Last year, the total population here grew by 1.3 per cent — its slowest pace since 2005, while total fertility rate continued to fall despite the Government’s incentives and encouragement, said the Prime Minister. 

As a result, there has been a rise in “sandwiched” families, where two or fewer working adults are supporting both younger and elderly dependants. There is also more demand for healthcare and social services, Mr Lee said. 

The Government has responded by helping seniors “age well and live fulfilling lives” through home ownership and good healthcare, for instance. 

Other policies such as the Central Provident Fund and Silver Support Scheme, which provides permanent handouts to eligible seniors, are also in place to provide them with a good foundation for retirement, said Mr Lee.