dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Social Links
  • zedreviews.com
  • citi.io
  • aster.cloud
  • liwaiwai.com
  • guzz.co.uk
  • atinatin.com
0 Likes
0 Followers
0 Subscribers
dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
  • Lah!

Latest Data Shows Progress Made By Each Generation of Singaporeans: Improvements In Education, Employment, Wages, Residential Property Ownership

  • October 23, 2019
Total
0
Shares
0
0
0

Compared to older age groups, Singaporeans in their 40s today are more educated, better able to find jobs, earn more, save more, and live longer and healthier years.

These are some of the key findings in a new MOF report on socio-economic outcomes of Singaporeans born in 1940 – 1979.

Improved Education

Educational attainment levels have improved across the cohorts of Singaporeans studied in the report, in line with enhanced access and improvements in the quality of the education system. Only 22% of Singaporeans born in 1940 – 1949 went beyond secondary school, compared to 79% of those born in 1970 – 1979.

Younger Singaporeans who are not included in the current study are expected to attain even higher educational qualifications. Today, students benefit from well-resourced schools and a large degree of flexibility in the education system, where they can choose from multiple pathways based on their strengths and talents.

Higher Employment Rates, Wages and Savings

With higher qualifications, younger Singaporeans are better able to find jobs, earn higher wages, and save more for retirement. Comparing each cohort when they were in their 40s, the Labour Force Participation Rate for those born in 1970 – 1979 is 89%, compared to 79% for those born in 1950 – 1959. The median real gross monthly income from work (including employer CPF contributions) for those in their 40s is $5,900 for the younger group, more than double that of the $2,800 earned by the older group1 . Looking at CPF balances in the Ordinary Accounts and Special Accounts of Singaporeans in their 40s, the median for the younger group is three times that of the older group, after adjusting for inflation. For balances at the 20th percentile, the younger group has more than seven times the balances of the older group, again after adjusting for inflation.

Today, the Government intervenes actively to support Singaporeans who want to work, such as by supporting skills development and employment facilitation. For example, the Adapt and Grow initiative helps jobseekers affected by economic slowdowns to get back into employment as soon as possible. Employers also benefit from various grants and programmes to upskill their workers.

Higher Residential Property Ownership Rates

Higher wages and savings have contributed to high residential property ownership rates for Singaporeans. Residential property ownership rates have improved from 76% for those born in 1940 – 1949 to around 85% for the younger cohorts. Most HDB dwellers have leases that are long enough to cover them until at least age 95. This also means that they have an asset that can be monetised if necessary, to supplement their retirement needs (for example, by right-sizing or through the Lease Buyback Scheme).

Longer Life Expectancies

Singaporeans are living longer, healthier years. The life expectancy at age 45 has risen from 35 years in 1999 to 41 years in 2017, accompanied by a similar rise in Health Adjusted Life Expectancy at age 45 from 29 years in 1999 to 33 years in 2017.

With enhanced healthcare schemes like MediShield Life, CareShield Life, Community Health Assistance Scheme, Screen For Life, younger Singaporeans will be better prepared for their healthcare needs, including the early detection and management of conditions.

Decrease in Family Support

Although subsequent generations of Singaporeans have a better quality of life and more personal resources for retirement, lower marriage rates and smaller family sizes may mean less available support from the immediate family. The Government will continue to work closely with community partners to support those who may need additional assistance, even as we encourage the strengthening of inter-generational family bonds. The Government will also do more to help Singaporeans to upskill, earn and save more.

Background

The report is prepared by the Ministry of Finance, with inputs from various ministries. These indicators reflect how socio-economic outcomes have changed across generations, as Singapore progressed from Third World to First. For comparability, they are grouped into four 10-year age bands to show the improvements in Singaporeans’ quality of life over time – Singaporeans born in the 1940s (1940 – 1949); Singaporeans born in the 1950s (1950 – 1959); Singaporeans born in the 1960s (1960 – 1969); and Singaporeans born in the 1970s (1970 – 1979). The report is available at www.mof.gov.sg.

Total
0
Shares
Share
Tweet
Share
Share
Related Topics
  • Education
  • Health
  • Jobs
  • Singaporean
majulah

Previous Article
  • Lah!

Jewel Changi Airport Marks Six Months Of Operations With A Grand Opening Celebration

  • October 23, 2019
View Post
Next Article
  • Lah!
  • Technology

Autonomous Vehicle Testbed To Be Expanded To Western Singapore – Continued Emphasis On Public Safety

  • October 24, 2019
View Post
You May Also Like
View Post
  • Lah!

Tariffs, Trump, and Other Things That Start With T – They’re Not The Problem, It’s How We Use Them

  • John Francis
  • March 25, 2025
View Post
  • Lah!

