Strategies to overcome an ageing population

Sean Tan
Mind Map by Sean Tan, updated more than 1 year ago
Sean Tan
Created by Sean Tan over 6 years ago



Resource summary

Strategies to overcome an ageing population
  1. 'Many Helping Hands' approach
    1. Everyone has a part to play in helping the nation prepare for an ageing population
      1. By sharing the responsibility of taking care of senior citizens, government's burden is reduced
        1. government rely less on increasing taxes
          1. resources saved can be used to meet other needs of the nation
    2. Individual responsibility
      1. Healthy lifestyle
        1. The individual is encouraged to maintain a healthy lifestyle by watching his diet and exercising regularly
        2. Financial planning
          1. Singaporeans encouraged to plan early and be financially prepared for life in their old age
            1. Individuals can learn about retirement planning through attending talks and reading relevant materials
          2. Community Help
            1. Government provides subsidies to voluntary welfare organisations that run community-based services for senior citizens
              1. Example of an organisaton
                1. Home Nursing Foundation for Elders
                2. Most organisations involve members of the community such as
                  1. housewives, students and retirees
                  2. Offer free health checks and organise recreational activities for senior citizens
                  3. Family support
                    1. Strong and stable families bring about social stability and harmony
                      1. Family is the main source of emotional, social and financial support
                        1. The Senior Citizens' Week
                          1. held annually in November since 1979
                            1. encourages elderly to stay active in the family and community
                          2. Grandparents' Day
                            1. celebrated in November
                              1. to bring families together to show their appreciation for the elderly
                          3. Government support
                            1. Tax relief
                              1. Taxpayers can claim an income tax deduction for..
                                1. taking care of elderly parents, grandparents or great grandparents
                                  1. Contributing to their own or their elderly dependents' CPF retirement accounts
                                    1. grandparents taking care of grandchild/children while both parents work
                                  2. Central Provident Fund (CPF)
                                    1. Special Account
                                      1. For retirement, emergency and investment purposes
                                      2. Retirement Account
                                        1. CPF members can withdraw their savings when they are 55 years old
                                          1. Above the age of 62, CPF members will receive a monthly sum from their Retirement Account
                                            1. To ensure that senior citizens will still have some money for their old age
                                          2. Ordinary Account
                                          3. Public housing scheme
                                            1. First-time buyers of government flats can get a housing grant if they buy a flat in the area where their parents live
                                            2. Tribunal for the Maintenance of Parents
                                              1. Parents can get court's help to seek financial support from their children who are capable of supporting them, but are not doing so.
                                                1. The parents, however, must be incapable of supporting themselves financially and must be over 60 years old
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