Activity 2 Time bomb or Demographic dividend by Sam Sim https://padlet.com/simkimyang/u2ywwoovgscj en-us 2018-10-25 04:29:12 UTC 2018-11-01 02:10:41 UTC hello@padlet.com (ii) simkimyang https://padlet.com/simkimyang/u2ywwoovgscj/wish/296790769 Demographic is changing, need to review if pension can still meet the needs of the population

For example, CPF members are able to meet this amount, $1200 because many Singaporeans spend most of their retirement savings on housing. Some of them also feel that the amount of S$1200 isn't enough, due to inflation and rising health cost that come with age. ]]> 2018-10-25 06:42:15 UTC https://padlet.com/simkimyang/u2ywwoovgscj/wish/296790769 ii ) tereselor https://padlet.com/simkimyang/u2ywwoovgscj/wish/296835738 issues: increase in working-age population/increase independence of the ageing population

older adults are working longer and living longer. with the money that they earned, they are able to pay for their medical needs as they become more independent.

concerns: With an ageing population, more healthcare costs has to be allocated to pensions targeted towards older adults which is a definite strain to our healthcare costs.]]> 2018-10-25 09:29:16 UTC https://padlet.com/simkimyang/u2ywwoovgscj/wish/296835738 nurumairah_abdulrahim https://padlet.com/simkimyang/u2ywwoovgscj/wish/296836414 i) Disagree to their stand of increasing healthcare cost.

Even though there would be an increasing population of older adults, the cost of healthcare would not increase drastically. With promotions and campaigns such as Healthy 365 and the mark of 10,000 steps per day, older adults can still keep fit and healthy, keeping the care of healthcare low. ]]> 2018-10-25 09:31:08 UTC https://padlet.com/simkimyang/u2ywwoovgscj/wish/296836414 https://padlet.com/simkimyang/u2ywwoovgscj/wish/296838049 Agreeable that there is an increase in pension cost. Because there is high employment as more older adults are working longer. ]]> 2018-10-25 09:35:51 UTC https://padlet.com/simkimyang/u2ywwoovgscj/wish/296838049 Disagree projectrunite https://padlet.com/simkimyang/u2ywwoovgscj/wish/296838171 1. Adult children still keep in contact with their parents through visits and telephone contacts. This is especially true for those living in rural areas.

2. Singapore policies also help encourage children to support/live with their parents i.e. joint selection scheme & multi-tier family housing scheme.

3. The older adults can act as caregivers for their grandchildren which in turns promotes inter generational support.

4. Singaporeans are still reluctant to put their parents in nursing homes.]]> 2018-10-25 09:36:17 UTC https://padlet.com/simkimyang/u2ywwoovgscj/wish/296838171 (i) Agree with the author desireeneo2000 https://padlet.com/simkimyang/u2ywwoovgscj/wish/296839198 2018-10-25 09:40:15 UTC https://padlet.com/simkimyang/u2ywwoovgscj/wish/296839198 Tutor's points to debunk the myth of increasing healthcare cost: simkimyang https://padlet.com/simkimyang/u2ywwoovgscj/wish/298880298 - There are cheaper/less aggressive treatment options
- The strengthening of LTC could improve affordability over time

Eg.1, Japan- Govt sets guidelines for fee structure and revision of medical services, prevent overuse of services and excess profits. Thus keeping healthcare costs low + LTC insurance

Eg.2, Singapore: Eldershield, 
Medishield Life, Pioneer Generation Package, and upcoming Merdeka package  -> make LTC more affordable

Eg.3, Thailand: Majority of ageing population still ADL independent
 
Conclusion: Ageing population is not the big financial burden that it is made out to be, only small segment requires LTC. 
Costs can be addressed through the measures mentioned above.
]]> 2018-10-31 09:25:08 UTC https://padlet.com/simkimyang/u2ywwoovgscj/wish/298880298 Tutor's points to debunk the myth of increasing pension cost: simkimyang https://padlet.com/simkimyang/u2ywwoovgscj/wish/299218218 - Misinterpretation of dependency ratio
·       Make assumptions that everyone 15-64 yo is working, and everyone 65 and above is not
·       Falling fertility rates caused old age dependency ratio to rise, but the same trend also means increased economic productivity as the women who are having lesser children, are entering the workforce
- Older people in Asia want to work beyond retirement age, mainly in developed economies with choice of higher level job opportunities and large formal sector. Thailand may face some problems.
- More women can be tapped on as human capital, with better childcare and maternity leave policies
 
Eg.1, Singapore: CPF -> CPF Life, RRA
- forces people to save for their own retirement
- Criticism: lack of transparency in CPF investments, poor returns -> asset rich, cash poor
- Social factors may play a bigger role than demographic trends in deciding country’s economic progress
 
Eg. 2, Thailand: Govt Pension Fund, Old Age Pension Fund (for formal employment in private sector; contributions from govt, employer, employee)
- trying to expand retirement coverage to include large informal sector
- raising retirement age not effective for rural areas since most older people continue to work in agriculture or self-employed past 60yo.
 
Conclusion: Most older adults want to work past retirement age. If more women enter the workforce and older adults continue to work, pension costs will be manageable
 
]]> 2018-11-01 01:31:36 UTC https://padlet.com/simkimyang/u2ywwoovgscj/wish/299218218 Tutor's points to debunk the myth of growing intergenerational tension simkimyang https://padlet.com/simkimyang/u2ywwoovgscj/wish/299218971 Not as bad. Perhaps declining, very gradually.
 
Eg.1, Thailand: little differences between 1994 and 2007 stats in terms of percentage of parents over 60yo who receive income from their children
- grandparents continue to play a big role in family life by taking care of grandchildren while children migrate to urban areas for work (“skip generation”)
 
Eg. 2, Singapore: Most are still reluctant to place parents in nursing homes
- Many schemes that encourage children to support and live with their ageing parents
 
Conclusion: Families will not stand by passively and allow relationships to deteriorate. They will exercise human agency to adapt to technological advancements 
 

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