The Ministry of Finance (MOF) has just released a report, the Singapore Public Sector Outcomes Review (SPOR).
The report takes stock of how Singapore has fared in key areas of national interest, highlights the key trends and challenges facing Singapore and how public agencies are working together to address them.
I have extracted out some snippets from the report which try to tell us that:
- Our labour market is near full employment, and job creation remains healthy. The employment rate for Singapore’s resident population aged between 25 to 64 years has gradually increased over the years.
- The quality of our workforce has improved over the years as educational levels have risen. With rising educational attainment, more of our youths are achieving their potential.
- Singapore remains one of the world’s most competitive economies, going by international rankings. It also continues to attract strong foreign direct investment.
- While inflation is higher than what we would like, both median and lower-income households enjoy significantly higher real incomes today, i.e. after accounting for inflation, compared to five years ago.
- Income inequality has not changed much. Transfers and taxes have reduced the 2011 Gini coefficient from 0.473 to 0.452, a level seen in 2003.
- For those who work consistently, the CPF system will provide adequately for retirement, provided they choose their housing prudently and use their CPF savings wisely.
- Singaporeans are living longer and healthier lives. There is also an increased usage of sports facilities.
- Our society is rapidly ageing due to declining birth rates and fertility. Singapore’s total population grew by 16%, from 4.59 million in 2007 to 5.31 million in 2012.
- Medisave and MediShield help to cover more than 90% of a subsidised hospital bill. This helps to keep healthcare affordable.
- Our debt serving ratio for new HDB units for first time buyers in non-mature estates remain well below international benchmarks. Even as HDB has ramped up the supply of flats, the quality has been improving.
- Overall satisfaction with public transport services declined in 2011, but the government is expanding the capacity of the public transport system.
- We are recycling more and water efficiency is getting better. Air quality remains good.
- More people are giving to charity and volunteering.
- We continue to enjoy peace and stability, while crime is getting lower.
- People are more satisfied with the e-services provided by the government.
So I guess it’s time to pat ourselves on the back and celebrate that life is getting better.
For those who are interested to read the full report, you can download it from here:
Singapore Public Sector Outcomes Review 2012