Singapore must help to prepare Singaporeans for old age early before it is too late, the Prime Minister said in his National Day rally speech in Mandarin.

An ageing population is one reason for the widening income gap in Singapore which must attend to the daily living needs of the elderly and leverage on technology to make life easier for them.

Elderly folks also need social activities and the government will help community and grassroots organisations to do more in this area.

Activities like taiqi quan, qigong, karaoke and mahjong, will help older folks to lead happy and fulfilling lives, he said, adding that they can continue to work and pursue their own interests if they do not have health problems.

Continuing to work will help in their finances and keep them healthy mentally and physically. As Singaporeans are living longer, they should retire later, he said.

Times have changed and mindsets about working longer must also change, he said.

Apart from helping Singaporeans to work longer, Singapore also needs to consider the family aspects of ageing.
Young people, Mr Lee said, should care for their parents, keep them company, and look after them if they fall ill.
When they grow old, bring them back into the home to take care of them, he said. No government or old folks? home, he added, can replace the love and warmth of family members.

In his speech later in English, Mr Lee also announced changes to the Central Provident Fund (CPF) system.
It will pay interest of one per cent more on the first $60,000 of CPF savings, defer the drawdown age for the CPF Minimum Sum progressively from the age of 62 to 65 and have compulsory annuities for CPF members below the age of 50.