Old-age income insecurity in Singapore: a problem of non-inclusive development

Mukhopadhaya, Pundarik and Venaik, Sunil (2014) Old-age income insecurity in Singapore: a problem of non-inclusive development. Australian Economic Papers, 53 3: 184-206. doi:10.1111/1467-8454.12035

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Author Mukhopadhaya, Pundarik
Venaik, Sunil
Title Old-age income insecurity in Singapore: a problem of non-inclusive development
Journal name Australian Economic Papers   Check publisher's open access policy
ISSN 0004-900X
1467-8454
Publication date 2014-12
Year available 2014
Sub-type Article (original research)
DOI 10.1111/1467-8454.12035
Open Access Status
Volume 53
Issue 3
Start page 184
End page 206
Total pages 23
Place of publication Richmond, VIC, Australia
Publisher Wiley-Blackwell Publishing Asia
Collection year 2015
Language eng
Formatted abstract
With a growing old-age population, ensuring income security for the elderly is becoming an increasingly important element of public policy worldwide. The World Bank report proposed a three-tier system to avert old-age crisis, which was extended into a five-tier system by Holzmann et al. Our analysis of Singapore's old-age income security system in light of these two systems shows that it lacks the basic zero and first pillars of protection against old-age hardships. We show that a budget allocation of less than half a percent of national gross domestic product (GDP) can ensure that no elderly citizen suffers from poverty in Singapore. As Singapore occupies the status of a developed country, a government-financed pension system that is adequate, affordable, sustainable and robust is long overdue.
Keyword Income security
Elderly
Singapore
Q-Index Code C1
Q-Index Status Confirmed Code
Institutional Status UQ

Document type: Journal Article
Sub-type: Article (original research)
Collections: Official 2015 Collection
UQ Business School Publications
 
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Created: Mon, 30 Mar 2015, 12:22:32 EST by Karen Morgan on behalf of UQ Business School