culture_counter
Senior Member
- Joined
- Jun 14, 2010
- Messages
- 667
- Reaction score
- 13
Do you agree with Workers' Party stand on CPF as quoted:-
"CPF Reforms
Our MPs spoke extensively about retirement adequacy and raised concerns that the existing CPF Scheme does not provide assurance of full retirement adequacy for the lowest income groups, including homemakers and people with disabilities. More can be done to ensure that our citizens are better-positioned to live out their retirement years with dignity.
MP for Hougang Png Eng Huat, MPs for Aljunied GRC Muhamad Faisal Bin Abdul Manap and Chen Show Mao, and Non-Constituency MP Gerald Giam proposed that that there be more flexibility in the Draw-Down Age (now known as the Payout Eligibility Age). Currently, CPF members can only start drawing down their CPF when they reach the Payout Eligibility Age, which will be 65 from 2018. However, to support CPF members who genuinely require monthly payouts before age 65, our MPs called for the Payout Eligibility Age to be lowered to 60.[1]
Our MPs reiterated earlier calls for the Payout Eligibility Age to be de-linked from Retirement and Re-employment Ages. Presently, the Payout Eligibility Age has been increasing together with the Re-employment Age, but an increase in the Re-employment Age does not guarantee that everyone will be able to work until 65 or will be offered re-employment. Furthermore, Png Eng Huat and Gerald Giam pointed out that the statutory Retirement Age is now only 62, leaving a gap of 3 years a retiree will need to tide over if he or she is unable to secure employment or re-employment. Muhamad Faisal and Chen Show Mao emphasised that fixing the Payout Eligibility Age at 60 would provide greater assurance to members and help them in planning for their retirement.
Our MPs highlighted the difficulty in understanding the CPF Scheme due to technical jargon and different standards that apply to people with different birth years. With greater choices provided in the CPF scheme, it is important that CPF members are given enough time and information to understand the full implications of their choices."
"CPF Reforms
Our MPs spoke extensively about retirement adequacy and raised concerns that the existing CPF Scheme does not provide assurance of full retirement adequacy for the lowest income groups, including homemakers and people with disabilities. More can be done to ensure that our citizens are better-positioned to live out their retirement years with dignity.
MP for Hougang Png Eng Huat, MPs for Aljunied GRC Muhamad Faisal Bin Abdul Manap and Chen Show Mao, and Non-Constituency MP Gerald Giam proposed that that there be more flexibility in the Draw-Down Age (now known as the Payout Eligibility Age). Currently, CPF members can only start drawing down their CPF when they reach the Payout Eligibility Age, which will be 65 from 2018. However, to support CPF members who genuinely require monthly payouts before age 65, our MPs called for the Payout Eligibility Age to be lowered to 60.[1]
Our MPs reiterated earlier calls for the Payout Eligibility Age to be de-linked from Retirement and Re-employment Ages. Presently, the Payout Eligibility Age has been increasing together with the Re-employment Age, but an increase in the Re-employment Age does not guarantee that everyone will be able to work until 65 or will be offered re-employment. Furthermore, Png Eng Huat and Gerald Giam pointed out that the statutory Retirement Age is now only 62, leaving a gap of 3 years a retiree will need to tide over if he or she is unable to secure employment or re-employment. Muhamad Faisal and Chen Show Mao emphasised that fixing the Payout Eligibility Age at 60 would provide greater assurance to members and help them in planning for their retirement.
Our MPs highlighted the difficulty in understanding the CPF Scheme due to technical jargon and different standards that apply to people with different birth years. With greater choices provided in the CPF scheme, it is important that CPF members are given enough time and information to understand the full implications of their choices."
