Answer:
First of all, this issue of ageing workforce is not unique to Singapore. From various published reports we know for a fact that the world’s population as a whole is ageing - and this is true of the Asia region too. Today Asia accounts for one-half of the world’s older population.
By 2050 this is set to increase to two-thirds. By every measure, Japan has the oldest population - not just in Asia, but globally. Singapore is not far behind with ageing populations on a par with Europe where the challenge of the ageing population is widely recognised and hotly debated.
With the highest median ages, longest life expectancy rates and among the lowest fertility rates in the region, Singapore is already facing the immediate challenges of declining populations and talent shortages.
At current birth rates and without immigration, Singapore’s citizen population will start to age and shrink. Between 2011 and 2030, the median age of the citizen population will rise from 39 years to 47 years.
Explanation:
