Cost of living, retirement adequacy, and healthcare are top concerns in Singapore

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Retirement adequacy, healthcare and cost of living are the main concerns of Singaporeans, showed statistics from a 2015 survey conducted by REACH and the Ministry of Finance. These matters contributed to a third of information collected by the Government feedback portal in a news release last week.
Retirement adequacy, healthcare and cost of living are the main concerns of Singaporeans, showed statistics from a 2015 survey conducted by REACH and the Ministry of Finance. These matters contributed to a third of information collected by the Government feedback portal in a news release last week.

Cost of living
The research found many Singaporeans calling for more financial assistance to subsidise everyday goods and services. A lot of citizens said they felt that their salaries had not kept pace with rising inflation, with a number of comments specifying that the government should not just focus on helping the lower-income as the middle-income were also feeling the strain, while others felt the government should distribute cash hand-outs, grocery vouchers, and regulate the prices of goods to keep them at affordable prices.

Retirement adequacy
The main area of concern is about having enough funds after retirement to cope with daily expenses and rising cost of living, particularly for those who have not paid their mortgages in full.

Remarkably, the feedback had been collected before the recommendations of a Central Provident Fund (CPF) Advisory Panel were announced in early February, and respondents surveyed had asked for greater flexibility on withdrawals from their CPF accounts upon retirement.

Healthcare
REACH found that some were concerned that medical and hospital costs may become increasingly unmanageable. This was found in spite of the introduction of the MediShield Life scheme which will be implemented at the end of this year. Contributors have stressed the need for the government to improve the waiting time for treatment at hospitals and meet increasing healthcare demands by hiring more medical staff and getting more beds to keep doubts to a minimum.