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About: gives tax payouts to firms if they invest in R&D, automation, training workers, etc.

Benefits: This policy incentivises firms to increase their investment to receive tax payouts. Firms may invest in retraining older workers, which help them obtain skillsets that ensure that they remain relevant in their field of work or another skillset that is desired in other emerging sectors. This helps to reduce unemployment among the elderly, which can help increase their purchasing power, hence their material standard of living. The elderly may also enjoy better non-material standard of living as they do not have to face financial worries due to unemployment. Hence, their overall standard of living will be increased.

Costs: There would be a decrease in tax revenue, as firms are allowed to pay lesser tax. Coupled by government payouts to encourage birth and support the elderly, this policy may cause budget deficit in the long run. Moreover, as there are uncertainties involved in undertaking R&D, the outcome of such investments by firms may not actually help to increase productivity or it will only increase productivity to a small extent. Worker training may also not be effective if workers are reluctant to retrain themselves. This will significantly decrease the effectiveness of the policy, as the benefits gained will be compromised by the costs and risks involved in such investments. Besides, when firms invest in automation, machines may replace low-skilled employees, many of them elderly, which eventually leads to increased unemployment.

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Very high cost of raising a baby to the baby bonus is an incentive to raise a child for Singaporeans

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Overall, the policies strive to enhance actual growth, inclusive growth and reduce unemployment rates.

Firstly, there is a policy that reduces unemployment rate by supply-side. For example, the Part-Time Re-employment Grant (PTRG) provides up to $125,000 to employers who offer part-time re-employment, other flexible work arrangements (FWAs) and structured career planning to senior workers. There is an enhancing employment support that provide wage support for hiring low-wage workers, seniors, persons with disabilities and ex-offenders. This reduces the cost of production of the producers and the SRAS increases and the demand for workers from vulnerable groups, their income increases and purchasing power increases, the C increases and AD decreases, the RNY increases by multiplier process. There are less unemployed resources, all groups have equal opportunities to be employed, the actual growth happens as the gap between full employment output and actual output decreases. The income gap between high income and low-income also decreases, a better income distribution, equity is enhanced, and non-material standard of living is increased. Unintended benefit is a more inclusive and harmonious society will be formed as now the vulnerable and marginalized groups have more chances to be employed, less hatreds among the groups and crime rates decrease since the income increases, the economic condition in Singapore will be more optimistic and stable, attracting more foreign direct investments to increase quantity and quality of capitals in Singapore for potential growth to increase productive capacity.

Secondly, the government topped up $1 billion to the Community Silver Trust to enhance community care services. This is beneficial in enhancing inclusive growth as the low-income elderly groups have easier access to healthcare services and they can now afford it without big worries for healthcare fee as it is highly subsidized. The unintended benefits can be increase in immigrations to Singapore as citizens or permanent residents due to the inclusive environment and high healthcare subsidies. This can increase the quantity of labour to counteract ageing populations and shrinking workforce.

Thirdly, the baby bonus cash gift policies reduce the financial burden of parents for raising children and hence increasing birth rates. This counteracts with the ageing population and shrinking workforce in Singapore and hence reducing Singapore's reliance on foreign labours for production. The unintended benefits can be preventing overcrowding spaces in Singapore as less foreign labours will be needed in the long term and the non-material standard of living will be enhanced in the long term.

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(changes to) Policies that may foster a strong and competitive youth population to drive economic growth in the future

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(changes to) Policies that may foster a strong and competitive youth population to drive economic growth in the future

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Caelan
Baby Bonus Scheme:
Baby Bonus Cash Gift by $3,000 for all eligible Singaporean children born from today onwards. Eligible first- and second-born children will receive $11,000 instead of $8,000. And for the third child onwards, the Baby Bonus Cash Gift will be increased from $10,000 to $13,000. -->
a. Currently, the Baby Bonus Cash Gift is disbursed in five instalments over the child’s first 18 months, to help defray child-raising costs during infancy.
b. I will restructure the disbursements, so that they are paid out over a longer period.
c. Eligible parents can expect up to $9,000 in payouts in the first 18 months of a child’s life, as well as $400 every six months starting from when the child is two until the child turns six-and-a-half years old.
d. In this way, parents can receive continuous support all the way until their child enters primary school.

Child Development Account:
a. First Step Grant increased from $3,000 to $5,000.
b. increase the Government co-matching cap for the CDA. Currently, the Government co-matches every dollar that parents save in the CDA, up to a cap of $3,000 and $6,000 for the couple’s first and second child, respectively. Going forward, these co-matching caps will be increaased by $1,000 each, to $4,000 for the first child and $7,000 for the second child.

Baby Support Grant:
At the height of the pandemic, the Government had provided a one-off Baby Support Grant of $3,000. This was for children born from 1 October 2020 to 30 September 2022. To ensure that newer parents do not miss out, this Grant is extended to babies born from 1 October 2022 to 13 February 2023.

Since the government believes that children with more involved fathers have better physical, cognitive, and emotional developmental outcomes. The following policies would help raise the youth population to be more mature and capable workers, leading to improvements in innovation, productivity and keeping Singapore's economy relevant with the times.

Government-Paid Paternity Leave:
Doubled from two weeks to four weeks for eligible working fathers of Singaporean children born on or after 1 January 2024.
a.For a start, the extra two weeks will be given on a voluntary basis, so that employers who are ready to grant the additional leave will be reimbursed by the Government.
b.This is also to give more time for employers to adjust, especially taking into account the existing economic conditions and manpower and operational challenges that many employers face.
c.But we (Govt) will review this and intend to make this mandatory in due course.

Unpaid Infant Care Leave:
Increased for each parent in the child’s first two years, from the current six days per year to 12 days per year.
a.This will give parents more time to bond with and care for their newborn, or to settle caregiving arrangements.
b.All parents of Singaporean children will be eligible for this additional time off if they have worked with their employer for a continuous period of at least three months.
c.And this, too, will apply from 1 January 2024 onwards for eligible working parents with Singaporean children aged under two years old.

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In Singapore there is a rising trend of elderly that is worrying especially due to the impacts it has on the macroeconomic objectives of our country.

Due to ageing population tied with technological advancement and developing economy, these elderly are unable to keep up with the changing scheme and tend prone to structural unemployment. This is because they lack the abilities required for the new sunrise industries as the sunset industries shut down as a result of changes in tastes and preferences toward goods and services as easier methods of production are found using AI or other means. Resultantly, they will face a mismatch of skills required by employers caused by this economic restructuring.

Furthermore, these elderly will have a decreased quality of life as they are stressed by being unable to find work. As such their non-material standard of living will fall. As they will attempt to save more, and income falls, their purchasing power will face as well resulting in them buying less goods and services cause AD to fall as consumption is a component of AD. Their material standard of living will fall as well.

These are only some factors that highlight the grave impacts that Singapore's ageing population has.

Ways to solve this would be via :

Budget 2023 that consists of expansionary fiscal policy and so on.

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2023 Key Areas relating to ageing population

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2023 Key Areas relating to ageing population

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1.  The government provides parents with transfer payments for having children to alleviate some of the costs of raising a child. Having children will be more attractive for married couples. Hence, more married couples will have children, raising the fertility rates of Singapore. This will reduce ageing population as the mean age of a singaporean decreases

2. The government also provides transfer payments to the elderly to enhance their community care and wellfare. This will cause the elderly to be in better health, enabling some of them to undergo retraining or upskilling schemes in relevant jobs. This will ameliorate the structural unemployment as a result of an ageing population which are unable to work