EYE ON THE ECONOMY
Improving women's lot in retirement
Policymakers need to pay closer attention to the plight of women who have significantly lower retirement savings because they stopped work in order to care for family members.
Published on May 27, 2014 3:35 PM
Whether Singaporeans have enough to retire on is a question that has loomed large in the minds of policymakers recently. The Government is helping the nation's ageing pioneers with health-care costs, and is working on a universal health- care plan for Singaporeans.
Central Provident Fund (CPF) contribution rates have been raised for all workers, with special attention to those who are older, earning less or self-employed.
There are also plans to enhance the CPF system's savings and annuity schemes and give Singaporeans more ways to unlock the value of their homes during retirement.
These are all laudable measures, especially amid low interest rates and rising inflation, which make it hard for retirees' savings to keep up with the cost of living.
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One group is still particularly vulnerable in retirement: older women, especially those who stopped work to care for children or other family members.