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MPs stress more options for seniors

They must have greater flexibility to convert assets into cash when need arises

Published on May 18, 2014 6:54 AM
An elderly reading a newspaper while the others watching a game session. -- BT FILE PHOTO: YEN MENG JIN

Too much of Singaporeans' Central Provident Fund (CPF) and life savings are being used for housing and other purposes besides retirement, said some MPs and observers yesterday.

There should hence be more options and flexibility for seniors to convert their assets into cash should the need arise, they added.

They were speaking to The Sunday Times a day after President Tony Tan Keng Yam's address to Parliament, when he said that the Government would do more to give Singaporeans greater peace of mind when they retire. The impending policy changes reflect retirees' worries of not having enough cash for their daily needs, said observers.

" As far as the older generation is concerned, retirement adequacy is something we need to pay attention to, particularly (to) the split between housing and cash to pay for their daily living," said Minister in the Prime Minister's Office Grace Fu.

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