Another reason to fine-tune Minimum Sum scheme
The Central Provident Fund Minimum Sum is a prudent, effective scheme. A sore point, however, is that certain members do not have the required sum for various reasons.
The Central Provident Fund Minimum Sum is a prudent, effective scheme. A sore point, however, is that certain members do not have the required sum for various reasons.
This group can withdraw only a paltry S$5,000 at the age of 55, a sum that has not been adjusted in these days of higher inflation.
Despite our increasing lifespans, there will be a percentage of us who may not live until the age of 65, the drawdown age come 2018. People would want to spend some of their hard-earned money.
This factor should be considered in fine-tuning the Minimum Sum scheme.