Singapore Economy: The New and The Dual

Chua, Hak B.

doi:10.1142/9789812708243_0002

Cited by 13 publications

(18 citation statements)

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“…As capital income is more unequally distributed, its increasing share implies rising inequality and constrained consumption capacity among low‐ and middle‐income households. Public policies, particularly centring on a reduced tax burden on capital income 6 and reduced mandatory contributions by employers to the CPF, have been partially responsible for the declining share of wages (Chua, 2007a).…”

Section: Socio‐economic Contextmentioning

confidence: 99%

“…It is estimated that the cumulative impact on average wages of the CPF cuts (in employers' contribution rate and in the salary ceiling) during 2003‐06 was minus 3.6 per cent and that of income tax cuts during 2002‐07 was plus 0.8 per cent (Chua, 2007a). The overall net impact was significantly negative, particularly for the middle‐income groups.…”

Section: Socio‐economic Contextmentioning

confidence: 99%

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Singapore's policy responses to ageing, inequality and poverty: An assessment

Asher

Nandy

2008

Int Social Security Review

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Singapore represents an instructive case study in responding to rapid ageing, growing inequalities, and significant relative poverty. Unlike other high-income Asian countries, it has relied on single-tier mandatory savings to finance retirement, housing, and to a lesser extent, healthcare. To address the low fertility rates, it has permitted the share of the non-citizen population to triple between 1990 and 2005 to nearly 30 per cent. This is subtly altering Singapore's socio-political dynamics, while assisting in sustaining growth and competitiveness. The paper argues that Singapore has the fiscal, institutional, and organizational capacities for a modern multi-tier social security system. Singapore is, however, determined to continue with current inadequate and inequitable arrangements, requiring individuals and their families to bear disproportionate risks in financing retirement, healthcare, and short-term income support. This reflects conscious policy choices arising from a Darwinist vision of society, and the need for socio-political control.Singapore, an affluent 1 and rapidly ageing city State, has pursued a strategy of high-growth, 2 high net immigration, and minimal social risk-pooling elements in its social safety nets to manage globalization. As

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Section: Socio‐economic Contextmentioning

confidence: 99%

Section: Socio‐economic Contextmentioning

confidence: 99%

Singapore's policy responses to ageing, inequality and poverty: An assessment

Asher

Nandy

2008

Int Social Security Review

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“…Puesto que los ingresos procedentes del capital están distribuidos de forma más desigual, su aumento supone un aumento de la desigualdad y una limitación de la capacidad de consumo en las familias de ingresos medios y bajos. Las políticas públicas, que se concentran sobre todo en reducir la carga impositiva sobre los ingresos procedentes del capital 6 y en reducir las cotizaciones obligatorias pagadas por los empleadores al FPC, han sido parcialmente responsables de la disminución de la parte representada por los salarios (Chua, 2007a).…”

Section: Contexto Socioeconómicounclassified

Evaluación de las respuestas políticas de Singapur al envejecimiento, la desigualdad y la pobreza

Asher¹,

Nandy²

2008

Revista Int Seguridad Social

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Extracto Singapur es un interesante caso de estudio en cuanto a la respuesta a un rápido envejecimiento, a las crecientes desigualdades y a una importante pobreza relativa. Por oposición a otros países asiáticos de altos ingresos, Singapur se basó en un régimen de ahorros obligatorio de un solo pilar para financiar la jubilación, la vivienda, y en menor medida, los cuidados de salud. Para responder a las bajas tasas de fertilidad, se ha permitido que la parte representada por la población extranjera se triplique entre 1990 y 2005, hasta alcanzar casi un 30 por ciento. Esto está alterando sutilmente la dinámica sociopolítica de Singapur, ayudando al mismo tiempo a mantener el crecimiento y la competitividad. En este documento sostenemos que Singapur tiene las capacidades fiscales, institucionales y de organización necesarias para tener un régimen de seguridad social moderno compuesto por múltiples pilares. Singapur está, sin embargo, determinado a continuar con el régimen actual, inadecuado e injusto, y que exige que los individuos y sus familias corran con parte exagerada del riesgo en la financiación de la jubilación, de los cuidados de salud y del mantenimiento del ingreso a corto plazo. Esto es el reflejo de decisiones políticas deliberadas producto de una visión Darwinista de la sociedad, así como de la necesidad de mantener un control sociopolítico.

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“…Thus, Singapore's Gini Coefficient (a measure of income inequality) increased from 0.44 in 1990 to 0.48 in 2000, to 0.52 in 2005, with the rising value implying greater inequality. The ratio of disposable income of the highest 20% to that of the lowest 20% has also increased from 11.4 in 1990 to 20.9 in 2000 (Taipei,China's corresponding figures are 5.2 and 5.6) (Chua 2007). …”

Section: Introductionmentioning

confidence: 99%

“…The median shortfall for the remaining members was $49,300, nearly 50% of the minimum sum. 14 Chua (2007) has argued that the inflation rate in Singapore, as measured by the Consumer Price Index (CPI) is significantly understated, primarily because of the way the housing component is incorporated. This could result in even lower real rates of return.…”

mentioning

confidence: 99%

Managing prolonged low fertility: the case of Singapore

Asher

Nandy

2009

Journal of Asian Public Policy

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. ADBI's discussion papers reflect initial ideas on a topic, and are posted online for discussion. ADBI encourages readers to post their comments on the main page for each discussion paper (given in the citation below). Some discussion papers may develop into research papers or other forms of publication. The views expressed in this paper are the views of the authors and do not necessarily reflect the views or policies of ADBI, the Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms. Terms of use: Documents in ADBI Discussion Paper 114Asher and Nandy AbstractThis paper analyzes Singapore's multi-pronged approach to managing prolonged low fertility which has led to population aging, labor force shortages, increasing elderly dependency ratios, and feminization of the elderly population. This approach has emphasized high growth, and has given priority to becoming an attractive business location over providing adequate and equitable retirement and health financing; and has pursued policies designed to generate high levels of net immigration. The chosen policy priorities have created a dilemma centering on ensuring Singapore's business competitiveness on the one hand, and meeting its residents' needs and expectations on the other. In spite of many measures to boost fertility levels (official Total Fertility Rate was 1.29 in 2007, a rate at which population is reduced by 50% in 45 years), as well as high net immigration, population aging is expected to accelerate after 2010. This, along with high income inequalities (Gini coefficient was 0.52 in 2005), will make continuation of current policy priorities even more challenging for the policymakers. While future policy developments are difficult to predict, greater political contestability is likely to hasten the path toward policy priorities which give greater weight to the needs and expectations of the current Singapore residents, even if that leads to lower (but more sustainable and socially cohesive) growth.

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Singapore Economy: The New and The Dual

Cited by 13 publications

References 0 publications

Singapore's policy responses to ageing, inequality and poverty: An assessment

Singapore's policy responses to ageing, inequality and poverty: An assessment

Evaluación de las respuestas políticas de Singapur al envejecimiento, la desigualdad y la pobreza

Managing prolonged low fertility: the case of Singapore

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