BGS Aging Population Report

MGMT003
Business, Government
and Society

Ageing Population

,1. Introduction 4
2. Ageing Population 5
2.1 Severity of Ageing Population 5
2.2 Impact on Society 5
2.2.1 Increased Burden on Working Population 5
2.2.2 Lower Standard of Living 5
2.2.3 Weaker Defence Force 6
2.3 Impact on Businesses 6
2.3.1 Increase in Cost of Labour 6
2.3.2 Increase in Turnover Rate 6
3. Stakeholders 7
3.1 Identifying stakeholders and their stakes 7
3.1.1 Primary Social Stakeholders 7
3.1.2 Secondary Social Stakeholders 8
3.1.3 Primary Non-Social Stakeholders 9
3.3 Stakeholder Salience Model 10
4. Review of Government Actions 10
4.1 Encouraging Marriage and Procreation 10
4.1.1 Housing 10
4.1.2 Cash Gifts 11
Baby Bonus Scheme 11
Child Development Account 11
4.1.3 Work-Life Balance 11
Government-Paid Leave Schemes (GPLS) 11
Work-Life Grant 12
4.1.4 Evaluation 12
4.2 Maintaining a Strong Singaporean Core 15
4.2.1 Engaging Singaporeans Overseas 15
4.2.2 Enhancing Singaporean Talent 15
4.3 Retaining Older Workers in the Workforce 16
4.3.1 Retirement and Re-employment Act (RRA) 16
4.3.2 Special Employment Credit 16
4.3.3 Workfare Income Supplement (WIS) 16
4.3.4 Evaluation 17
4.4 High Quality Workforce 19
4.4.1 Workfare Training Support (WTS) Scheme 19

, 4.4.2 Skills training for Excellence Programme (STEP) 19
4.4.3 Lifelong Learning -- Skills Future 20
4.4.4 Continuing Education and Training (CET) 20
4.4.5 Evaluation 20
5. Recommendations 22
6. Conclusion 25