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W W W . W A T S O N W Y A T T . C O M
Dear Colleague: AGEING WORKFORCE2006 is one of the largest ever pan-Asia Pacific studies focusing on corporations strategic understanding and future outlook on healthcare and retirement benefits provisions. This research is conducted against the backdrop of an ageing population in the Asia-Pacific region. According to the U.S. Census Bureau, in 2000, the population aged 50 and above accounted for 17.2% of the total population in 12 major Asia-Pacific areas (Australia, China, Hong Kong, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Taiwan, and Thailand). This percentage will increase to 31.4% in 2030 and 38.7% in 2050. For Singapore, the percentage is 19.1%, 49.6%, and 57.4% in 2000, 2030, and 2050 respectively, well above the average of the 12 major Asia-Pacific areas. As the ageing population becomes a serious issue for most Asia-Pacific countries in the next few decades, employees' healthcare and retirement needs will increase accordingly. Employers have a vital role in the provision of these benefits through statutory benefits contribution or supplementary benefits schemes. In the fight for talent, the proper design of healthcare and retirement benefits taking into account demographic changes will become vital to attracting and retaining the high-performing employees across all age groups. It is our pleasure to present to you the detailed summary results of AGEING WORKFORCE
TM
2006 for Singapore. We look forward to sharing more of Watson Wyatt global perspectives on healthcare and retirement issues in future. We encourage you to contact Ms. Anne Ariens at (+65) 6880-5625 (Marketing Associate in Singapore office), if you are interested in being informed and included in such discussion seminars. Yours Sincerely,
Doreen Thang, PhD Director, Asia-Pacific Research & Innovation Centre Watson Wyatt Worldwide Email: Doreen.Thang@WatsonWyatt.com Tel: (+65) 6880-5603
KWONG Hui Hen Head of Strategic Benefits Watson Wyatt Singapore Pte Ltd Email: Hui-Heng.Kwong@WatsonWyatt.com Tel: (+65) 6880-5627
Table of Contents
2006....7
Section 1: Companys Healthcare Benefits Provision....7 Section 2: Companys Retirement Benefits Provision..12 Section 3: Impact of Demographic Changes on Company ....19 Section 4: Companys Views on Sickness Absence ..25 Section 5: Singapore Country-Specific Questions.....26
Singapore Overview
This fundamental change in Singapores demographics will have far-reaching consequences for the economy and companies operating in Singapore. The Ageing WorkforceTM Singapore study shows that 58% of the employers think that ageing workforce will have a serious impact on the society and economy over the next 15-20 years, and 51% are fully aware of the impact of ageing workforce to their business.
By allowing the members of the CPF to use their contributions to finance their home mortgage repayments, CPF has helped Singapore to become one of the worlds highest home ownership nations. At the same time, recognising that rising medical costs will become a critical issue for Singaporeans, the Government has allowed CPF balances to be used to pay for medical
Singapore Overview
expenses as well as purchase of approved medical insurance through a sub-account within CPF called MediSave Account.
Given that the CPF Scheme is funded by contributions from employer and employee, it is viewed as being financially sound through its prudent governance and investment strategies. This is reflected in the Ageing WorkforceTM Singapore study showing that only 35% of the employers think that the statutory retirement system will be unsustainable as the population ages. This is among the lowest compared to the rest of Ageing WorkforceTM studies in Asia Pacific.
However, facing intense cost competition from the region in recent years, we have witnessed many changes being made to CPF. We have seen a fall in the employer contribution rate as well as the wage cap for CPF contribution being lowered. The objectives of CPF have been shifted to fundamentally focus on meeting basic needs on housing, medical and retirement needs. With these changes, it is not surprising to see the Ageing WorkforceTM Singapore study indicates that only 13% of the employers think that the income from the statutory retirement benefit scheme is adequate for employees to retire on, assuming that it is the employees only source of income.
Given these statistics, an alternative income source supplementing CPF savings is clearly required in order to ensure that the employees have adequate savings for their retirement needs. The question is who should be responsible to fund these supplementary retirement savings. 68% of the employers in the Ageing WorkforceTM Singapore study suggests that they have little obligation to help their employees to save enough for retirement. As such, the responsibility seems to fall on the shoulders of the employees.
