| Item type |
Conference or Workshop Item |
| Subjects |
300 Social sciences > 303 Social processes |
| Division/Agency |
LPPKN - National Population and Family Development Board, Malaysia: Population and Family Research Division |
| Keywords |
Central Provident Fund system, Supplementary retirement system, Singapore |
| Additional Information |
Mukul G. Asher is a Professorial Fellow, National University of Singapore. |
| Abstract |
Singapore, an affluent city state, is among the most rapidly ageing society globally. This is due to low fertility rate (TFR of 1.2 in 2011); and increasing life expectancy (18.3 years for men and 21.8 years for women at age 65 in 2011). Its support ratio (working age persons/elderly) is projected to decline from 7.9 in 2011 to 2.2 by 2030, representing a steep decline. It primarily relies on a mandatory savings tier to finance old age. This tier is administered by a statutory Board called Central Provident Fund (CPF) under the Ministry of Manpower. The CPF has over the years been used not just for retirement, but for housing health care, and other purposes. Its wide scope and mandate has resulted in considerable complexity. This paper provides an assessment of the extent to which the current old age financing arrangements are likely to address longevity, inflation, and survivors’ risks faced by individuals in their old age. Not only each person will need support for a longer period in old age, but societal and individual expectations about old age support are also changing, reflecting the affluent society. |
