Lee Hsien loong now wants Sporns to live on less, work longer or save more

[samstom]

PM Lee shares article on ensuring retirement adequacy: live on less, work longer or save more

SINGAPORE - There are only three solutions to a pension system's challenges, concludes an Economist article that Prime Minister Lee Hsien Loong shared in a Facebook post on Wednesday.

In his summary of the article, about the challenges the American pension system faces, Mr Lee said: people must either live on less during retirement, work longer and retire later, or save more of their salary while working.



Mr Lee added on Facebook "this is exactly what a British pensions expert told me," referring to Mr Paul Myners, an advisor to sovereign wealth fund GICand who had done a study on pensions for the British government.

Referring to the three solutions, Mr Lee said: "These are tough choices that countries - not just Singapore - are facing."

In September, the Government appointed a 13-member advisory panel to relook four key areas of the Central Provident Fund. These are: possible adjustments to the Minimum Sum beyond 2015; enabling lump sum withdrawals; offering CPF payouts that rise with living costs; and the flexibility to choose private investment plans.

Next year's Budget is also likely to contain measures that build on the Government's ongoing shifts in social and economic policy. These include moves "that the Government has undertaken over the last few years to strengthen social support and retirement adequacy", Senior Minister of State for Finance Josephine Teo had said in late November.

- See more at: http://www.straitstimes.com/news/si...nsuring-retirement-adequacy-live-#xtor=CS1-10

 

[frenchbriefs]

this guy talks about how you have to make sacrifices about how you have to consume less,or work more or save more during ur working years,but he doesnt talks about the interest rate of our CPF retirement accounts,or returning the billions they stole from the "interest" they kept every year from the investment of CPF funds,or the government's responsibility towards the people's welfare.this clown expects a free ride all the way while he is prime minister,diu lei lou mou!!!!

 

[mojito]

You see, people need to make sacrifices for a more comfortable retirement. My retirement that is.

 

[Leongsam]

this guy talks about how you have to make sacrifices about how you have to consume less,or work more or save more during ur working years,but he doesnt talks about the interest rate of our CPF retirement accounts,or returning the billions they stole from the "interest" they kept every year from the investment of CPF funds,or the government's responsibility towards the people's welfare.this clown expects a free ride all the way while he is prime minister,diu lei lou mou!!!!

How about taking more responsibility for your own retirement instead of expecting other taxpayers to fund your twilight years of economic inactivity.

 

[uglyloser]

How about taking more responsibility for your own retirement instead of expecting other taxpayers to fund your twilight years of economic inactivity.

Yes, Sinkies should learn from the honourable Lee Kuan Yew, who despite his advanced age, is still caring for his residents and other Sinkies by planting trees.

 

[frenchbriefs]

How about taking more responsibility for your own retirement instead of expecting other taxpayers to fund your twilight years of economic inactivity.

Why don't u tell all the government officials and civil servants who have their healthcare funded at the taxpayers expense?

Besides if ur allowed to benefit from this country u should be expected to contribute to its wellbeing, otherwise u should get out.

And no ones talking about responsibility we are talking about returning what belongs to us,the capital and the billions of interest stolen over the decades.

 

[Leongsam]

And no ones talking about responsibility we are talking about returning what belongs to us,the capital and the billions of interest stolen over the decades.

Singaporeans pay very little taxes. They should therefore take more personal responsibility when it comes to planning for retirement.

 

[samstom]

Summary:

GDP, Bonuses, Swiss standard of living for loony.


Slavery, high-costs and third-world standard of living for you.

 

[Leongsam]

Slavery, high-costs and third-world standard of living for you.

Singapore is a very low cost country. Homes are cheap, food is cheap, transport is cheap, taxes are low. What more could you ask for?

 

[frenchbriefs]

Singaporeans pay very little taxes. They should therefore take more personal responsibility when it comes to planning for retirement.

Low taxes only benefit the rich.its time the rich starts bearing some responsibility and paying what's due.raise taxes comparable to rates in first world countries.

 

[SgGoneWrong]

Singapore is a very low cost country. Homes are cheap, food is cheap, transport is cheap, taxes are low. What more could you ask for?

I disagree with you that homes are cheap.

 

[sochi2014]

Singaporeans suffer when you vote for a buddhist and an asian to lead the country.

Asians already got plenty of flaws already. You feed him with indifferent buddhists ideology just worsen the problem even more.

 

[sochi2014]

I disagree with you that homes are cheap.

I agree with your disagreement with Sam Leong. Otherwise there would not be many defaults on their loan repayments.

 

[virus]

How about taking more responsibility for your own retirement instead of expecting other taxpayers to fund your twilight years of economic inactivity.

KONG JEOW WAY lor... lidat ask them all vomit out the million $$ pay first instead of expecting us to feed these jiak liaoz bee to fund their gambling habits and twilight of economic plundering.

 

[virus]

Singapore is a very low cost country. Homes are cheap, food is cheap, transport is cheap, taxes are low. What more could you ask for?

i like to ask for my CPF to be returned at 55. what the fark you dont understand? this type of things still need to clarify meh?

 

[Cerebral]

What is the contribution rate for the British Pension system? We contribute 36% or so. That should be one of the highest in the world. And if at 36% and it is still insufficient, then i do fear the worst

 

[The_Hypocrite]

How abt the soylent green option? Let people die w dignity n low cost to gahmen..

 

[xebay11]

I disagree with you that homes are cheap.

He is right, we pay high price for cheap homes.

 

[frenchbriefs]

How abt the soylent green option? Let people die w dignity n low cost to gahmen..

yes singaporeans should feel dignified that they are able to contribute to society even after their deaths as pieces of condiments found in ramen noodles.

 

[Leongsam]

Low taxes only benefit the rich.its time the rich starts bearing some responsibility and paying what's due.raise taxes comparable to rates in first world countries.

In Singapore, the lower income groups benefit hugely because they receive far more in rebates than they pay taxes.

On the other hand, the rich pay vastly greater amounts of taxes because the Singapore system is biased towards consumption and the rich consume far more than the poor.

That is why the Singapore tax system is the fairest of all.