[h=1]COMPARISON BETWEEN A AUSTRALIAN ELDERLY AND A SINGAPOREAN ELDERLY[/h]
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20 Jun 2014 - 6:15pm
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While the Aussies could relax and enjoy their retirement over a cup of tea, Singaporean senior citizens have to work till they drop.
The Aussies collect a pension of A$750 per fortnight at age 65 and for a couple, the amount of about A$3000 a month in pension collection should be sufficient for their retirement if use modestly. This amount is on top of their superannuation fund (non-compulsory CPF) - contributed entirely by the employers at 9% of the employee salary.
The pension is entirely funded by the taxes which can be as high as 50% of the employee salary. Are Singaporeans willing to pay such high taxes so that their healthcare and retirement needs are met?
Singaporeans over-depend on the CPF scheme for their retirement purpose and with our low wages, its tough to meet the minimum sum scheme let alone save up part of our wages for retirement. One wonders why the government never use abit of the $800 billion sovereign fund for the pioneer generation.
What is the main motive of our sovereign fund investment if its not use for the good of the people?
Gilbert Goh
<!-- /.block --> <style>.node-article .field-name-ad-box-in-article {float: left;margin: 15px 15px 10px 0;}.node-article .field-tags{clear: both;}</style> Post date:
20 Jun 2014 - 6:15pm
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While the Aussies could relax and enjoy their retirement over a cup of tea, Singaporean senior citizens have to work till they drop.
The Aussies collect a pension of A$750 per fortnight at age 65 and for a couple, the amount of about A$3000 a month in pension collection should be sufficient for their retirement if use modestly. This amount is on top of their superannuation fund (non-compulsory CPF) - contributed entirely by the employers at 9% of the employee salary.
The pension is entirely funded by the taxes which can be as high as 50% of the employee salary. Are Singaporeans willing to pay such high taxes so that their healthcare and retirement needs are met?
Singaporeans over-depend on the CPF scheme for their retirement purpose and with our low wages, its tough to meet the minimum sum scheme let alone save up part of our wages for retirement. One wonders why the government never use abit of the $800 billion sovereign fund for the pioneer generation.
What is the main motive of our sovereign fund investment if its not use for the good of the people?
Gilbert Goh
