Aging Schemes and Policies

 

As I was doing some readings on a newspaper commentary from class, I was struck by the fact of how oblivious I am with regards to the current policies and schemes in Singapore to support our vulnerable populations. I reflect with trepidation my relative ignorance even on schemes under CPF that support the aged in the community, such as the CPF life Scheme. I wonder whether the general social work populous, and also other helping professions working with older adults (or any other vulnerable groups) are aware of changes and updates in policies, available programmes, and schemes that should be discussed with our clients. The nature of Generalist practice in the family service settings in singapore may make it an onerous task towards ensuring that we are kept up to date with the latest happenings and goings on in legislation and polity, but I think the onus and responsibility is also on us to share the latest information and process them in our discussions with our client, both at the casework and the community level. 

If our ignorance and limited knowledge of available programmes and schemes is a microcosm of the perceptions of the general Singapore population, then it would be inevitable that clients who stand to benefit from such programmes instead fall through the cracks. If we claim to work from a person in Environment perspective, then ultimately we need to take appropriate and standardised steps towards ensuring that social workers and other professionals are updated with up to date information on programmes and services. 

Anyway heres what I wrote, if you care to read:

The CPF Life Scheme

McInnis-Dittrich (2009) stressed the need for social workers to be aware of the various income supports and insurance plans to support older adults as part of a comprehensive biopsychosocial assessment. The CPF life Scheme is one such scheme that Singaporean Social Workers may need to know about so as to better support older adults at the individual and community level.

The Asia Insurance Review (1 March 2010) has identified insurance protection as an important aspect of long-term care for older adults in Asian countries. The elderly population is expected to quadruple to 1.2 billion by 2050. In Singapore, the population above the age of 65 is expected to grow more than 3 times to 900, 000 in 20 years time (Straits Times: 5 March 2010). The onus of economic responsibility is hence placed on informal caregivers to support our aging population, with the continuing decrease of the old age support ratio: where the number of Singaporeans aged 15 to 64 to Singaporeans aged 65 has decreased from 11.8 in 1990 to 8.3 in 2009 (Balakrishnan: 2010).

The Central Provident Fund (CPF), Singapore’s system of mandatory savings for retirement, has been identified by Singapore’s ministers to be the main economic tool to address the economic needs of our aging population (Balakrishnan: 2010 & Lim: 2010). The CPF Life scheme is an annuity component of the CPF, addressing the increase in life expectancy by providing monthly payouts for Singaporeans from age 62 to 65 until the end of their lives, as opposed to the previous minimum income scheme that provides payouts for 20 years. Those born during or after 1955 are automatically included in the programme, if they have at least $40, 000 in their retirement account. Those born earlier have the option to opt in after September 2009 (www.cpf.gov.sg ).

Theoretically, such a scheme is extremely sound: it provides security in terms of regular monthly payouts for the older adult for the rest of her life. It also has the added potential of encouraging family care giving through its system of allowing the older adult to set aside funds as bequests for her beneficiaries (varies according to the different plans). However, public response to this scheme seems to be muted, reflected in the article by low take up rates of less than 6 percent from the total number of Singaporeans who are eligible to opt into the scheme.

Potential Implications and Challenges

Financial security is the fundamental aspect of any social work intervention and a pertinent component in holistic long-term care for older adults. The CPF Life scheme is hence a useful scheme to address this need. The unpopularity for the scheme may be detrimental to its successful financing in Singapore.  Even more alarming is the fact that lower income CPF members “shun” the scheme, preferring the minimum sum scheme due to higher payouts from the latter.  This group is at higher risk of economic instability should their savings run out after the age of 82.

Compulsory opt-ins thus seem justified, though they may need to be complemented with extensive public education to both recipients and their caregivers about increased life expectancy, and to clear any confusions about the changes made to the scheme in August 2010.  Social Workers may therefore need to extend their efforts at the grassroots level to effectively relay information to the masses. Research may also need to be conducted in exploring the perceptions of the elderly with regards to increased life expectancy.

$ 77million in government funds is currently being siphoned into supporting active ageing, with the focus on the health and social development of older adults (Straits Times: 5 March 2010). This would potentially contribute to further increase in life expectancy in Singapore, increasing the need to ensure that older adults are able to support themselves financially.

Of even more concern is the plight of those who are unable to qualify for the scheme if they do not have sufficient funds in their retirement accounts. Perhaps some of the government funds set aside for active ageing may be redirected to potential CPF top up schemes for Singaporeans who narrowly miss out on being included. 

                  The CPF life scheme is a public scheme that potentially benefits older adults from the middle to higher income sector, but there are concerns over the availability of security schemes for the lower income population in Singapore. These are Singaporeans who may not have enough CPF funds to even come close to qualifying for such schemes. A check on the Straits Times Factiva reveals a dearth in media coverage and research on this vulnerable population. Questions hence arise as to how this population would synergize with Singapore’s “Many Helping Hands” approach where social assistance is provided on a short-term basis to promote individual empowerment through employment (www.centralsingaporecdc.org.sg)

                  Underlying Singapore’s aging population are financial implications faced by the “sandwiched” population, who may be burdened with the financial and social needs of caring for their children, and also their elderly parents. Economists and social workers are hence faced with the arduous task to identify the implications of the ageing population on low-income families, and formulate effective policies and schemes to protect and support this population. 

Mohamed Fareez

 

 

References

 

1.     Ang Yiying,, & Quek, Caroline, (5 March 2010). $100m to support seniors as Singapore Ages. The Straits Times.

2.     Asia Insurance Review (1 March 2010). Think  Tank – Insuring Long-Term Care Risk

3.     CPF Life Scheme (2010). Retrieved on 22 March 2010 from www.cpf.gov.sg

4.     CPF Minimum Sum Scheme (2010). Retrieved on 22 March 2010 from www.cpf.gov.sg

5.     Central Singapore Community Development Council Social and Employment Services, (2010). Retrieved on 22 March 2010 from www.centralsingaporecdc.org.sg

6.     McInnis-Dittrich, K. (2009), Social Work with Older Adults: A Biopsychosocial Approach to Assessment and Intervention (3^rd Edition). Pearson Education: Boston.

7.     Singapore Government News, 4 March 2010. Minister for Prime Minister’s Office Lim Boon Heng Speaks at Committee of Supply 2010-Aging Issues.

8.     Singapore Government News, 29 March 2010. Minister for Community Development, Youth and Sports Vivian Balakrishnan speaks at Ee Peng Liang Forum.

9.     The Straits Times, 17 August 2010. About the Scheme. Singapore Press Holdings Ltd

 

 

 

 

 

 

 

 

 

 

 

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