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Consider pension plan, one-time top-up for needy retirees

The recent CPF and Retirement Adequacy Forum, which I attended, was well organised and the panel discussions with academics and ministers threw light on the mechanics of Central Provident Fund (CPF) savings.

The recent CPF and Retirement Adequacy Forum, which I attended, was well organised and the panel discussions with academics and ministers threw light on the mechanics of Central Provident Fund (CPF) savings.

There was no solution, however, to the retirement inadequacy of those aged 55 and above, including the pioneer generation. Although Singapore has become a rich nation, only the well-off can afford to consider various types of retirement plans.

When the cost of living outpaced the earning ability of low-income households, they could plan only for a roof over their heads with their CPF savings and left retirement to fate.

I am therefore against the idea that elderly retirees must uproot and downgrade to sustain their retirement after contributing their whole economic lives to a prosperous country (“Unlock value of property to boost retirement cash”; July 25).

Such a society would be egotistical, unhealthy and non-inclusive. If Singaporeans believe in such a philosophy, there would be no meaning to telling older workers to continue to work, as the golden retirement may never come.

I give top marks for the Pioneer Generation Package and MediShield Life. The Government’s generous subsidies will help sustain these meaningful programmes.

I hope it can also transform CPF Life into a temporary national pension plan to bridge the gap in retirement adequacy until the low-wage generation is gone.

Instead of Hong Kong’s “fruit money” for all those aged 70 and above, our Government can consider another meaningful scheme, such as a one-time top-up to help the disadvantaged obtain a decent annuity, so they need not sell their homes eventually

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