Tan chuan-jin: I am 'optimistic' that young s'poreans can reach cpf minimum sum

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TAN CHUAN-JIN: I AM 'OPTIMISTIC' THAT YOUNG S'POREANS CAN REACH CPF MINIMUM SUM

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8 Jul 2014 - 7:59pm








Speaking about CPF in Parliament, Minister for Manpower, Tan Chuan-Jin said that the government is "optimistic" that younger Singaporeans will be able to meet the CPF Minimum Sum for when they turn 55.

He had earlier emphasised that it would be "irresponsible" for the government not to raise the minimum sum regularly.

This, he justified was because life expectancies are getting longer and so our retirement years are changing. Coupled with inflation, these issues mean that we can no longer just hold onto old rules.

Mr Tan explained that wages in Singapore have been increasing and the labour force participation rate is also increasing so more and more Singaporeans are working for higher pay.

This can help them to achieve the minimum sum in their CPF accounts even if it is increased each year.

Mr Tan emphasised that the CPF minimum sum is cohort based so that raising minimum sum does not impact those of previous cohorts who have already turned 55. Those who are already older than 55 only had to meet the minimum sums that were set for their years.

One area of concern is that Tan Chuan-Jin has described the government as "optimistic" when saying that young Singaporeans will be able to meet their minimum sums.
Those who are "optimistic" tend to believe in the possibility of the desirable outcome even if the probability of achieving that is low.

Does this imply that many Singaporeans may struggle to meet minimum sum but the government will just happily continue to believe and 'hope' that Singaporeans will be able to meet it?


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