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Yesterday, Minister Tharman made this claim based on a study by Ministry of Manpower:
"Young Singaporeans entering the workforce today will have accumulated enough savings in their Central Provident Fund (CPF) when they retire to see them through their golden years.
This was one of the key findings from a Ministry of Manpower-commissioned study, revealed Deputy Prime Minister Tharman Shanmugaratnam yesterday.
Based on the current CPF system, the study showed that the savings will "provide a comfortable level of income in retirement, a level equal to a large part of their pre-retirement income", he said.
Mr Tharman, who is also Finance Minister, was speaking at the opening of the two-day Singapore Human Capital Summit 2012, held at Resorts World Sentosa."[Link]
If young Singaporeans can retire properly on their own CPF in the future, it contradicts a major assertion made by the PAP govt on the need to import more foreigners. The key reason given for importing foreigners is there will be fewer younger people working to support the elderly in the future[Link]
- http://singaporemind.blogspot.sg/2012/09/why-minister-tharmans-claim-needs-to-be.html
"Young Singaporeans entering the workforce today will have accumulated enough savings in their Central Provident Fund (CPF) when they retire to see them through their golden years.
This was one of the key findings from a Ministry of Manpower-commissioned study, revealed Deputy Prime Minister Tharman Shanmugaratnam yesterday.
Based on the current CPF system, the study showed that the savings will "provide a comfortable level of income in retirement, a level equal to a large part of their pre-retirement income", he said.
Mr Tharman, who is also Finance Minister, was speaking at the opening of the two-day Singapore Human Capital Summit 2012, held at Resorts World Sentosa."[Link]
If young Singaporeans can retire properly on their own CPF in the future, it contradicts a major assertion made by the PAP govt on the need to import more foreigners. The key reason given for importing foreigners is there will be fewer younger people working to support the elderly in the future[Link]
- http://singaporemind.blogspot.sg/2012/09/why-minister-tharmans-claim-needs-to-be.html
