Singapore would appear well-prepared to tackle the problems of an ageing population. Along with Japan and Malaysia, it is one of the few Asian countries that can claim near-universal coverage for its pension scheme. Its medical facilities are excellent and housing for the elderly is available.
Moreover, economists have lauded Singapore for avoiding the pitfalls of erecting an expensive welfare state that diverts government funds from economic development. Social security is largely financed by mandatory savings accounts for each citizen. The requirement that workers must contribute to personal savings accounts has meant that Singapore has among the highest saving and investment rates in the world.
