"S'pore must urgently restructure its economy, so that growth is anchored in productivity & innovation in the medium to long term. Restructuring of the economy will take place at 4 levels, namely economy, sectoral, firm & worker levels."-Lim Hng Kiang
Innovation here in S'pore? Under the present hybrid regime with state media control & overemphasis on rote learning to ace exams, i highly doubt there'll be much improvement in innovation. School factories & s'pore's environment are desgined to churn out yes yes yes obedient drones.
Urgent need to ramp up eldercare services(rapid aging population) + Urgent need to restructure economy = Inevitable Long Term Decline of S'pore
I'm amazed at the urgent this & urgent that from govt officials who pay themselves absurb amount of minimum salaries delivering these type of policies. For decades the population has been brainwashed that these scholars type of govt ministers are an elite breed. If so elite how come can't anticipate the needs? They have not days, not months but years upon years to roll out bold initiatives to slow it down/reverse it. Their approach of throwing small breadcrumb size incentives is a massive failure.
If the above last minute firefighting is not enough, consider this straight out of DPM Teo CH's mouth:
- By 2030, only 6 will begin working for every 10 going into retirement
- > a quarter of S'poreans, or over 900,000, will retire come 2030
- Median age will rise sharply from 39 to 47
- Ratio of working-age adults to those aged 65+ will fall from 7:1 to 2.3:1
When you have 900,000 retirees with little retirement funds coupled with frickin killer rent high cost of living, you can bet many of them will sell their pigeonhole dwellings to downgrade to a smaller one or move elsewhere to get $$ for living expenses. A selling tsunami by around 25% of population will see the property market collapse.