Singaporean Model of Social Security in the Context of Ageing
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概要
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As the consequence of soaring financial burden of social security, world is considering, modifying, contracting out or switching the existing systems towards the funded ones. This study reviews the overall system of social security in Singapore and concentrates on Central Provident Fund (CPF) which is the most fundamental- working on self-funded basis. Besides CPF, non-contributory pension system and voluntary saving scheme cover the selected group of upper income while assistive schemes remain stringently limited to benefit the lower income group in Singapore. Along with the process of rapid economic development and industrialization, CPF, which originally aims to accumulate the saving for retirement through individual accounts, has expanded to contain various schemes of social security. Despite the self-funded nature of the CPF, wider coverage covered by a single consolidated instrument, and cost effective health care system and supportive role of voluntary activities constitute the elegant characteristics in the overall social security arrangements in Singapore. Low replacement rate, lack of risk pooling and protection for less-advantaged, lack of proper combination with tax system and non-transparency are the major issues identified in the CPF scheme. Generous treatment for the pre-retirement withdrawal and lack of access to the global financial market for investment are main reasons for insufficiency of saving for its ageing population. Due to the purely funded nature of the system, it has remained quite vulnerable against the turmoil in financial market. Tax financed minimum support along with risk-pooling mechanism is essential in the system to introduce redistributive elements and reduce the risks against financial market.
- 大阪産業大学の論文
- 2005-10-30