Only 16% met Full Retirement Sum?

singapore-employees

Why is it that only an estimated 16% of Singaporeans were able to meet the Full Retirement Sum at age 55?

I refer to the article “Almost half of CPF members in 2016 cohort can’t meet Minimum Sum – can only withdraw up to $5,000” (theonlinecitizen, Jul 16).

It states that “”For the same (2016) cohort, about 53% of active members met their Full Retirement Sum (FRS) in cash and pledge at age 55 in 2016.””

As I understand that about 40 per cent of Singaporeans at age 55 may be inactive CPF members – does it mean that only about 32 per cent (53% x 60%) met their FRS, “in cash and pledge at age 55 in 2016”?

If the percentage who met the FRS without property pledge is about the same as the about half in the past – does it mean that only about 16 per cent  (0.5 x 32%) met the FRS?

Leong Sze Hian

About the Author

Leong
Leong Sze Hian has served as 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), invited to speak more than 200 times in over 30 countries, CIFA advisory board member, founding advisor to the Financial Planning Associations of Indonesia and Brunei. He has 3 Masters, 2 Bachelors degrees and 13 professional  qualifications.