07 Jun '14, 3am

#FAQs on #CPF #Singapore

Why does the minimum sum keep rising? Isn't that like shifting goalposts, making it harder for Singaporeans to meet the amount set? Singaporeans will need more money in their retirement because they are living longer, daily needs have increased and prices will rise over time. For members to achieve a steady stream of income that can cover their living expenses in retirement, the amount they need to set aside in the CPF - the minimum sum - has to increase correspondingly. In 2003, the minimum sum was increased from $80,000 then, to $120,000 in 2003 dollars. This was intended to enable CPF monthly payouts in retirement to be increased to improve retirement adequacy. The target of $120,000 (in 2003 dollars) was to be reached over a period of 10 years so as to give each successive cohort time to adjust. Adjustments to the minimum sum were based on two components - the schedule...

Full article: http://www.cpf.gov.sg/imsavvy/infohub_article.asp?readid=...

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