Enhancing CPF – gov’t panel wants your views

Tan Chorh Chuan
Tan Chorh Chuan
Tan Chorh Chuan

The Government’s Central Provident Fund (CPF) Advisory Panel is inviting members of the public to provide feedback on possible changes to the CPF scheme.

This comes after the president announced on 16 May at the opening of Parliament that the government “will improve the existing CPF savings”, to “ensure that [Singaporeans] have enough for their financial needs in their golden years.”

The 13-member advisory panel was appointed by the Ministry of Manpower in September 2014, and  is headed by Professor Tan Chorh Chuan, who is also the president of the National University of Singapore.

Members include academics, financial industry practitioners, and community representatives from the unions, social sector and grassroots.

“The Panel will study possible enhancements to some key aspects of the CPF system, to make it more flexible to meet the needs of more Singaporeans and provide additional options in retirement,” its website says.

One of the areas the panel is tasked to study is how the Minimum Sum should be adjusted beyond 2015 in order to meet the objective of delivering a basic monthly retirement payout for life.

Discussions will be held through focus groups over the next few months and the panel will gather ideas and suggestions on how to enhance the savings scheme.

In particular, the panel is requesting for feedback on:

  • Minimum Sum – how to adjust beyond 2015 for future retirees
  • Lump sum withdrawals at age 65 years – how much should CPF members be able to withdraw and under what conditions
  • CPF payouts – how could CPF payouts be adjusted to address cost of living increases over time
  • Alternative investments and annuities – how to provide more flexibility for CPF members who are prepared to take on more risks

Details of how you can participate in the discussions are here.

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