11 Nov 2004

Singapore elderly told to toil longer for less

News.Telegraph

Before you read the following article I would like to remind you of the salary of the Ministers in Singapore:

1. Singapore Prime Minister's Basic Salary US$1,100,000 (SGD1,958,000) a year
Minister's Basic: US$655,530 to US$819,124 (SGD1,166,844 to SGD1,458,040) a year


2. United States of America President: US$200,000 Vice President: US$181,400
Cabinet Secretaries: US$157,000

3. United Kingdom Prime Minister: US$170,556 Ministers: US$146,299 Senior Civil
Servants: US$262,438

4. Australia Prime Minister: US$137,060 Deputy Prime Minister: US$111,439
Treasurer: US$102,682

5. Hong Kong Chief Executive : US$416,615 Top Civil Servant: US$278,538
Financial Sec: US$315,077

Source: Asian Wall Street Journal July 10 2000


By Sebastien Berger, South East Asia Correspondent
(Filed: 10/11/2004)

Older people should work longer for less money, Singapore's ageing population has been told.

The official retirement age in the city-state is 62, but Lee Kuan Yew, Singapore's founding father, said he was working on a scheme to allow workers to remain in employment. However, because their strength and energy would be less, the pay would be lower.

Mr Lee, 81, still sits in the cabinet, with the title of minister mentor, and retains huge influence in the government, which is headed by his son, Lee Hsien Loong.

"I've been lucky," he said. "My father lived to 90-plus and I don't abuse my body unnecessarily. So if I had to retire at 62, it's a dead loss."

Singapore's birth rate is at an all-time low. On current trends, the number of over-65s will quadruple by 2030, threatening the economy.

Mr Lee pointed out that medical costs, which must be met by individuals or through insurance, rise with age and working for longer would allow people to build up more savings.
End of Article.

Mr Lee says "I've been lucky,", yeah right! That's one way of saying it.

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