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Countries all around the world are experiencing considerable demographic changes and Singapore is no exception . The median age in Singapore will rise from 42.2 today to 52.8 years in 2050 and Singaporeans will be living longer , with estimates suggesting that the country will have the thirdlongest lifespan globally in 2040 with an expected life expectancy of 85.4 , compared with 83.53 years today . Prime Minister Lee Hsien Loong announced in
2019 that Singapore is set to increase its retirement age to 65 in 2030 .
The old-age dependency ratio , the ratio of economically inactive people compared to those at working age , will rise from 12 today to 59 in 2050 . This will provide immense pressure on the Central Provident Fund ( CPF ), which provides for most social security functions and retirement income security for public and private-sector employees . While the CPF continues to be a
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