Primary stakeholders include:
1) Senior citizens
Senior citizens are the very group of people to experience the most impact as their well-being is at stake.
General concerns for these group of stakeholders include:
Would the future generations be able to support the increasing proportion of senior citizens?
Are infrastructure and public services elderly-friendly?
Will the Singapore Government introduce more schemes and policies aimed at improving the situation?
2) Working Singaporeans
As an ageing population increases demand for healthcare and other services, the financial pressure on Singaporeans rises too as the taxes they contribute to support these services increases. This decreases the income they bring home and directly affects their spending power.
3) Singapore Government
With a shrinking workforce, a drop in the economic growth rate is inevitable. The government is responsible for the introduction of suitable policies to contain the situation. Besides, the government has to ensure that Singaporeans adopt an optimistic view on the matter and create nation-wide awareness on the impacts of an ageing population.
Secondary stakeholders include:
1) Future generations
Currently, the implications of an ageing population have yet to fully present themselves and the Singapore Government is absorbing most of the effects at current situation. However, if statistical studies prove right and the proportion of senior citizens to working Singaporeans increases, the effects would be more severe and Singaporeans would have to share the burden of supporting the ageing population in later years. Therefore, our future generations will also face the same negative effects of the ageing population that current Singaporeans face.
2) Businesses
As Singapore's population is growing older, there will be a relatively fewer number of people in the working sector. Businesses and organisations will be affected by the lack of young and skilled workers. As a result, additional funds may have to be spent on trainings to help the older workers master new skills. Furthermore, due to higher taxes burden on households, Â purchasing power of individuals will decrease significantly. This will eventually affect the growth of businesses.
Primary stakeholders include:1) Senior citizensSenior citizens are the very group of people to experience the most impact as their well-being is at stake.General concerns for these group of stakeholders include:Would the future generations be able to support the increasing proportion of senior citizens?Are infrastructure and public services elderly-friendly?Will the Singapore Government introduce more schemes and policies aimed at improving the situation?2) Working SingaporeansAs an ageing population increases demand for healthcare and other services, the financial pressure on Singaporeans rises too as the taxes they contribute to support these services increases. This decreases the income they bring home and directly affects their spending power.3) Singapore GovernmentWith a shrinking workforce, a drop in the economic growth rate is inevitable. The government is responsible for the introduction of suitable policies to contain the situation. Besides, the government has to ensure that Singaporeans adopt an optimistic view on the matter and create nation-wide awareness on the impacts of an ageing population.Secondary stakeholders include:1) Future generationsCurrently, the implications of an ageing population have yet to fully present themselves and the Singapore Government is absorbing most of the effects at current situation. However, if statistical studies prove right and the proportion of senior citizens to working Singaporeans increases, the effects would be more severe and Singaporeans would have to share the burden of supporting the ageing population in later years. Therefore, our future generations will also face the same negative effects of the ageing population that current Singaporeans face.2) BusinessesAs Singapore's population is growing older, there will be a relatively fewer number of people in the working sector. Businesses and organisations will be affected by the lack of young and skilled workers. As a result, additional funds may have to be spent on trainings to help the older workers master new skills. Furthermore, due to higher taxes burden on households, Â purchasing power of individuals will decrease significantly. This will eventually affect the growth of businesses.
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