We refer to the article “Poll reveals 9 in 10 want more family time” (Channel NewsAsia, Sep 13).
Spend 6 or less hours with family in a week?
Isn’t it shocking that “four in 10 respondents said they spend six hours or less with their family in a week – less than an hour each day”?
Something very wrong with our policies?
The root cause may be our policies which have made Singapore into one of the most stressed, unhappy countries – with the the longest work hours week in the world – hardly any real increase in real wages for the last 15 years or so, almost 90,000 unemployed and long-term unemployed Singaporeans, one of the highest cost of living, etc.
The more or less of CPF?
Arguably, the mother of all our problems or the ultimate solution to most of our problems may be our CPF?
Because if we have more money in our CPF – we may be less stressed to have to work long hours to make ends meet.
Allow us to illustrate with a typical scenario in the context that we have the highest pension contribution rate of 37% in the world.
How most Singaporeans can happily retire?
Pay 6% instead of the lowest real return of all national pension schemes?
Now that we know that GIC has been managing our CPF funds and estimate that its historical average annualised return is over 6% – What if we pay say 6% on our CPF on our Retirement Account (and we are not even talking about the Ordinary, Special and Medisave accounts)?
Well, if a Singaporean had $112,692 in his total CPF balance at age 55 – at 6%, it will grow to $201,814 at age 65.
CPF Life annuity can be indexed for inflation?
This will enable a monthly life annuity of $1,000 indexed for inflation at 2% until age 88.
Give pension to those who live beyond 88?
And for the few who may live beyond 88, perhaps the Government can use some of its huge Budget surpluses ($36.1 billion in FY2012 using IMF fiscal reporting guidelines) to pay a means tested pension.
A truly nonprofit CPF?
And of course if we pay 6% on the other CPF accounts as well, perhaps everyone may have the $112,692 at age 55. After all, wouldn’t you try to voluntarily top-up your, and your family members’ CPF, if we operated as a nonprofit national pension scheme like every other country in the world?
S Y Lee and Leong Sze Hian
P.S. Come with your family and friends to the 4th Return Our CPF protest on 27 September 4 pm at Speakers’ Cornerhttps://www.facebook.com/events/516436478486589/Share this
