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Government right on need to raise retirement age

In Political economy, Political governance on 13/06/2012 at 5:35 am

The issue of changing the rules on the access to our CPF funds is one that upsets many S’poreans, even those who support the PAP. The imposition of Minimum Sum and CPF Life are lazy solutions to a problem that needs to be addressed: longevity.

But while we should, disagree and row with him on the access to our money, we should not be in denial that we (me excluded) have to retire only in the 60s. The issue is longevity, not the amounts we have in our CPF accounts and how the cost of housing erodes the amounts left over for retirement, or access to our money.

According to a new report from the OECD, increases in the official retirement age are planned or underway in 28 out of its 34 member countries. As can be seen from the chart in the link, pensionable ages have failed to keep pace with longevity http://www.economist.com/blogs/graphicdetail/2012/06/daily-chart-5

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  1. Well,in Singapore,if you belong to that selected one in that particular 737,then till death shall they part.What is retirement age?

  2. raising the retirement age is good.
    the problem is who will offer you work.
    who will employ you, esp in spore.

    it does not help that experience, job
    kowledge, is rarely considered. only
    how cheaply pple can pay you matters.

  3. The Government have no RIGHT to decide on retirement AGE of a person, don’t talk as if they are our grandfather. If one has MONEY One can retire at any age they feel like it. If One have got NO MONEY AT ALL HOW TO RETIRE, PLEASE TELL ME. PLEASE DO NOT TALK NONSENSE AND TRY TO BULLSHIT
    The Government can ONLY implement a scheme which MUST BE A REASONABLE AND A JUST ONE, FOR TOTAL WITHDRAWLS FROM CPF OF THEIR HARD EARN MONEY. MUST, I WOULD SAY IT IS A MUST TO BE ACCEPTABLE TO ALL CPF ACCOUNT HOLDERS AND NOT AS THEY WISH WITH NO LIMITS OF TOPPING UP. EVENTUALLY THIS IS BECOMING A LAWLESS STATE. WHERE IS THE RULE OF LAW.

  4. Why is PAP so worried about (increased) social spending when it currently spends very little compared to other developed countries? Further, Singapore supposedly runs a budget surplus. By withholding CPF money, its goal is to continue to minimize social spending and maintain surplus (but for whom???.) The most insane policy is to continue to build EXCESSIVE national reserve (again, for whom?) If they even distribute some of the reserve to the people (via CPF), everyone will be able to meet the minimum sum requirement and be able to retire by 65.

    The whole scheme is someone’s “great” idea but it makes no sense if you can’t enjoy your own savings in your lifetime. How else can you explain the 80 year olds still washing dishes and picking up trash in order to “make a living”?

    • For a gd reason. People’s expectations are forever rising. When Britain introduced NHS after WWII, meant to provide basic healthcare. Definition keeps changing. Now cosmetic surgery after breast cancer is on NHS. And everyone from users to providers will try to game the system to their adv. Don’t is not wrong to be concerned, problem is that it gets its legtimate concerns get in the way of what we, the people, see as basic needs.

      • For a gd reason. PAP’s expectations are forever rising. When Britain introduced CPF in 1955, meant to provide basic worker retirement. Definition keeps changing. Now mortgage payment for public housing is on CPF. And every agency from HDB to hospitals will try to game the system to their adv. Don’t is not wrong to be concerned, problem is that it gets its legitimate concerns get in the way of what PAP, the government, see as basic source of revenue.

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