In a landmark study “Pensions at a Glance” conducted jointly by the World Bank and Organizations for Economic Cooperation and Development (OECD), Singaporeans are at the bottom of a ranking of retirement income from pensions in the Asia-Pacific region (read report)
The study found that Singapore’s average gross replacement rate - the value of the pension as a percentage of earnings when working - is just 13.1 per cent. However, it did note that CPF of Singaporeans is not used as part of the computation.
For the average Singapore worker earning a monthly salary of $3,000, this will translate roughly to a sum of S$390 to be set aside for retirement, hardly enough to cover one’s living expenses in this day and age. As for lower income workers earning less than S$1,500 monthly, this would mean having little or no savings at all.
Read rest of article here:
http://wayangparty.com/2009/01/14/t...ans-being-conned-by-an-official-ponzi-scheme/
The study found that Singapore’s average gross replacement rate - the value of the pension as a percentage of earnings when working - is just 13.1 per cent. However, it did note that CPF of Singaporeans is not used as part of the computation.
For the average Singapore worker earning a monthly salary of $3,000, this will translate roughly to a sum of S$390 to be set aside for retirement, hardly enough to cover one’s living expenses in this day and age. As for lower income workers earning less than S$1,500 monthly, this would mean having little or no savings at all.
Read rest of article here:
http://wayangparty.com/2009/01/14/t...ans-being-conned-by-an-official-ponzi-scheme/
