MINISTER of Social and Family Development Chan Chun Sing says any introduction of a Pioneer Generation Package 2 will depend on whether Singapore has the financial means to do so and the societal will to honour those who have contributed pioneering efforts.
As a country with one of the world's highest per capita gross domestic product and monetary reserves, our country definitely has the financial wherewithal to expand the package to benefit more seniors, and the purse strings can be further loosened.
In fact, it was stated that interest collected on the fund set up for the $8 billion first package would be enough to sustain recurring expenditure for the scheme.
Can we generate another similar quantum of money for Part 2 without drawing down on our reserves?
A back-of-the-envelope calculation would show that certificate of entitlement revenue for three years alone would be enough to help another soon-to-reach-65 cohort with its medical expenses for 20 years.
Yes, there are young people out there who fear that another pioneer package, or subsidised MediShield Life premiums, for the elderly would result in them assuming the financial burden.
Fortunately, we remain a steadfastly Asian society with most of the respect, deference and honour for our elders still intact, so the majority would not begrudge helping the old.
It would help if elderly beneficiaries are appreciative of the sacrifices that others have made for their privileges, and not regard these as their right, as some are already wont to do.
Yik Keng Yeong (Dr)
As a country with one of the world's highest per capita gross domestic product and monetary reserves, our country definitely has the financial wherewithal to expand the package to benefit more seniors, and the purse strings can be further loosened.
In fact, it was stated that interest collected on the fund set up for the $8 billion first package would be enough to sustain recurring expenditure for the scheme.
Can we generate another similar quantum of money for Part 2 without drawing down on our reserves?
A back-of-the-envelope calculation would show that certificate of entitlement revenue for three years alone would be enough to help another soon-to-reach-65 cohort with its medical expenses for 20 years.
Yes, there are young people out there who fear that another pioneer package, or subsidised MediShield Life premiums, for the elderly would result in them assuming the financial burden.
Fortunately, we remain a steadfastly Asian society with most of the respect, deference and honour for our elders still intact, so the majority would not begrudge helping the old.
It would help if elderly beneficiaries are appreciative of the sacrifices that others have made for their privileges, and not regard these as their right, as some are already wont to do.
Yik Keng Yeong (Dr)
