‘Optimistic’ that younger workers can attain CPF Minimum Sum: Tan Chuan-Jin

July 9, 201411:42 am366 views
‘Optimistic’ that younger workers can attain CPF Minimum Sum: Tan Chuan-Jin
‘Optimistic’ that younger workers can attain CPF Minimum Sum: Tan Chuan-Jin

SINGAPORE — The Government is “optimistic” that younger workers can attain the Central Provident Fund (CPF) Minimum Sum, said Minister for Manpower Tan Chuan-Jin today (July 8) in Parliament.

This is because wages have been growing, and labour force participation rates have been increasing, said Mr Tan.

Mr Tan also said that more members in each cohort reaching the age of 55 have been able to meet their cohort Minimum Sum, and this is despite the Minimum Sum having increased over the years.

He was addressing concerns about CPF raised by several Members of Parliament, who had asked whether flexibility can be exercised so CPF members with less than the Minimum Sum Cash Component can use their CPF for housing needs.

Some MPs also raised questions on whether there are plans to increase the CPF drawdown age when the re-employment age is extended beyond 65, as well as what the Government is doing to improve retirement adequacy through CPF.

 

source: todayonline.com

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