Singapore Perspectives 2012

The following sections are included:

• Contents

• Foreword

• Acknowledgements

• Editors' Acknowledgements

Building a fair and inclusive society is at the heart of our role as Government.

It is about both social and economic strategies, as they are bound inextricably together. The first question we must always ask ourselves is: how do we make our living in the world? How does Singapore move up in manufacturing, how do we gain appeal as a global city, in services, and how can we ensure that those who do well are not just those in the top 20 per cent but also average Singaporeans and those in the bottom 20 per cent of incomes?

The story of how China and other emerging countries have depressed wages for low-skilled jobs all over the world is well-known. But the next chapter has also begun. Pressure is shifting to the middle of the workforce, as more white-collar jobs are replaced by technology or cheaper competition. The result has been stagnant middle class incomes in most developed economies, in some cases a real decline over more than a decade…

The following sections are included:

• INTRODUCTION

• DISTRIBUTION OF THE PROCEEDS OF PRODUCTION

• COULD THE WAGE SHARE GET BIGGER OVER TIME?

• DISTRIBUTION AND GROWTH OF HOUSEHOLD INCOME

• INCOME GROWTH OF HOUSEHOLDS, 2000–2010

• HOW HAVE HOUSEHOLDS COPED WITH RISING INCOME INEQUALITY?

• INCOME GROWTH AND UPWARD MOBILITY

• THE 'PR' COMPETITION

• CONCLUSION

Singapore is undergoing a major transition. The pace of economic restructuring has accelerated following the watershed elections early last year, where the People Action Party's (PAP) share of the popular vote fell to a historical low. The government has also responded to ground concerns about widening income inequalities, congestion and rising housing costs…

The following sections are included:

• INTRODUCTION

• MACROECONOMIC TRENDS IN THE SINGAPORE LABOUR MARKET

• RETIREMENT ADEQUACY OF SINGAPORE WORKFORCE

• SIMULATION ASSUMPTIONS

• SIMULATION RESULTS

• INFLATION-ADJUSTED CPF CONTRIBUTION CEILING

• INCREASE IN TOTAL CPF CONTRIBUTION RATE

• EFFECT OF PROPERTY PURCHASE ON RETIREMENT ADEQUACY

• EFFECT OF UNEMPLOYMENT ON RETIREMENT ADEQUACY

• ANNUAL WAGE GROWTH NEEDED TO ACHIEVE RETIREMENT ADEQUACY

• INCREASE IN CPF RETURNS ON RETIREMENT ADEQUACY

• CONCLUSION

• REFERENCE

Singapore's healthcare system has received accolades globally since 2000 when the World Health Organization proclaimed Singapore's system the 6th best in the world . Recently, World Health Statistics 2010 ranked Singapore 2nd lowest for Infant Mortality Rate and 9th highest for Life Expectancy at birth (81 years) . Singapore enjoys a constant stream of visitors from around the world seeking to understand how Singapore can achieve such sterling health indicators, while still spending relatively little on healthcare. Singapore spends 3.9 per cent of Gross Domestic Product (GDP) on health which is less than half that of the United Kingdom (UK) (9.4 per cent) and not even a quarter that of the United States of America (16.2 per cent) . The dream of every health planner (and citizen) — high quality, low cost and universal access—seemed to have been realized in Singapore.

The following sections are included:

• INTRODUCTION

• STATISTICS ON HOUSING PRICE APPRECIATION

• REASONS FOR APPRECIATION OF HDB PRICES

• CHALLENGES FOR THE FUTURE: THE HDB POLICY CONUNDRUM

The following sections are included:

• INTRODUCTION

• "HOME AS A NEST EGG" — AN ASSET-BASED SOCIAL SECURITY

• DESIGN ISSUES DURING PAYOUT PHASE AND UNLOCKING HOUSING EQUITIES

• TRADE-OFFS BETWEEN RETIREMENT ADEQUACY AND HOUSING FINANCING

• OTHER MECHANISMS TO ENHANCE RETIREMENT ADEQUACY AND HOUSE OWNERSHIP

• REFERENCES

The bulk of public discussion about last year's general elections has been political governance and particularly, relations between the electorate and government. No doubt social media and a new, younger electorate have changed expectations and are redefining the relationship. But the divide is not just between the governed and the governing. Issues surfaced in the elections which indicate that other social fissures exist in Singapore society…

Democracy encourages us to believe in the ideal of the sovereign and competent citizen; one who pays attention to public affairs and bases his decisions on a thorough appraisal of the options facing his society. This ideal may be lofty but it is unrealistic, says one critic. It is an unattainable ideal and, therefore, bad, "in the sense that is it bad for a fat man to try to be a ballet dancer". "An ideal should express the true possibilities of its subject," he says. Really, individuals do not know what's going on in public affairs, he adds. "I cannot imagine how he could know, and there is not the least reason for thinking, as mystical democrats have thought, that the compounding of individual ignorance in masses of people can produce a continuous directing force in public affairs."…

The following sections are included:

• BIG GOVERNMENT

• GOVERNMENT IN SINGAPORE

• THE PARADOX OF GOVERNMENT

• THE CHANGING ROLE OF GOVERNMENT

• BIG MARKETS

• ENGAGING BIG SOCIETY

• PUBLIC INFORMATION

• PUBLIC CONSULTATION

• CONSENSUS-BUILDING

• CO-CREATION

• THE FUTURE OF BIG SOCIETY

The following sections are included:

• BACKGROUND PAPER

• About the Contributors