The issue on hand is that 60% of Singaporeans will one day be displaced one day. Sadly, a lot of Singaporeans do not recognize this fact at all.
Case in point. Assuming there are 50,000 Uber/Grabcar drivers; when self drive less cars come into Singapore, these people will lose their jobs! BMW has announced that they will achieve Level 5 for driveless cars in 2021; 4 years time. It is NOT 50,000 people who have lost jobs, but 50,000 families will be affected. Add in Taxi drivers and also people who deliver food or other things; we are looking at job losses which will affect heck of a lot of families.
That is just driveless cars. Wealth Management is being replaced by AI advisors and even telephone operators are going to be replaced by Chatbots.
I really fear that we are totally unprepared for things to come.
Here is food for thought.
We praise Japan for high level of government looking after its people. But even for Japan, the government cannot continue to look after 6000 citizens who were hit by Fukushima nuclear fall out after 6 years. Though at least they tried to take care of those affected for 6 years before pulling the aid plug on the residents of Fukushima.
http://www.mirror.co.uk/news/world-n...vivors-9864376
Basically, Japan cannot even look after its own citizens after 6 years and are forcing the residents to move back so that they can stop bleeding financially. That bill for 6,000 people for 6 years cost the Japanese government a lot of money.
Now, let me ask the question, when we have 50,000 families being affected by technology changes such as driveless cars then what is going to happen?
So when someone says "they have families and dependents and need to consider retirement", then ask if others don't have families and dependents and also do not need to consider retirement?