A group of elderly Chinese ladies sitting and relaxing on a bench in a park in Serangoon Gardens with soft early morning light (Photo by Justin Adam Lee from Shutterstock.com).

Global ranking rates retirement quality of life and well being in Singapore one of the worst in the world

by Khush Chopra

Singapore is certainly not a country where retirees have the most money, the best healthcare and the highest quality of life.

Great for visitors for Formula 1 and other entertainment distractions but not great for our retirees.

Singapore is one of the worst-ranked in a global retirement security index.

What happened to the promise of a Swiss standard of living?

We live in a beautiful country with a generally superb infrastructure but have very unhappy people. The PAP Government has done a good job in beautifying the country with impressive infrastructure but a dismal job in raising the people’s quality of life.

Singapore ranked among the worst for both retirees’ quality of life and material well-being. Singapore ranked 41st out of 44 nations quality of life index that measured amongst other things the level of happiness and fulfilment in society.

This is consistent with the view that while Singapore is an economic miracle Singapore has left large sections of the population behind in its incessant drive for economic success.

The Global Retirement Index (GRI) is a multi-dimensional index developed by Natixis Investment Managers and CoreData Research to examine the factors that drive retirement security and to provide a comparison tool for best practices in retirement policy.

Although Singapore took the top spot in the retirement finances sub-index, this essentially measures the quality of our financial system and currency. Retirement finances here refers to the soundness of a country’s financial system, the level of savings and investment, and the preservation of the purchasing power of savings. An a higher score in the bank non-performing loans (NPLs) indicator was the main driver of Singapore’s improved ranking here.

Singapore also did not fare well in the retiree health sub-index with the seventh-lowest score among all 44 countries surveyed.

Quality of life is a crucial element in evaluating a country’s retirement culture. Retirement looks vastly different in countries around the world.

For its latest global retirement ranking, Natixis Investment Managers and CoreData Research examined indicators related to the health, finances, material well-being, and quality of life of retirees in 44 countries across advanced OECD and underdeveloped BRIC economies

Depression and unhappiness are symptoms, not the disease. The disease is systemic in nature.

What we have here is a system ridden with debilitating cancer that eats away at our society. The cancer is systemic in nature. The system is rotten to the core.

I once again renew my call for a total systemic overhaul in setting new priorities to achieve a better quality of life for all here in Singapore; for the many and not just a few here in Singapore. We need to put people before profits.

We need to change our way of life. We need to reduce the cost of living, stresses and strains and anxieties that plague ordinary households in Singapore. We need to increase real wages, quality family time and quality social interactions amongst the people.

The solution lies in getting rid of this rotten PAP Government as soon as possible. Not just surgery but emergency surgery is required to get rid of this blight on our society to start the healing process of making Singapore better.

Despite every opportunity over the last 60 years since 30 May 1959 in consecutive power, they have failed, neglected and/or refused to do what is necessary to improve the People’s quality of life in real and effective terms as opposed to beautifying the country with nice air-conditioned shopping centres and parks.

The PAP Government don’t need to do what is necessary because the 70% insist on keeping them in power despite knowing what they know.

For those who wish the other political parties will do well enough at the next General Elections, it is as clear as day that the 70% are content with the status quo and you will not see a change in Government for years to come. But we can hope…

What’s the point of a beautiful country if the people are unhappy?

Rich country. Unhappy people. 🇸🇬

Article first published on Khush Chopra’s Facebook page and reproduced with permission.