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More interest in CPF? Use it well

Published on Jul 26, 2014 12:44 PM

The evolution of the Central Provident Fund over almost 60 years has led to organisational excellence characterised by sound and prudent policies, as well as innovative practices that have led to awards and much international interest in the Singapore system. As the protection of funds is underwritten by the state, "one of the few remaining triple-A credit-rated governments in the world, this is a solid guarantee", as the Finance Ministry emphasised.

Against this, it might strike external observers as odd to note the intensity of online comments on the "shifting goalposts" of the Minimum Sum and the "short-changing" of CPF members as a result of so-called lacklustre returns.

Such disquiet has led Deputy Prime Minister Tharman Shanmugaratnam to rise to CPF's defence on a number of occasions, the latest being a recent forum at which he acknowledged the system could evolve further. "We are in a very rare situation of starting from a very strong foundation and being able to improve our system, and improve we will," he said.

A good position to contemplate changes but a bad climate to make them, given runaway misperceptions? It need not be so. One should make the most out of online discomfit over CPF by riding on the burst of interest to promote greater public awareness of old-age financial security and ways to achieve this.

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