Singapores Asset Building Policies: Some Issues and Challenges

1
Singapores Asset Building Policies Some Issues
and Challenges 

• Basic Principles
• Some Emerging Issues
• Implications
• Challenges

2
Inclusive Asset Building Schemes

• Public Housing Scheme
• Medisave and Medishield Schemes
• Edusave Scheme
• Share Ownership Top-Up Scheme
• Home Protection and Dependent Protection Schemes
• Childcare and Child Bonus Schemes
• Workfare Scheme
• Old Age Top Up Scheme

3
Basic Principles

• Non-welfarist emphasis government not the key
  player. Tri-partite involvement of individual,
  corporation and government
• Self-help focus- individual are encouraged to be
  less dependent
• Inclusiveness all persons despite their income
  or social status are eligible to asset building
  programs
• Meritocracy
• Futuristic and developmental

4
Some Emerging Issues

• Impact of globalization- leading to depression of
  wages
• Declining of productive population- therefore
  increasing social burden on younger family
  members
• Employability problems of older workers due to
  economic restructuring these will affect their
  contributions to asset building programs
• Prolong recessions can disrupt the various asset
  building schemes
• Coverage limited to employed but not unemployed

5
Implications of Policies

• Prolonged recessions can disrupt the various
  schemes - therefore require rescheduling of
  contribution
• Encourage productivity and employability -
  working age are motivated to work and save
• Social integration prevents discrimination and
  help racial cohesion
• Reduce state financial burden and promote shared
  social development responsibilities among
  individuals, corporations and government

6
Challenges Ahead in Asset Building Policies

• Graying population and need to enhance
  opportunity for employability by giving
  incentives to employers
• Lowering of income of low skill workers and
  increasing pressure for protective wages
  workfare schemes to reduce wage gaps between
  migrant and local workers

7
Challenges Ahead in Asset Building Policies

• More outreach programs for lower income families
  and increasing edusave and (Kifas) kindergarten
  financial assistance scheme. This will help
  social leveling up in future.
• Future financial meltdown can affect asset
  building programs and this can be obviated by
  retrenchment support scheme contributed by the
  employer and empolyees