That is the reason why when we reached a Perfect Economy, The Economy of Abundance, we can afford a Basic Universal Income for all, if you are working or not, to spend time with your family, as AI and automation will change the entire global markets, giving you free time to go after your interests, a better life for all. Contributed by Oogle.
This is very very crappy. Not the article but the non-answers from the ministries. But first, the awful stats – 4 out of 5 senior depended on handouts from their children, which yours truly had repeated ad nauseam perpetuates intergeneration poverty and inequality. Simply because the lower and middle income transfers a higher percentage of their disposable income to support parents than the high income. If what is taken away from children is considered tax and what parents received is benefit, i.e. in cashflow terms, then one can see how regressive this is.
Now the crappy non-answers and this should be worrying. The director from the MoM says the ministry does not keep track on the financial status of those who have chosen to withdraw their CPF savings and he did not comment how many Singaporeans have outlived their CPF payouts, Both the MoM and MSF did not say if they collect data on whether the elderly have enough for retirement if various sources such as CPF, savings and investments are taken into account. Might this be the disconnect between how retired lives are lived and government policies? Yours truly have frequently remarked about gaps that skews the inequality data on which the ministers are pontificating about but this seem even more pervasive. Finally it dumbass obvious that future cohorts have more resources to fund their retirement simply because of rising income in the past decades but will that be enough to cover rising cost of living and healthcare inflation? In any case, should we pat our shoulders that future cohorts have more resources in light of the present cohorts’ difficulties? Guess not.