Different method used to calculate CPF payout sums: MOM

The Household Expenditure Survey is conducted once every five years.
The Household Expenditure Survey is conducted once every five years.PHOTO: ST FILE

A recent study, which had found that those in Singapore aged 65 and up would need at least $1,379 a month to achieve a basic standard of living, is "useful for personal goal-setting and retirement planning".

However, the methodology used by its researchers is fundamentally different from the Government's method of arriving at payout sums under the Central Provident Fund (CPF), a key pillar for retirement adequacy, said Mr Shaun Goh, director for retirement systems at the Ministry of Manpower (MOM).

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A version of this article appeared in the print edition of The Straits Times on July 08, 2019, with the headline 'Different method used to calculate CPF payout sums: MOM'. Print Edition | Subscribe