Stem the drain of CPF monies from home repayments
Public interest in the Central Provident Fund (CPF) scheme has been heightened in recent times. Credit should be given to the Government for implementing a scheme that funds our retirement with contribution from employers.
Public interest in the Central Provident Fund (CPF) scheme has been heightened in recent times. Credit should be given to the Government for implementing a scheme that funds our retirement with contribution from employers.
Even the much-derided Minimum Sum scheme deserves compliment as it aims to ensure Singaporeans will have enough funds for retirement.
But, while Singaporeans have done well in saving up for their retirement through the CPF scheme, the Government can do more to curb the outflow of these savings.
Most of our CPF monies go towards the repayment of our homes. Much has been said about the high cost of public housing but, until more drastic steps are taken, our retirement funds can be drained by HDB repayments.
Singaporeans should not have to continue working well into their 60s just to pay off our mortgages.
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