National Day Rally 2014: PM Lee, the financial planner
Published on Aug 18, 2014 9:46 AM
SINGAPORE - Prime Minister Lee Hsien Loong on Sunday tackled criticisms of the Central Provident Fund head-on but with good humour, role-playing a financial planner to a fictitious Mr Tan and advising him on his retirement options.
Mr Lee, who roled-played a housing agent at last year's National Day Rally, quipped: “Last year, I was your real estate agent. This year, the real estate market is no good. I have upgraded myself and become a financial planner.”
Explaining the rationale behind the increase in CPF's Minimum Sum, Mr Lee played "financial planner" to a hypothetical Mr and Mrs Tan, aged 54, with a monthly income of $4,500.
He asked the audience how much this couple would need in retirement: $1,000, $2,000 or $3,000 a month. Most said $2,000.
Mr Lee then used Mr Tan's case to explain how the Minimum Sum of $155,000 was "far from excessive" and might even be insufficient.