In assisting the employees to become more prepared, the government has over the past years introduced a number of measures. This include reviewing the statutory retirement age to make sure that the employees stay employable as they get older, introducing Supplementary Retirement Scheme (SRS) to encourage supplementary savings by employees and more recently, exploring the concept of Privately-managed Pension Plan (PPP), which aims to stretch the CPF savings.
However, there had been limited success to the measures introduced to date. While these measures are introduced on the basis that each individual should be responsible to manage their own retirement savings, the issues are that the individual savings cannot be managed as efficiently and cost effectively as a large pooled fund. Without an efficient retirement savings
Singapore Overview
structure in place, the individual employees will find little incentive to put their moneys away for the future.
In summary, the original issue of adequacy of retirement savings would remain unsolved if we continue to leave it to the individual initiatives.
According to the World Health Organization, cancer and cardiovascular diseases are now the leading causes of death in Singapore. This high incidence of chronic conditions in Singapore is attributed to a change in lifestyle habits and ageing.
Although the current state of Singapores quality healthcare system offers much comfort, the sustainability of the healthcare system in the face of rapidly growing healthcare expenditure must be addressed.
Currently, Singapore devotes approximately 4% of its Gross Domestic Product (GDP) to Total Health Expenditure (THE). This figure, however, is still below the 6 percent recommended by the World Health Organization (WHO), and significantly lower than the 7 to 10 percent of more developed economies. Therefore, healthcare spending in Singapore is anticipated to increase in the future to cope with rising demands for better healthcare.
Indeed, per capita Total Health Expenditure witnessed a 14 percent increase between 1998 and 2004 (WHO). Even though the Singapore government enjoys fiscal surpluses for most years, some aspects of healthcare provisions will invariably suffer if healthcare expenditure continues to escalate.
Singapore Overview
Traditionally, healthcare benefits are generally provided for by companies in Singapore, in addition to Medisave. As the workforce ages, employees demand for additional healthcare benefits is anticipated to increase.
Recognising this, the Singapore government has initiated reforms of MediSave and the MediShield schemes. Among the measures introduced to date, the Government has allowed withdrawal of MediSave for chronic illnesses. The MediShield schemes have also been
privatised to avoid duplication of covers between the statutory benefits and the private insured benefits. In addition, the concept of portable medical benefits and transferable medical insurance has been re-enforced. The Ageing WorkforceTM Singapore study is indicating very similar issues for healthcare provisions as compared with the retirement benefit provisions. Namely, while only 10% of the employers think that the statutory benefits will become unsustainable, yet only 19% of the employers think that the statutory benefit is adequate for the employees healthcare expenditures. While 94% of the employers do not think that the employees should bear the full healthcare cost increase, it is also clear that the employers will not be prepared to bear the full cost either.
In summary, the issue is whether the individual employees will be able to find a healthcare structure which is as efficient and cost effective as a pooled arrangement?
For employees, given the longer life expectancy and increasing healthcare costs, they should be prepared to work longer in order to accumulate sufficient savings upon retirement. To play its part in managing healthcare cost, they should be prepared to co-pay the medical expenses. They should be open to more flexible pay structure, whereby the cash and benefits components could be rebalanced to meet their needs.
Singapore Overview
For employers, they should recognise that they are in a better position to offer a platform where economies of scales can be achieved. They should also adopt a total remuneration concept to balance between benefit provisions and cash compensation.
For the Singapore government, they should be open to encouraging companies to introduce measures which are ageing workforce friendly. Based on the Ageing WorkforceTM Singapore study, providing more tax incentives and a legislative landscape conducive to implementing supplementary benefits provisions are cited as the preferred employer choices.
Traditionally, there had been a general perception that older employees add little value to their company. Contrary to that, a separate Watson Wyatt research, WorkSingaporeTM, shows that the older employees express more satisfaction with all human resource practices and working in their companies. They also value meaningful work and communication; these turn out to be very important drivers of their commitment to the companies.
Besides adopting a Total Remuneration approach, other measures include introducing copayment arrangements and facilitating better communication sessions. Finally, although the Ageing WorkforceTM Singapore study seems to indicate that retirement benefits and healthcare benefits are currently not effective attraction and retention measures in Singapore, the rest of Asia Pacific studies show much higher results. What this means is that, as global competition intensifies, the fight for top talents will intensify correspondingly. In order to attract good regional talents to be based in Singapore, the employers in Singapore will have to make sure the employees needs are met on a regional level. Hence, well-designed healthcare and retirement benefits schemes that take into account demographic changes will be more effective in attracting and retaining top-performing employees and ensuring long-term corporate profitability.
