Retirement adequacy, degree value among concerns raised by unionists

August 29, 20149:41 am370 views
Retirement adequacy, degree value among concerns raised by unionists
Retirement adequacy, degree value among concerns raised by unionists

SINGAPORE — Unionists voiced concerns over the value of university degrees and the retirement adequacy for low-wage workers at a closed-door dialogue session with Prime Minister Lee Hsien Loong today (Aug 28), said labour movement leaders.

Speaking to the press after the dialogue, National Trades Union Congress (NTUC) central committee members said unionists were concerned over the prospect of allowing workers, especially low-wage ones, to withdraw a lump sum of the Central Provident Fund (CPF) Minimum Sum after retirement.

This followed Mr Lee’s announcement during the National Day Rally earlier this month that CPF members will soon have the option of making lump sum withdrawals from their CPF accounts after they retire, and that a possible cap could be 20 per cent of the CPF savings.

NTUC central committee member Benjamin Tang said unionists were worried that it would result in insufficient funds in the CPF to provide for their retirement needs. In response, Mr Lee said there is the need for proper safeguards to ensure that workers have sufficient funds for retirement, according to Mr Tang.

Unionists were also concerned that university degrees would be of less value following recommendations by the Applied Study in Polytechnics and ITE Review (ASPIRE) committee to enhance the education and career prospects of non-graduates, said NTUC leaders.

According to NTUC central committee member Arasu Duraisamy, the Prime Minister assured unionists that there is still value in degrees. and that people should study for relevant university degrees. Mr Lee also said degrees shouldn’t be pursued just for the sake of pursuing it, according to Mr Tang.

source: todayonline.com

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