CPF in Singapore in US they called 401k, many others country also have but under different name and scheme is a retirement fund.
Singapore are the highest contribution more than 35% of the salary. Because of this Singapore gov are the to 10 highest public debt country . Singapore public debt is more than 100% GDP. Lucky Singapore public debt are hold by it own citizen and gov can control it. Many country public debt are hold by others country/bank that is external debt which have to be comply . If no payment made base on the bond then is will cause big problem. Country credit rating will drop and interest will up. That happen to Ireland and Greece . When world relcutant to loan the money worry that the country will not able make the repayment. Just same as normall people taking loan from bank to buy house.
Public debt s a burden to goverment but the Singapore gov can play with it.
1. Up the min limit
2. Increase the age for withdrawal
3. Reduce the interest rate
4. Up the tax
5. Up the pension age/ reduce the payment
And so on.........
Singapore are the highest contribution more than 35% of the salary. Because of this Singapore gov are the to 10 highest public debt country . Singapore public debt is more than 100% GDP. Lucky Singapore public debt are hold by it own citizen and gov can control it. Many country public debt are hold by others country/bank that is external debt which have to be comply . If no payment made base on the bond then is will cause big problem. Country credit rating will drop and interest will up. That happen to Ireland and Greece . When world relcutant to loan the money worry that the country will not able make the repayment. Just same as normall people taking loan from bank to buy house.
Public debt s a burden to goverment but the Singapore gov can play with it.
1. Up the min limit
2. Increase the age for withdrawal
3. Reduce the interest rate
4. Up the tax
5. Up the pension age/ reduce the payment
And so on.........
