The government is worried that citizens do not have enough CPF savings to meet their old age needs.
They deal with this problem as follows:
a) Ensure that a large proportion of CPF contributions are set aside for old age in the special account
b) Restrict the withdrawal of the CPF savings
c) Introduced rules to require the CPF savings to be withdrawn in monthly sums over a lifetime, i.e. the CPF Life scheme
They are worried that the citizens will have insufficient savings and have to rely on the state for welfare.
In spite of the restrictions, a certain percentage of the citizens will end up in this scenario. In most cases, they did not have adequate savings during their working life. This could be due to low earnings or an extended period of unemployment.
1 comment:
Money is variable. What amount is considered enough? Some families can get by with $3K a month.
albeit other families need $30K a month. When we have a government who never-ending upgrading
to the finest, instead of upgrading only necessarily, however much will never be enough?
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