| 15. |
A main objective
of the CPF is to provide a steady and sufficient
income for Singaporeans in their old age.
In the CPF scheme, saving for old age is intimately
linked to saving for home ownership. On the
one hand, an HDB flat is the most important
asset of most families, an investment which
should help provide for the members' old age.
On the other hand, the flat absorbs a large
part of the members' savings, leaving many
members with only enough cash in the CPF for
a modest monthly sum in retirement, barely
adequate for their basic needs. Even the new
Minimum Sum of $120,000, half of which is
in cash, will yield a monthly payment of only
$378, if the money is to last until the member
is 80 years old. We need to find better ways
for Singaporeans to benefit from the value
of their HDB flat. |
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