Forum: Stronger safety nets needed for low-income seniors

Recently, I spoke to a friend about the growing concern over the financial vulnerability of ageing Singaporeans. Many are struggling to retire with dignity amid the rising cost of living and healthcare expenses.

While Prime Minister Lawrence Wong’s National Day Rally speech emphasised giving substantial help to young couples, encouraging them to have children, we cannot lose sight of the urgent, everyday needs and challenges of our elderly citizens.

Unlike many young professionals, many among our elderly do not have the financial cushion or the option to relocate to neighbouring countries. Singapore is their only home, and they are feeling the pressure acutely.

My 65-year-old uncle just lost his job as a security guard after failing a routine medical examination. With limited savings and few transferable skills suitable for desk-bound jobs, he now lives from month to month. My cousins provide what they can, but with their own children and household expenses, their monthly pay is barely enough to cover his basic expenses and medication.

Unfortunately, his experience is far from isolated. Instead of transitioning to less strenuous positions, most seniors are finding their employment options limited and narrowing to low-wage, physically demanding labour in cleaning, security or food services.

It’s a bad time for them to lose their jobs when chronic ailments or their failing health is catching up with them. For many like my uncle, the only way out is to downgrade their homes, cut down on meals or defer necessary medical care ^_ essentially diminishing their quality of life in their last years.

These seniors have spent their youth building the foundation for Singapore’s economic success. It is disheartening to know that for a significant number, retirement is synonymous with financial anxiety and worry, instead of hard-earned rest and peace of mind.

We need to re-examine how we can better support this demographic. Beyond the Central Provident Fund payouts and annuities, don’t we need more flexible employment programmes tailored to seniors with minor health limitations? 

We need stronger safety nets for low-income seniors. I hope that more Singaporeans can look forward to their silver years with a firm sense of security, not a real fear of survival.

Evelyn Ng