63% of the companies provide supplementary healthcare benefits to their employees. As low as 6% of the employers think that the employees should bear the full cost of future healthcare cost increases, but 66% advocate cost sharing. 3) However, a low percent of these employers believe that their supplementary healthcare benefits help to attract (13%) and retain (18%) high-performing employees. Companies may need a more effective healthcare benefits communication system as only 30% of the employers claim they have one in place. 4) To control healthcare costs, the 3 most cited actions likely to be taken by companies are: a) Co-insurance & cost sharing with employees (35%); b) Claimant paid excess over and above a certain prescribed level (27%); and c) Reduced or capped benefits (24%).
C: Retirement Benefits Issues 1) Only 13% of the employers think that the income from the statutory retirement benefits scheme is adequate for employees to maintain the basic standard of living for retirement, if it is the only source of income. As low as 5% of the employers are of the view that the company has an obligation to help their employees save enough in their retirement accounts. 55% of them think that the employees should bear all the investment return risk in their retirement funds. Only 7% of the employers provide supplementary retirement benefits to their employees. 64% of these schemes are Defined Benefits (DB) and 14% are Defined Contribution (DC), with the rest being Hybrid retirement benefits. Only 8% of the employers with supplementary retirement benefits scheme are taking active actions to change current scheme to a DC scheme. Although 66% of the employers understand the impact of decrease of companys CPF contribution rate and contribution ceiling on employees retirement welfare, as high as 77% of employers have no intention to take any measure to address the impact. Cost control (54%) and legislative requirements (42%) are the factors cited by most employers in taking actions to address the impact of CPF policy changes.
2)
3)
2)
4)
B: Healthcare Benefits Issues 1) Compliance with statutory healthcare benefits regulation is cited by 66% of the companies as the most significant factor to shape the companys healthcare benefit strategy, while compliance with companys global benefits practice is cited by the least number of companies (14%) as a factor.
4)
2) Only 19% of the companies think that statutory healthcare benefits are sufficient for employees basic healthcare expenditures.
TM
2006
This study focuses on strategic issues and future outlook about company healthcare and retirement benefits against the backdrop of an ageing population in the Asia-Pacific region. We interviewed key decision-makers or advisors on company benefits policy from large local companies and MNCs in each participating country. In Singapore, 202 out of the Top 2000 companies, ranked by revenue, participated in this survey. 51% of these companies are foreign companies. These participating companies constitute a representative sample across all major industries.
FINANCE 8% TRANSPORT, STORAGE & LOGISTICS 7% INFORMATION, MASS MEDIA & COMMUNICATIONS 4% LEISURE & ENTERTAINMENT 3% MINERALS & NATURAL RESOURCES 3%
MANUFACTURING 27%
Note: For the results of some questions in this report, the sum of percentages for all choices is not equal to 100% because of rounding.
Section 1: Companys Healthcare Benefits Provision 1. To what extent do you think that healthcare costs affect your business earnings more significantly now than 3 years ago?
15%
To Some Extent
47%
38%
2. To what extent do you think that employees should bear the full cost of future healthcare cost increases?
6%
To Some Extent
42%
52%
3. To what extent do you think that statutory healthcare benefits are sufficient for employees basic healthcare expenditures?
19%
To Some Extent
49%
32%
4. What factors most significantly shape your companys healthcare benefit strategy and planning? (Please tick up to 3 choices only)
Complying with statutory healthcare benefits regulation set by government 66%
38%
38%
21%
17%
14%
Yes 63%
No 37%
6. Is your company planning to set up/increase supplementary healthcare benefits in the next 5 years?
Yes, we are in the process of implementation 14%
8%
Not sure, we are waiting for more information No, we have decided not to proceed after we thought of it No, we have not thought of it at all
36%
7%
34%
Questions 6A-10 are only answered by companies with Supplementary Healthcare Benefits. 6A. Which employee categories do your companys supplementary healthcare benefits apply to? (Please choose all those relevant choices that most properly describe your supplementary healthcare benefits system)
All full-time employees Dependants of full-time employees included as well Full-time employees from certain management level
92%
20%
9%
New full-time employees All full-time employees with certain years service with company Existing full-time employees who joined the company before certain date in the past
3%
2%
2%
7. To what extent do you think that your supplementary healthcare benefits help your company attract excellent job applicants?
