This has been a key year for Singapore as it welcomed Lawrence Wong as its new prime minister on May 15, a first after almost two decades.
Wong, 51, replaces Lee Hsien Loong, 72 – the eldest son of the country’s first prime minister Lee Kuan Yew.
Hsien Loong, who is now a senior minister in the Singapore Cabinet, served as prime minister since August 2004.
Recently, this writer was part of a media delegation attending a week-long Malaysian Journalists’ Visit programme in the island republic.
This was the 16th such engagement with the Malaysian media, and it was organised by Singapore’s ministry of digital development and information in collaboration with the ministry of foreign affairs.
I had the opportunity to meet and interact with at least six government ministers, drop in at an MP’s service centre, interact with senior government officials, connect with fellow journalists in Singapore as well as visit a public housing hub (HDB), youth hub and care centre for elderly citizens.
It was quite a hectic programme, but I was able to witness another side of their politicians, who are always regarded as “careful and guarded when dealing with the media”.
They were actually candid and obliging, especially when answering questions.
The ministers, both young and old, seemed to have a strong grasp of issues within their portfolios.
They didn’t reply based on scripted answers or needed much help from their officers.
There was also not much fanfare around them and the government officers casually called the ministers “SMS so and so”, which is a local reference for “senior minister of state”.
One remark that stood out during the chats was when Singapore’s minister for social and family development Masagos Zulkifli said that a prosperous Malaysia was a prosperous Singapore, while a problematic Malaysia would be a problem for Singapore, as the nations are neighbours.
Singapore, spanning about 735.6 sq/km and smaller than Penang, may be one of the richest countries in the world with huge reserves, but they too have their share of issues, including rising cost of living and an ageing population.
It is predicted that by 2030, at least one in four Singaporeans will be over the age of 65.
Singapore senior minister of state for manpower and defence, Zaqy Mohamad (left) talking to a media delegation during the Malaysian Journalists’ Visit Programme to Singapore.
Singapore’s birth rates have fallen to a historic low, but with better healthcare, their average life expectancy is up to 83 years old.
The island republic is also planning to increase their retirement age and the government subsidises around S$200,000 (RM667,000) for education fees, from preschool up to secondary school level.
The country presently has a population of about 5.92 million people.
To cope with these future challenges, Singapore has raised its goods and services tax (GST) at least six years in advance.
Despite their deep pockets in terms of reserves, whether in cash or gold, they plan to keep that for future uncertainties such as a major disaster similar to the Covid-19 pandemic.
Another point of note is that a significant number of Singaporeans are reported to have at least S$102,900 (RM343,214) − the basic sum needed for retirement − in their Central Provident Fund (CPF), along with some form of assets.
Wong, during his tenure as deputy prime minister, had embarked on the country’s biggest engagement programme over a 16-month period.
He had gathered feedback from more than 200,000 Singaporeans, young and old, on various issues affecting them.
The 180-page “Forward Singapore” report was made public with key agendas setting out their country’s roadmap for the next decade and beyond.
Malaysia, with a population of over 30 million, will be faced with the same dilemma in the future.
The most important question is, do we have enough savings in our Employees Provident Fund (EPF) to retire at 60?
Do you continue working past retirement or rely on your children or the government when you continue living until 83?
What happens if you have no kids or relatives to rely on?
Does the government have the means or resources to care for an ageing population, including subsidising their needs, mainly healthcare, until the age of 83?
What happens if you live past 100? During my visit to an elderly care centre in Bukit Batok West, Singapore, there were a few centenarians at the facility.
This year, our EPF launched a flexible account (Account 3) for Malaysians for that “rainy day”.
However, many have already made the transfer and instead of using the money for emergencies, have started splurging on personal stuff including downpayment on a new car or even a holiday.
Each year, Aug 31 is a significant day for us as it is our country’s day of independence.
However, this Saturday will also be the last day to transfer your funds in EPF to the flexible account.
Please make a wise choice for your future’s sake.
