Government accepts CPF panel recommendations

SINGAPORE – The Government has accepted the recommendations made by the Central Provident Fund (CPF) Advisory Panel so far, saying they offered “balanced and constructive” proposals on how to improve the system.

In a letter addressed to panel chairman and National University of Singapore president Tan Chorh Chuan, Manpower Minister Tan Chuan-Jin thanked the panel for their work. “I am pleased to accept the recommendations within Part One of the Panel’s report on behalf of the Government. We agree with the Panel’s view that there is a need to provide greater assurance to CPF members on the sums they must set aside in retirement,” he said. “We also agree with the Panel’s consideration that introducing greater flexibility and choice for CPF members in retirement must be balanced with the need to ensure the CPF system is able to provide adequately for their retirement over the longer term.”

The Government will provide details on the CPF changes made in response to the recommendations at the Budget and Committee of Supply parliamentary debates later this month.

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