SINGAPORE: Singapore's CPF system and the 3Ms of healthcare - Medisave, Medishield and Medifund - will be tweaked within the next five years.
This is to see to the needs of elderly Singaporeans.
Minister Lim Boon Heng, tasked with tackling ageing issues, will start work on his new role in January when he steps down as Chief of the Labour Movement by the end of the year.
"The Central Provident Fund is the bedrock of retirement financing for older Singaporeans," says the Minister in the Prime Minister's Office.
He says some things will have to change as the number of elderly Singaporeans above 65 looks set to hit 575,000 by the year 2020.
"We will have to relook at the CPF to see how we can fine-tune it to provide more for the people when they actually retire and draw it down. That will include - can we get better returns from their CPF savings? Can we re-apportion the contributions whether it is to the Ordinary, Special Accounts and Medisave to ensure there is money when a person really needs the funds?
"Do we do enough with the CPF system to give people a better assurance that they will have greater financial security at their old age? Would we have done enough with respect to changes in the 3Ms system to give people greater comfort that if they should fall sick, they will be taken care of?"
Mr Lim aims to do this over the next five years while encouraging active ageing among senior citizens.
He cites examples of learning circles in Scandinavia and Japan, where the community plays a role in taking care of the elderly.
One useful model being looked at here in Singapore is a community network at the grassroots level to help the elderly age gracefully and smoothly.
"The most cost-effective way is some kind of community network and at the same time, it also can be supplementary if people living in the same area get together to enjoy some things socially. The social aspects will support the care and medical aspects of the elderly," Mr Lim says.
Incentives to encourage older Singaporeans to work beyond the retirement age of 62 and more re-employment options for retirees are also under study.
Mr Lim, who is 59 years old this year, says he is also part of this ageing baby-boomer group and he hopes this will put him in a better position to understand their concerns and worries.
While adding that the Government will not set up a special ministry to look into the ageing issue, he will work with the various ministries involved to tackle the problems. - CNA/so
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CPF system & 3Ms of healthcare to be tweaked for elderly Singaporeans 
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