Sinkees who think that CPF is the world's best retirement scheme should do a reality check.
http://cfainstitute.org/learning/future/Documents/an_ideal_retirement_system.pdf
An ideal system
1, High coverage within the private pension system
F - Sinkees get nothing. In developed countries, the company provides either defined contribution or defined benefits plan. This is on top of their contribution to public pension for employees.
2. Funded assets for the future greater than 100 per cent of the country’s GDP
Who knows for sinkapore? The government doesn't reveal anything. Why are they so secretive? Because CPF is bankrupt?
3. Mandatory contributions of at least 8 per cent of earnings
CPF exceeds this.
4. A basic pension for the poor of at least 25 per cent of average earnings
F - CPF is not a pension. It is your savings under the government's control. We don't have enough saved because of exhorbitant HDB price.
5. At least 60 per cent of earnings net replacement rate for the median income earner
F
http://cfainstitute.org/learning/future/Documents/an_ideal_retirement_system.pdf
An ideal system
1, High coverage within the private pension system
F - Sinkees get nothing. In developed countries, the company provides either defined contribution or defined benefits plan. This is on top of their contribution to public pension for employees.
2. Funded assets for the future greater than 100 per cent of the country’s GDP
Who knows for sinkapore? The government doesn't reveal anything. Why are they so secretive? Because CPF is bankrupt?
3. Mandatory contributions of at least 8 per cent of earnings
CPF exceeds this.
4. A basic pension for the poor of at least 25 per cent of average earnings
F - CPF is not a pension. It is your savings under the government's control. We don't have enough saved because of exhorbitant HDB price.
5. At least 60 per cent of earnings net replacement rate for the median income earner
F
