• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

Lawrence Lien: How does government assess CPF minimum sum adequacy?

by onlinecitizen
09/07/2014
in Current Affairs, Politics
Reading Time: 2 mins read
0

By Terry Xu
Nominated Member of Parliament Lawrence Lien asked Manpower Minister Tan Chuan Jin in Parliament during the supplementary question segment on Tuesday about how the government derived the minimum sum for the Central Provident Fund (CPF), but was not given a direct answer.
Since the payout from the minimum sum of S$155,000 is about S$1,200 a month, Mr Lien asked how the government was able to ascertain the adequacy of this monthly payout to the CPF members.
He noted that S$1,200 might not be able to meet the living standards of those who have been earning enough to meet the CPF minimum sum. On the contrary, while S$1,200 might be enough for those from the lower-income group, their income would likely put attaining the minimum sum out of their reach.
Mr Tan replied that the the government sets a fairly stringent standard on determining how to set the minimum sum for CPF members.
He reiterated the point which he made earlier in his speech that 50% of CPF members who turned 55 in 2013 were able to meet the minimum sum.
This includes those who did have enough savings in their CPF and have to pledge their property to meet the required total, as well as those who did meet it but pledged their property so they could withdraw CPF savings above half the minimum sum.
Mr Tan pointed out that although the property might be valued at a figure higher than half of the minimum sum, keeping the pledge value at 50% prevents CPF members from over-stretching their means.
CPF regulations currently only allow members to pledge their property to fulfil no more than half of the minimum sum required.
Mr Tan indicated that more Singaporeans are working beyond the age of 55 and the retirement age had since been increased from 62 years old to 65 years old. The government is looking at further increasing the retirement age to 67 years old.
He also said that, as the labour market tightens, more companies are turning back to elders to offer them employment opportunities if they are willing to work. This in turn would allow workers to continue accumulating their retirement reserves.
Mr Tan also added that people in Singapore do not survive on payout from CPF solely and many Singaporeans own their properties which they can rent out to bring in additional stream of income. While in other countries, rents take up most of the living expenses for retirees.
At the end of his response, Mr Tan did not provide a direct answer to Mr Lien’s question, which was how the value for the minimum sum was ascertained.
[youtube id=”2LS8YQbU8ow” align=”center”]

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

Commentaries

The Keppel bribery scandal tests Singapore’s zero-tolerance policy towards corruption

02/02/2023
Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives
Singapore

Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

02/02/2023
US businesses ‘fear internet curbs in Hong Kong’
AFP

Hong Kong offers free flights after COVID isolation

02/02/2023
Why is Gautam Adani’s Indian empire in turmoil?
AFP

Why is Gautam Adani’s Indian empire in turmoil?

02/02/2023
India’s Adani shares plunge again after stock sale cancelled
AFP

India’s Adani empire loses more than US$100 bn after fraud claims

02/02/2023
Former political prisoners calls for abolishment of ISA and apology from PAP Govt on 60th anniversary of Operation Coldstore
Civil Society

Former political prisoners calls for abolishment of ISA and apology from PAP Govt on 60th anniversary of Operation Coldstore

02/02/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

The Keppel bribery scandal tests Singapore’s zero-tolerance policy towards corruption

02/02/2023
Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

Singapore Law Watch removes commentary on CPIB’s decision to not prosecute former Keppel executives

02/02/2023
US businesses ‘fear internet curbs in Hong Kong’

Hong Kong offers free flights after COVID isolation

02/02/2023
Why is Gautam Adani’s Indian empire in turmoil?

Why is Gautam Adani’s Indian empire in turmoil?

02/02/2023
India’s Adani shares plunge again after stock sale cancelled

India’s Adani empire loses more than US$100 bn after fraud claims

02/02/2023
Former political prisoners calls for abolishment of ISA and apology from PAP Govt on 60th anniversary of Operation Coldstore

Former political prisoners calls for abolishment of ISA and apology from PAP Govt on 60th anniversary of Operation Coldstore

02/02/2023
Indian state picks new capital after kicking out Singapore consortium

Indian state picks new capital after kicking out Singapore consortium

02/02/2023
Anwar says Malaysia “not in hurry” to reinstate GST as he vowed to protect the low-and middle-income groups

Anwar says Malaysia “not in hurry” to reinstate GST as he vowed to protect the low-and middle-income groups

02/02/2023

Trending posts

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
25

...

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

by Yee Loon
26/01/2023
24

...

Two Indian nationals paid about S$330 and S$730 respectively for forged certificates submitted in their S-Pass application

MOM found issuing EPs meant for foreign PMETs to PRC waitress and general worker

by Correspondent
26/01/2023
41

...

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

by The Online Citizen
26/01/2023
59

...

They have done a fine job of confusing us about the jobs situation

They have done a fine job of confusing us about the jobs situation

by Augustine Low
01/02/2023
31

...

Indian rupee falls 60% since signing of CECA while Singapore becomes top investor in India

by Correspondent
25/01/2023
69

...

July 2014
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
28293031  
« Jun   Aug »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz