Here in Singapore they are facing the same problem as most developing countries: people are living longer and the falling birth rate means that there just won't be as much money to pay for all those oldies in a few years. The PM Lee Hsein Loong has announced a government plan to launch 'longevity insurance' to tackle this looming problem.
It's proven quite controversial. Basically the plan is that those aged below 50 will have to buy an annuity they they will only start collection 35 years later upon reaching 85 years of age. At a meeting of 550 'grassroots leaders' yesterday the PM was asked what the point of lengvity insurance and having so much money at age 85 was, when one might be bo-geh, or toothless in Hokkien, and able only to eat porridge and ice cream. Mr Lee replied "Bo-geh, you cannot enjoy. But bo-geh, bo-lui (no money) is worse."
Whether you agree with the concept or not, at least the government can form long term plans and is willing to risk taking a stand on something like this which will not generate any immediate benefits in terms of winning voters, when there is no election looming, and which they can't spin into some glossy image boosting tack.
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