Singapore's old-age support ratio nearly halves in 10 years
Singapore's old-age support ratio -- the number of working adults able to financially support a senior -- nearly halved in the past decade. With lower labour force participation rate for the third year in a row, the Manpower Ministry said there's a need to remain open to a foreign workforce. In 2014, there were six residents aged 20 to 64 for every elderly person aged 65 and over. This year's number almost halved to 3.5. MOM projects this ratio to fall further to less than three in 2030. But if foreign workers are included, there would be five working adults supporting an elderly person.
Singapore's old-age support ratio -- the number of working adults able to financially support a senior -- nearly halved in the past decade. With lower labour force participation rate for the third year in a row, the Manpower Ministry said there's a need to remain open to a foreign workforce. In 2014, there were six residents aged 20 to 64 for every elderly person aged 65 and over. This year's number almost halved to 3.5. MOM projects this ratio to fall further to less than three in 2030. But if foreign workers are included, there would be five working adults supporting an elderly person.
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