I suppose a tiny safety net can be called a safety net too. I tagged along with a social worker during my attachment. The ones lucky enough to be caught by this safety net were mostly elderly without children, and living on "meals" of things like milo and biscuits. Every now and then, volunteers bring a meal such as squash with rice. Squash with rice doesn't sound that bad all things considered, but milo and biscuits? :dunno:
Horror stories aren't limited to London alone. Our hospitals aren't perfect either. I remember only vaguely, but I'm sure either of us can google up some if you really want to read them.
We have plenty of homeless and jobless people in Singapore too.
I'm aware the unemployment benefits don't come free. I'm not advocating unlimited employment benefits either. And while I don't think I will have any problems landing a job of some sort if I lost my job tomorrow*touchwood*, I know there are many who do. A little something to give them a few months breathing space would help, especially for the really low income who live from day to day with not enough to save. Not everyone gets retrenchment benefits to help them at this time.
And why I think pension is necessary, even if it has to be paid for by higher taxes: $200 from you now is $200 worth of pension to someone. But if you kept this $200, how much would it be worth 10, 20, 30, 40, or 50 years down the road when you really need it? Inflation alone would wipe out a large part of your savings in 10 years, nevermind 50, if they're left in a bank at such miserable interest rates. CPF rates are better, but not by much. And if you invest and make some stupid decisions, or fail to read / understand the fine print, too bad.
i understand how you feel; i am also just as worried about you with regards to old age, and i have not started working yet. i suppose it depends on what sort of idea you have about "basic needs" - all things considered, i certainly wish we could save everyone in the world, including the starving people in africa.. but how we go about doing that , how it can even be done, the work and time involved is simply too daunting.
it is really a thin fine line when it comes to welfare - i'm against it, but not to the extent that i would deny aid to the ones who really struggle at survival. at the same time, i also worry (and you should too) that the ones who won't really need the help would get it.
people will compare - just to give you an example, the papers in london were reporting of families receiving aid. i can't remember the exact figures, but nonetheless they were shocking; with concrete examples, along with photographs.. families who needed "aid" living in utter extravagance when it came to housing - the reporter covering the article expressed shock and disbelief that the people's taxes were being used to fund free housing that middle-class, hardworking families would never be to afford. certainly the civil service of london is by no means an efficient body; but to let something happen like this.. you could even understand how it happens.
it isn't a matter of which horror is greater - both systems have their perks, both systems have their flaws. i think we all agree that we want a safety net to catch us when we fall, but nothing so great that it catches people standing upright perfectly. how does one strike such a balance? i haven't seen a single city in the world who can do it, and i'm wondering if it can actually be done without massive wastage of resources. i didn't raise the london example to compare - but more to raise awareness that welfare ain't a bed of roses either.. it's more of a grass is greener on the other side syndrome.
i think it's noteworthy to take note that the pension system has another problem - loyalty to one company. how often do you find a person sticking to one company these days, all the way? it is a thing of the past - which is why i can see why it is a dying trend.
on another note, i don't really understand your point in the last paragraph quoted.. the last i recalled, most pension schemes had the pension based on salaries drawn, scaled down significantly. this will be similarly, affected by inflation.
unfortunately, most people hardly get to enjoy a fun-filled, royalty-emulating lifestyle when they retire. the same is true for the past, the same applies now.
