In light of rising spending demands, how can the Singapore government best raise revenue?
THE ECONOMY
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Should seniors contribute more to the workforce?
As Singapore faces mounting fiscal challenges, particularly with the increasing costs of healthcare, social welfare, and infrastructure, the question of how the government can best raise revenue has become crucial. Government expenditure, driven by an ageing population and growing public sector demands, is expected to rise significantly in the coming years. To ensure the sustainability of its public services, Singapore has introduced various revenue-raising measures, such as the Goods and Services Tax (GST) hikes and property taxes. However, critics question whether these strategies are sufficient or equitable in addressing Singapore’s future needs, specifically whether these strategies generate enough revenue to meet rising fiscal demands and whether the burden is distributed fairly across different income groups. Should the government consider alternative revenue sources like wealth taxes or environmental taxes? How can the government balance fiscal sustainability with social equity and economic growth? Representatives will explore these questions, analyse the effectiveness and impact of current revenue policies, and propose innovative solutions to strengthen Singapore’s fiscal position in the face of rising fiscal demands.
With Singapore’s rapidly aging population, the question of whether seniors should contribute more to the workforce has become increasingly pertinent. The proportion of residents aged 65 and above is projected to reach 23% by 2030 (National Population and Talent Division, 2023), placing significant pressure on both the economy and social support systems. While efforts like raising retirement and re-employment ages have extended senior employment, many seniors still face challenges such as health issues, discrimination, and skills that are increasingly becoming obsolete in today’s workforce. Senior workforce participation offers significant benefits, such as leveraging seniors’ experience and participation to address labour shortages and enhance economic resilience. However, challenges persist, including health issues and age discrimination. Should seniors be encouraged to contribute more to the workforce, and if so, what are the policies and strategies that can help overcome the barriers they face? Representatives will have the opportunity to evaluate the contributions seniors can bring to the workforce, examining their experience, reliability, and potential to address labour shortages.
Image created with the help of OpenAI’s ChatGPT
Image created with the help of OpenAI’s ChatGPT
Absent with apologies : Adithya Karthikeyan Senthilkumar (Chair)