13%
To Some Extent
49%
38%
8. To what extent do you think that your supplementary healthcare benefits help your company retain high-performing employees?
18%
To Some Extent
48%
34%
9. To what extent do you think that your company has an effective healthcare communication system in place?
30%
To Some Extent
49%
21%
10
10. In order to control costs, which of the following actions are most likely to be taken by your company in the next 5 years? (Please tick up to 3 most likely options)
Co-insurance/cost sharing on claims Claimant paid excess over and above a certain prescribed level Reduced or capped benefits
Exclude dependents
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Section 2: Companys Retirement Benefits Provision 11. Which of the following company benefits do you think would be highly valued by your employees? (Please select up to 3 choices)
Supplementary healthcare benefits
Post-retirement healthcare benefits Benefits for immediate consumption (such as health club membership, cars, etc)
12. To what extent do you think your company has an obligation to help employees save enough in their retirement accounts to maintain a reasonable standard of living after retirement?
5%
To Some Extent
27%
68%
13. To what extent do you think that income from statutory retirement benefit scheme is adequate for employees to maintain the basic standard of living after retirement, if it is the only source of income?
13%
To Some Extent
42%
46%
12
14. To what extent do you think that employees should bear all the investment return risk in their retirement funds?
55%
To Some Extent
28%
17%
15. What kind of actions has your company taken to help employees make the right investment choices for your employees retirement fund? (Please tick all that apply)
None 77%
10%
Provide access to financial planners On-line learning and information system Brochures/written material
6%
4%
3%
Telephone hotline
2%
13
16. What factors most significantly shape your companys retirement benefit strategy and planning? (Please tick up to 3 choices only)
Complying with statutory retirement benefit provision required by government regulations Managing to specific and predetermined cost targets 34%
64%
30%
15%
11%
10%
7%
Yes, 7%
Yes No
No, 93%
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18. Is your company planning to set up/increase supplementary retirement benefits in the next 5 years?
Yes, we are in the process of implementation Yes, we are in the process of discussion 1%
3%
Not sure, we are waiting for more information No, we have decided not to proceed after we thought of it No, we have not thought of it at all
27%
8%
61%
Questions 18A-25 are only answered by companies with supplementary retirement benefits. 18A. Which employee categories do your companys supplementary retirement benefits apply to? (Please choose all those relevant choices that most properly describe your supplementary retirement benefits system)
79%
Existing full-time employees who joined the company before certain date in the past
21%
14%
7%
7%
15
20. To what extent do you think that your supplementary retirement scheme helps your company attract high quality job applicants?
7%
To Some Extent
57%
36%
21. To what extent do you think that your supplementary retirement scheme helps your company retain the high-performing employees?
7%
To Some Extent
64%
29%
16
22. To what extent do you think that your company has an effective retirement benefit communication system in place?
21%
To Some Extent
43%
36%
23. What type of supplementary retirement scheme does your company provide to employees?
Hybrid retirement benefit , 21% Defined Benefit (DB) Defined Contribution (DC) Hybrid retirement benefit Defined Contribution (DC) , 14%
24. Are you considering changing your current scheme to a DC scheme in the next 5 years?
Yes, we already have an implementation plan Yes, we are in the process of discussion 0%
8%
42%
50%
Not applicable
0%
17
0%
14%
86%
18
Section 3: Impact of Demographic Changes on Company 26. What will be the most significant demographic change in your country over the next 15-20 years? (Please tick one only)
Population decrease, 4%
Aging population
Others, 1%
Population increase, 8%
27. To what extent do you think that the demographic changes will have serious impact on the society and economy in your country over the next 15-20 years?
58%
To Some Extent
34%
9%
28. To what extent do you think that your company is fully aware of the impact of demographic changes on your companys business?
51%
To Some Extent
40%
9%
19
29. To what extent do you think that employees appreciation of healthcare benefits will increase over the next 15-20 years?
51%
To Some Extent
38%
11%
30. To what extent do you think that employees appreciation of retirement benefits will increase over the next 15-20 years?
