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Over 30,000 S’porean elderly to work to death: Research

Over 30,000 S’porean elderly to work to death: Research

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Among elderly, only 5 percent of men and 1 percent of women rely on CPF payouts.

In Singapore, more than 30,000 out of 530,000 elderly folks aged 60 years old and above are relying solely on work for income because they have no other sources of cashflow.

This segment risks having to work until they officially off it.

For those elderly with children, 75 percent of women and 43 percent of men rely on their offspring for income.

However, regardless whether the elderly have children or not, the situation can still be dire: They will typically have to engage in low-wage jobs such as cleaners, labourers, sales and service staff to make ends meet until they meet the end.

And with or without children, only 5 percent of men and 1 percent of women rely on the Central Provident Fund, the mandatory savings scheme implemented in Singapore, for payouts.

Other forms of income for the remaining elderly segment come in the form of savings, life insurance, pensions, property-derived rental and public assistance, but these make up less than one-quarter of all cases.

Currently, Singapore’s fast-greying society has 9 percent of the population which are at least 65 years old.

This report on the elderly was put together by the International Longevity Centre Singapore, a research and policy outfit, which is to be launched by the Tsao Foundation this month.

Read the original article here.

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