INCLUDE SINGAPOREANS WHO REACH 65 IN FUTURE IN PIONEER GENERATION?

Pioneer Generation package once-off only

According to www.pioneers.sg - “The Pioneer Generation package is not meant for all who turn 65 in 5, 10 or 25 years’ time.

Rather, it is for the special generation of Singaporeans who were at least aged 16 in 1965 – or are aged 65 and older by the end of 2014.”

Any other countries do this?

Are there any countries in the world that gives benefits to senior citizens on a once-off basis – i.e. citizens who reach age 65 will not enjoy the benefits in the future?

$8b fund if include age 65 S’poreans in the future will last how long?

Since it “is expected to cost the government some S$440 million over five years” – does it mean that the cost per year is about $440 million?

As to “the government will set aside S$8 billion under a new Pioneer Generation Fund” – does it mean that the annual interest, assuming 4 per cent, is about $320 million?

How much will the costs increase if Singaporeans who reach 65 are included in the future?

Assuming an increase in the costs of say about 4 per cent per annum, if Singaporeans who reach 65 are also included in the future – does it mean that the $8 billion fund is expected to run out after about 19 years?

$25b a year cash Budget surplus?

In this connection, according to the Department of Statistics Monthly Digest of Statistics October 2015 – we had a cash Budget surplus under IMF fiscal reporting guidelines of $25.3 billion in FY2013 as well as FY2012, and an estimated $900 billion in the Reserves.

So, looking at the above numbers – spending more to include Singaporeans who reach 65 in the Pioneer Generation, may be within our means – and could be considered.

Reciprocate trust with more transparency?

Since the people have given their trust and mandate – shouldn’t we reciprocate by being more transparent?

We should also spend more to help Singaporeans.

 

Leong Sze Hian

A.S.S. Contributor

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