be even much lower than
that cited in the subject report” (“Singapore spends the least
(relatively) on social spending?“, Jul 12, 2013).
$24b cash budget
surplus?
In this connection, the
estimated cash Budget surplus under IMF fiscal reporting guidelines
is more than $24 billion for FY2014.
Leong Sze Hian
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