Singapore's Central Provident Fund system better understood now
Singapore has made some progress in helping international organisations such as the Organisation for Economic Co-operation and Development (OECD) to better understand the local Central Provident Fund (CPF) system, said CPF deputy chief executive officer Don Yeo.
As a result, he added, the OECD will be making a few changes to the way it compares pension systems around the world in its future reports.
Mr Yeo noted that there have been studies, such as the Melbourne Mercer Global Pension Index and the OECD's Pensions at a Glance report, which compared pension systems across the world and found Singapore's to be lacking.
But this is because these organisations used a common set of parameters to compare all countries, failing to take into account certain nuances of Singapore's CPF system, which is quite different from many pension systems around the world, he said.