Govt pledges improvements for CPF, retirement needs: President Tan

SINGAPORE — The Government will improve the existing Central Provident Fund (CPF) savings and CPF Life annuity schemes, and develop more options for Singaporeans to unlock the value of their homes after they retire, said President Tony Tan today (May 16)

This is to ensure that Singaporeans, who are living longer, have enough for their financial needs in their golden years, said Dr Tan

The President made these remarks as he addressed Parliament, which was opening for a new session.  In his wide-ranging speech, Dr Tan touched on issues such as social mobility, social safety nets and increased social spending. He also talked about infrastructure improvement, new immigrants and constructive politics.

To ensure that Singaporeans enjoy a better quality of life, the Government will improve transport options, create more recreational spaces and rejuvenated neighbourhoods, said Dr Tan. 

“We will continue to upgrade our HDB heartlands and neighbourhoods, connect them to a more extensive and convenient transport network, and integrate them into a web of green corridors and waterways, as well as sports and leisure facilities,” he said.

As Singapore becomes more complex and diverse, demands on amenities, infrastructure and resources will rise. Thus, the Government will make “full use of new technologies” to develop sustainable and innovative solutions, said the President.

“We will make Singapore a Smart Nation: enabling safer, cleaner and greener urban living, more transport options, better care for the elderly at home; more responsive public services and more opportunities for citizen engagement,” said Dr Tan.

To help workers upgrade their skills and stay abreast of changing industry demands, Dr Tan said the Government is strengthening Continuing Education and Training (CET) system, including the new CET institutes – Devan Nair Institute for Employment and Employability, and the Lifelong Learning Institute.  

In his address today, Dr Tan noted that Singapore will celebrate its 50th year of independence next year. 

Wrapping up his speech, the President said Singapore’s pioneers had fought for country’s independence and toiled for its success. The Pioneer Generation Package, he said, is an appreciation of their contributions and sacrifices.

“But the best way to honour our pioneers is to uphold this same pioneering spirit – to dream and fight for Singapore,” he said. “We must be stewards of our pioneers’ success, and leave behind a better Singapore than we inherited.”