SINGAPORE: The next Budget, presented on Friday, February 16, is anticipated to increase aging social spending, which has nearly doubled over the past ten years.
Annual estimates from the Ministry of Finance (MOF) show that overall social spending increased from S$27.6 billion (US$20.5 billion) in 2014 to an expected S$52.8 billion last year.
2020 saw the biggest increase in spending, at about S$10 billion from the previous year, primarily due to the COVID-19 pandemic.
Over the past ten years, the healthcare industry has borne most of social spending, rising from S$7 billion in 2014 to roughly S$17 billion last year. As the main component, it took the place of education.
The majority of this was used to support an aging population. According to Professor Paulin Straughan of Singapore Management University’s School of Social Sciences, a society’s projected level of development and maturity is higher than spending on healthcare.