40%
To Some Extent
43%
17%
31. Do you think that there will be a reduction in the supply of labour due to the demographic changes?
Don't know, 8%
Yes, 51%
No, 41%
20
32. How do you think your society will respond to the reduction in the labour supply? (Please select up to 3 most possible choices)
Training/development of the labor force to increase productivity Import labor force from overseas Later retirement to lengthen working phase Increase workforce participation rate Adopt technology to replace labor Move work offshore Encourage immigration
33. What kind of government statutory benefits do you think will have to change to address the demographic changes? (Please select up to 3 most important choices)
Healthcare benefits Retirement benefits Elderly care (long term nursing care) Child care Housing benefits Unemployment benefits Nothing needs to be changed 1% 18% 15% 13% 48% 43%
66%
21
34. What changes do you think your company will have to make to the following benefits programmes to address the demographic changes over the next 5 to 10 years?
19%
31%
46%
2% 1%
Healthcare benefits
15%
45%
38%
2% 0%
12%
18%
66%
3% 1%
35. Other than government tax incentives, what will be the other significant drivers for your company to increase the benefits provisions for your employees? (Please choose up to 3 most important choices)
Changes of government legislation 56%
49%
34%
17%
22
Questions 36-40 are only answered by companies choosing Ageing Population as the most significant demographic changes in your country over the next 15-20 years. 36. Statutory healthcare system will be unsustainable as ageing population becomes more serious in the future?
34%
To Some Extent
56%
10%
37. Statutory retirement system will be unsustainable as ageing population becomes more serious in the future?
35%
To Some Extent
51%
14%
38. In order to address the increased retirement and healthcare benefit needs brought about by an ageing population, which of the following methods does your company prefer? (Please tick one choice only)
Set up supplementary benefits plans for employees Increase company statutory contributions Let employees bear the cost of increased needs Increase supplementary benefits plans for employees Others
29%
28%
20%
14%
8%
23
39. What actions does your company think the employees should take in meeting the increased healthcare and retirement needs? (Choose only one choice)
66%
Bear the whole cost on their own, e.g., buy personal insurance or have enough savings
19%
7%
7%
40. What actions does your company think the government needs to take in meeting the increased healthcare and retirement benefits needs? (Please select up to 3 most important choices)
Provide company with tax incentives to help set up supplementary benefits scheme Pass legislation to encourage supplementary benefits provision Encourage employees to save more Increase employers contribution to statutory benefit Develop insurance market to provide relevant insurance products Increase employees contribution to statutory benefit Increase legal retirement age No action needs to be taken by government Others 0% 5% 19% 18% 15% 35% 31% 28%
57%
24
Section 4: Companys Views on Sickness Absence 41. To what extent are you concerned about the rate of sickness absence within your company?
Not concerned within acceptable limits, 15%
Very concerned
42. Does your company know the cost of absence to your business?
Yes, a strong understanding from our continuous efforts to monitor and measure the cost
43%
Yes, we attempt to measure the cost, but our understanding could be improved
42%
15%
43. Are you considering to actively manage the level of short-term sickness absence occurring within your company in near future?
Yes, with high priority Yes, when possible Yes, maybe No, not immediately No, not an issue currently 17% 30% 22% 16% 15%
25
44. If your company had a choice over the potential methods to control the excessive sickness absence beyond the entitled days of fully-paid sick leave, which of the following methods will your company choose? (Please tick only one choice)
No pay for excessive sick leave Reduced pay coverage rather than full pay for excessive sick leave No change will be made 11%
58%
21%
Others Terminating services of employee if excessive sick leave has been taken
8%
2%
Section 5: Singapore Country-Specific Questions 45. As CPF contribution rate decreased from 16% to 13% effective from Oct 2003, and CPF contribution ceiling decreased from SGD 5,500 per month to SGD 5,000 per month from Jan 2005, does your company know the impact of these changes on employees retirement welfare?
Yes, very clear understanding Yes, some understanding Yes, a little understanding No, almost no understanding No, not at all 1% 6% 26%
66%
1%
26
46. What kind of actions does your company take to address the impact of these changes on employees retirement welfare?
Yes, we already have launched a private pension scheme for employees to complement their CPF Yes, we are considering to provide private pension scheme for employees
1%
6%
5%
10%
77%
47. What are the key factors considered in taking the above actions to address the impact of the CPF policy changes?
Cost control Legislative requirements Competitive practices of the industry Concern over employee benefits Others 15% 29%
54%
42%
27%
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