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CPF issue: More meeting CPF Minimum Sum due to wage growth, policy improvements

Published on Jul 8, 2014 2:48 PM
 
The Central Provident Fund (CPF) building on Robinson Road. More members in each cohort reaching the age of 55 have been able to meet their Central Provident Fund (CPF) Minimum Sum over the years, despite this threshold having increased over the years, said Manpower Minister Tan Chuan-Jin on Tuesday. -- ST PHOTO: MALCOLM MCLEOD

SINGAPORE - More members in each cohort reaching the age of 55 have been able to meet their Central Provident Fund (CPF) Minimum Sum over the years, despite this threshold having increased over the years, said Manpower Minister Tan Chuan-Jin on Tuesday.

This is due to improvements to the CPF system, and also because wages have been growing and more are participating in the labour force, he added.

His statement on CPF was given in Parliament response to 10 MPs' questions on the compulsory savings scheme from 10 MPs.

The Government is "even more optimistic" that younger workers can attain the Minimum Sum, he said. He cited a 2012 study by two local economists which estimated that about 70 per cent to 80 per cent of new entrants to the workforce would be able to meet the Minimum Sum for their cohort fully in cash.

 
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