Die liao, CPF rate sure will go up?

Photo: TODAYonlinePhoto: TODAYonline

Wanna bet that the recommendation will be that the CPF contribution rate for older workers will have to be increased?

I refer to the article “Work group set up to review retirement age, CPF contributions of older workers to meet this week” (Straits Times, Jul 30).

It states that “With Singaporeans living longer and standards of living improving, there is a need to relook the issue of whether they have enough to retire on, said Manpower Minister Josephine Teo.

A work group set this to address this and other issues faced by older workers will meet for the first time this week.

At an interview on Thursday (July 26), Mrs Teo said one in two Singaporeans aged 65 today is expected to live beyond 85, and one in three will live beyond 90.

This means people will spend longer in retirement and so will need to save more during their working years, she added.

People’s expectations have also changed, and they may need more money to maintain their standard of living in retirement, she said.”

My friends said “aiyoh die liao – this one very obvious leh – when Minister say “living longer … standards of living improving … whether  have enough to retire on … one in three will live beyond 90 … spend longer in retirement … will need to save more during their working years”

Wanna bet older Sinkies sure will kenna increase CPF contribution rate lah!

Aiyah, so jia one in May already said like hinting lah – “Nevertheless, she did not want to pre-empt the tripartite workgroup’s recommendation in this regard, and asked that it be given time to examine the issue. “They might very well come to the conclusion…that in the immediate and medium term, it works (as it is),” said Mrs Teo, adding that no timeframe has been set for the workgroup to come up with their recommendations””.

Already bo lui – now even less lui lah – more will kenna locked up hor!

Leong Sze Hian



About the Author

Leong Sze Hian has served as the president of 4 professional bodies, honorary consul of 2 countries, an alumnus of Harvard University, authored 4 books, quoted over 1500 times in the media , has been a radio talkshow host, a newspaper daily columnist, Wharton Fellow, SEACeM Fellow, columnist for theonlinecitizen and Malaysiakini, executive producer of Ilo Ilo (40 international awards), Hotel Mumbai (associate producer), invited to speak more than 200 times in about 40 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of 2 countries. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.