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Can Universal Pension Improve Elderly Quality of Life? (Rationale And…
Can Universal Pension Improve Elderly Quality of Life?
Rationale And Feasibility
For
Psychologically
Remove stigmatization (everyone is entitled)
Increase sense of security
No need to worry about inflation/ sudden disease etc.
Financially
Cover inflation
More disposable income monthly
Better living standard
Against
Financially
A large sum of money needed
Resources not allocated to the most needy
Waste of public resource
Feasibility
For
Boost silver economy
Foster development of elderly care sector
Increase purchasing power of the elderly
Against
Financially
Unsustainable
Violate fiscal prudence
Structural deficit
Funded by taxpayers
less disposable income
Retail decline
Low taxation rate no more
Foreign investors/ employees pay more so they leave
lose competitiveness
Politically
Lack of support from young generation (future tax payers)
Violate inter-generational equity, since old is helped, but future gen needs may not be met
Young think unfair
However, society infrastructure is laid down by the elders, supporting the young (so it is fair)
Values and principles
For
Egalitiarianism
Equal right to retirement protection (UN Universal Declaration of Human Rights)
Basic human right
Against
Violate 'self-reliance'
Cast own financial burden on gov't