Singaporeans may not have enough Central Provident Fund (CPF) savings for their retirement, MPs warned on Tuesday.
About a quarter of the parliamentarians who spoke on the first day of the Budget debate flagged this issue, saying the Government should relook how CPF funds can be boosted.
Three said the elderly and low-wage workers have worryingly meagre CPF savings. Three others insisted that CPF contribution rates must rise for all Singaporeans over the long term.
Nominated MP Mary Liew
Said Mr Zainudin Nordin (Bishan-Toa Payoh GRC): 'Having more resources upon retirement would mean that workers will be less reliant on the Government for their needs later in life.'
About a quarter of the parliamentarians who spoke on the first day of the Budget debate flagged this issue, saying the Government should relook how CPF funds can be boosted.
Three said the elderly and low-wage workers have worryingly meagre CPF savings. Three others insisted that CPF contribution rates must rise for all Singaporeans over the long term.
Nominated MP Mary Liew
Said Mr Zainudin Nordin (Bishan-Toa Payoh GRC): 'Having more resources upon retirement would mean that workers will be less reliant on the Government for their needs later in life.'
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