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According to a report by Accenture, the amount is required due to costs associated with the country's ageing population. -myp
THE Singapore Government may have to spend an additional $13 billion to fund public services by 2025, a new report has found.
According to the report - titled Delivering Public Service For The Future: Navigating The Shifts - by global management-consulting, technology- services and outsourcing company Accenture, the amount is required due to costs associated with the country's ageing population.
Public-service expenditure is defined in the report as "total government spending at the national level, less debt-interest payments".
This includes spending on defence and public safety, education, health care and housing.
To bridge the projectedexpenditure gap, Accenture recommended that the Government "must shift away from piecemeal solutions towards fundamental changes", in terms of raising productivity.
The projected expenditure gap is calculated by comparing the demand-driven projection with the current trajectory for public-service-delivery expenditure. According to the report, improving the efficiency of the public sector by 1.4 per cent annually would close the gap.
Ms Teo Lay Lim, Accenture's managing director for Singapore and Asean, said: "In (the) face of the challenges posed by the ageing population and rising expectation for public services, improving public-sector productivity is imperative to drive and sustain Singapore's economic growth."
In compiling the report, the firm enlisted British-based research consultancy Oxford Economics to project total government spending on public services through 2025. This was done in 10 countries, including Australia, Italy and the United States.
United Nations figures cited in the report showed that Singapore's population aged 65 years and above is set to increase by 146 per cent between 2010 and 2025 - the largest increase of the 10 countries studied.
A poll across 5,000 respondents from those 10 countries showed that 70 per cent of Singaporeans are confident that the Government will be able to deliver public services that meet their needs over the next five years. This is almost double the global average of 37 per cent.
The poll also found that 56 per cent of Singapore respondents are satisfied with the public services they receive.
[email protected]
THE Singapore Government may have to spend an additional $13 billion to fund public services by 2025, a new report has found.
According to the report - titled Delivering Public Service For The Future: Navigating The Shifts - by global management-consulting, technology- services and outsourcing company Accenture, the amount is required due to costs associated with the country's ageing population.
Public-service expenditure is defined in the report as "total government spending at the national level, less debt-interest payments".
This includes spending on defence and public safety, education, health care and housing.
To bridge the projectedexpenditure gap, Accenture recommended that the Government "must shift away from piecemeal solutions towards fundamental changes", in terms of raising productivity.
The projected expenditure gap is calculated by comparing the demand-driven projection with the current trajectory for public-service-delivery expenditure. According to the report, improving the efficiency of the public sector by 1.4 per cent annually would close the gap.
Ms Teo Lay Lim, Accenture's managing director for Singapore and Asean, said: "In (the) face of the challenges posed by the ageing population and rising expectation for public services, improving public-sector productivity is imperative to drive and sustain Singapore's economic growth."
In compiling the report, the firm enlisted British-based research consultancy Oxford Economics to project total government spending on public services through 2025. This was done in 10 countries, including Australia, Italy and the United States.
United Nations figures cited in the report showed that Singapore's population aged 65 years and above is set to increase by 146 per cent between 2010 and 2025 - the largest increase of the 10 countries studied.
A poll across 5,000 respondents from those 10 countries showed that 70 per cent of Singaporeans are confident that the Government will be able to deliver public services that meet their needs over the next five years. This is almost double the global average of 37 per cent.
The poll also found that 56 per cent of Singapore respondents are satisfied with the public services they receive.
[email protected]
