How can Singaporeans understand and accept the various explanations that are arguably, finally starting to come forward now, when there is still no transparency? When there are still so many unanswered questions, like some of the above? Pensions crisis in the world? With regard to “There is a looming pensions crisis in most of the advanced countries, and the challenges remain largely unresolved” - we believe the “pensions crisis” is not about the risks to the people or returns on the pension funds, but rather one of entirely different pensions systems from Singapore’s – in that the pensions are indexed for inflation and are fundamentally funded to a large extent by the state. In contrast, our CPF system is fundamentally funded entirely by members’ own contributions and CPF Life annuity payouts are not indexed for inflation or based on last drawn salaries before retirement.
Posted on: Wed, 09 Jul 2014 06:16:18 +0000
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