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Our rapidly ageing population is very much in the news, with the ongoing debate in Parliament on the Budget and the impact of an ageing society on public finances.
Singapore reaches a population milestone in 2018: The total number of senior citizens at 65 years and older equals the number of young people at 15 years and younger.
Singaporeans are not merely ageing fast. The number of deaths each year is expected to increase rapidly as baby boomers advance into their 80s. By the year 2030, the total number of citizen deaths per year is likely to exceed the number of births.
The large cohort of baby boomers, defined as those born in the post-World War II economic boom period of 1945 to 1964, coupled with steadily falling birth rates in more recent decades, has resulted in an inverted population pyramid. Today, that generation of baby boomers is aged between 54 to 73.
Assuming that both the fertility rate and the mortality rates of the various age categories of Singaporeans remain constant, we will reach a milestone where deaths exceed births in the year 2030.
So far, the discussion on an ageing population has largely been focused on the costs of healthcare and social support. It is time to consider the impact on another area – public housing. The increasing deaths and a reducing base of young people have huge implications for public housing.
More at http://www.straitstimes.com/opinion/prepare-for-supply-avalanche-as-ageing-hdb-flat-owners-die
Singapore reaches a population milestone in 2018: The total number of senior citizens at 65 years and older equals the number of young people at 15 years and younger.
Singaporeans are not merely ageing fast. The number of deaths each year is expected to increase rapidly as baby boomers advance into their 80s. By the year 2030, the total number of citizen deaths per year is likely to exceed the number of births.
The large cohort of baby boomers, defined as those born in the post-World War II economic boom period of 1945 to 1964, coupled with steadily falling birth rates in more recent decades, has resulted in an inverted population pyramid. Today, that generation of baby boomers is aged between 54 to 73.
Assuming that both the fertility rate and the mortality rates of the various age categories of Singaporeans remain constant, we will reach a milestone where deaths exceed births in the year 2030.
So far, the discussion on an ageing population has largely been focused on the costs of healthcare and social support. It is time to consider the impact on another area – public housing. The increasing deaths and a reducing base of young people have huge implications for public housing.
More at http://www.straitstimes.com/opinion/prepare-for-supply-avalanche-as-ageing-hdb-flat-owners-die
