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Tan Chuan Jin should tell the fulll story on CPF
An honorable member of the Coffee Shop Has Just Posted the Following:
What Mr Tan ignores is that alongside the state pension, the UK has a government-mandated workplace pension scheme. Under the scheme, employers have to enrol their employees in a private pension scheme (although employees can choose to opt out). Employers have to match the contribution by their employees, and contributions are tax free. Employees are also given a say on how their money is invested by the fund. So far, it seems almost like the CPF scheme, except: 1.You can opt out if you really want to. There is a separate state pension as a really basic safety net. This balances protecting both the disadvantaged and individual freedom. 2.There is a choice on which fund management provider to engage. This is unlike the CPF which is essentially a state-run monopoly. Mr Tan says that the CPF is “backed by the full faith and credit of the Singapore Government – only one of a few countries in the world with a triple A credit rating from all of the world’s major credit rating agencies”. However, the Minister fails to note that bank deposits in Singapore are covered by the Government’s Deposit Insurance scheme – backed by the full faith and credit of the Singapore Government. Clearly the Government recognises that it is possible to back contributions/deposits with the right regulatory architecture, without having to run a state monopoly. http://www.theonlinecitizen.com/2014...about-the-cpf/ Click here to view the whole thread at www.sammyboy.com. |
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