CPF provides comfortable post-retirement income: Study
S'pore system found to be on a par with international pension schemes
The Central Provident Fund (CPF) system is working well and will give young Singaporeans entering the workforce a comfortable post-retirement income.
This is according to a new study commissioned by the Ministry of Manpower (MOM), which concludes that the ratio of a Singaporean's post-retirement income to his pre-retirement income is comparable to global benchmarks.
This ratio, known as the income replacement rate (IRR), is one yardstick used by economists worldwide to gauge the retirement-based adequacy of social security systems.
Deputy Prime Minister Tharman Shanmugaratnam gave a preview of the survey's findings on Wednesday at the Singapore Human Capital Summit at Resorts World Sentosa.