Population breakdown Singapore H1 2023, by age group

As of June 2023, there were approximately 323 thousand residents between the ages of 30 to 34 years old in Singapore, making it the largest age group among its resident population. This reflects the increasingly ageing population of Singapore, a significant demographical shift that will have long-lasting socio-economic repercussions. 

Living longer…

The improvements in health care and quality of life has led to Singapore having one of the highest life expectancies in the world. Coupled with one of the lowest fertility rate globally, Singapore society faces a crisis of ageing. The average age of its resident population is projected to increase to just under 53 years old by 2050.

…and working longer

The prospect of an ageing population is worrying for a country whose most important resource is its people. The current retirement age of 62 would no longer be tenable when close to half the population is expected to be aged 65 years or older by 2050. There is already a trend of elderly workers re-entering the workforce, be it to keep themselves occupied or to support themselves financially. The share of the population who would be working well into old age looks set to increase in the future, as a majority of Singaporeans have indicated that they were not financially prepared for retirement .

Singapore is well-known for its emphasis on career and shunning welfare policies; however, there is an urgent need to rethink and overhaul its social security and medical care systems to weather the silver tsunami that is set to engulf the island state.