Another survey also done by Manulife this year showed that most - TopicsExpress

Another survey also done by Manulife this year showed that most Singaporeans do not think that the CPF will be enough. Over four in 10 believe that the returns are too little. Only one in five Singaporeans believe that the CPF will be enough. In fact, a study done by Associate Professor Tan Ern Ser showed that the CPF only accounts for 4 percent to 7 percent of the retirement savings for older Singaporeans today. Indeed, a Blackbox Research survey also showed that more than half of Singaporeans believe that the CPF is unfair. The CPF is simply not enough. Thus the first thing Singaporeans need to realise is that the CPF will not be able to provide for retirement. Indeed, the CPF is ranked as one of the least adequate retirement funds in the world, even though Singaporeans sacrifice the largest proportion of their wages into the CPF in the world. However, for the low-income and lower-middle income households, saving for retirement is a problem because they are not even able to save. National University of Singapore (NUS) economist Tilak Abeysinghe has shown that the poorest 30 percent households in Singapore are not able to save and have to spend 105 percent to 151 percent of their incomes. A Straits Times survey also showed that of the middle-income, two-thirds earn enough only to buy what they need and are also not able to save. In fact, for the poorest 10 percent, they have to ask for additional government financial assistance to pay for as much as nearly half of what they need to spend. This is simply not sustainable. Of course, at the end of the day, since Singaporeans are already paying the most wages into the CPF, it would only make sense if the CPF is able to provide adequately for retirement, without Singaporeans having to worry. However, as it is, the government takes the CPF of Singaporeans to invest in the GIC to earn 6 percent but only return 3 percent to Singaporeans. This means that each Singaporean is losing hundreds and thousands, and even more than a million. The appropriate thing to do would be for the government to return this money back to Singaporeans so that the majority of Singaporeans would be to retire with a peace of mind. But the question is in the governments court now - would it?

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