Singapore in a Phase Where We Have to Do More Together: PM Lee
Singapore must now “do more together” to help those who fall behind, compared to the “very rigorous” approach of earlier years, Prime Minister Lee Hsien Loong said on the first day of the Bloomberg New Economy Forum on Wednesday (Nov 8).
He was in conversation with Bloomberg editor-in-chief John Micklethwait, who asked if PM Lee has been “drifting to the left” in his two decades of leadership, given recent programmes of handouts.
PM Lee replied that Singapore is “sailing carefully to a more comfortable place”, drawing a contrast to what the country did for “a very long time”.
Singaporeans to Start Retirement Planning at a Later Age As They Prioritise Debt Repayments: OCBC
Singaporeans are putting their longer-term financial plans on the backburner as they prioritise other financial needs such as paying off their debt. More have been able to pay off their home loans and other personal debts on time amid the current high interest rate environment, according to OCBC’s annual financial wellness index, although the move meant that Singaporeans had to start their retirement planning at a later age. The index, which is in its fifth year, recorded its second consecutive dip to an all-time low of 60.
Of the 2,000 working adults in Singapore aged between 21 and 65 years old surveyed in August, 35% of them said that their retirement plans were on track, down from 42% in 2022. The working adults are assessed on 10 pillars of financial wellness, which are based on 24 indicators established by the bank’s wealth management experts. This year, Singaporeans deteriorated on 15 of the 24 indicators.
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