Canonical announces 12 year Kubernetes LTS

  • John Francis
  • March 4, 2025
dotlah-smartnation-singapore-lawrence-wong
View Post
  • Artificial Intelligence
  • Featured
  • Features
  • Lah!
  • Machine Learning
  • Technology

Growth, community and trust the ‘building blocks’ as Singapore refreshes Smart Nation strategies: PM Wong

  • Dean Marc
  • October 9, 2024
dotlah-singapore-ndp-2024
View Post
  • Lah!

Here’s what to expect for NDP 2024!

  • dotlah.com
  • August 9, 2024
dotlah-singapore-airlines_may_21-1716298816
View Post
  • Lah!

Severe turbulence during Singapore Airlines flight leaves several people badly injured. One man died

  • majulah
  • May 22, 2024
dotlah-pm-lee-lawrence-wong-9656d4cd-1fa4-40ed-905d-e19e639b8476_728802dd
View Post
  • Lah!
  • People
  • Politics

End of Lee Era for Singapore as PM Steps Down

  • dotlah.com
  • May 16, 2024
DPM Lawrence Wong will be Singapore's fourth prime minister on May 15. ST PHOTO: LIM YAOHUI
View Post
  • Lah!
  • People
  • Politics

7 things to know about Singapore’s next prime minister Lawrence Wong

  • dotlah.com
  • May 15, 2024
When asked about his leadership style, DPM Lawrence Wong said he will be open and consultative, but he will not shirk from doing what is necessary for Singapore's future. ST PHOTO: LIM YAOHUI
View Post
  • Features
  • Lah!
  • People
  • Politics

‘We are prepared to relook everything’: Lawrence Wong on a changing society and his hopes for S’pore

  • dotlah.com
  • May 15, 2024


Trending
  • Mercury 1
    • Science
    • Technology
    Study: Global Deforestation Leads To More Mercury Pollution
    • February 14, 2024
  • 2
    • Cities
    • Lah!
    IMDA Collaborates With Industry To Help Singaporeans Continue To Enjoy A High Quality Of Life From Home With Digital Tech Amid COVID-19
    • March 26, 2020
  • Electric vehicle. Bus 3
    • Cities
    • Climate Change
    It Takes A Village: Defining Sustainable Infrastructure
    • September 29, 2023
  • 4
    • People
    U.S. Records The Highest Share Of Single-Parent Households Worldwide
    • May 21, 2020
  • 5
    • Technology
    Boustead Projects Ties Up With Sunseap To Install Rooftop Solar Energy Systems
    • February 25, 2020
  • 6
    • Lah!
    Embrace Innovation, Emerge Resilient
    • July 6, 2021
  • 7
    • People
    • World Events
    How Contagious Is The Wuhan Coronavirus And Can You Spread It Before Symptoms Start?
    • January 30, 2020
  • 8
    • Lah!
    • Technology
    Age Is No Barrier To Digitalising
    • June 23, 2021
  • 9
    • Cities
    • Lah!
    Grab Introduces New Financial Literacy Programme As Part Of The GrabAcademy Initiative For Driver- And Delivery- Partners
    • August 7, 2021
  • 10
    • Lah!
    IMF Reaffirms Singapore’s Financial Sector Oversight As “Among the Best Globally”
    • July 16, 2019
  • 11
    • Cities
    Raising The Bar For Smart Cities In Singapore
    • February 26, 2017
  • 12
    • Cities
    • People
    Remote Work Policies Likely To Propel Post-Pandemic Exodus From Expensive Cities
    • May 28, 2020
Trending
  • 1
    The Summer Adventures : Hiking and Nature Walks Essentials
    • June 3, 2025
  • 2
    Trump’s global trade plans are in disarray, after a US court ruling on ‘Liberation Day’ tariffs
    • May 29, 2025
  • 3
    315,000 Singaporeans have used new career and skills planning tool by SkillsFuture Singapore
    • May 23, 2025
  • college-of-cardinals-2025 4
    The Definitive Who’s Who of the 2025 Papal Conclave
    • May 8, 2025
  • conclave-poster-black-smoke 5
    The World Is Revalidating Itself
    • May 7, 2025
  • oracle-ibm 6
    IBM and Oracle Expand Partnership to Advance Agentic AI and Hybrid Cloud
    • May 6, 2025
  • 7
    Conclave: How A New Pope Is Chosen
    • April 25, 2025
  • 8
    Canonical Releases Ubuntu 25.04 Plucky Puffin
    • April 17, 2025
  • 9
    Mathematicians uncover the logic behind how people walk in crowds
    • April 3, 2025
  • 10
    Tokyo Electron and IBM Renew Collaboration for Advanced Semiconductor Technology
    • April 2, 2025
Social Links
dotlah! dotlah!
  • Cities
  • Technology
  • Business
  • Politics
  • Society
  • Science
  • About
Connecting Dots Across Asia's Tech and Urban Landscape

Input your search keywords and press Enter.