Video: http://www.pmo.gov.sg/content/pmosite/national-day-rally-2014-.html#.U_mX1ywcTmI at the 10mins mark.
Providing Singaporeans more assurance in retirement.
One hot topic was the CPF and during the rally this year Mr Lee said that CPF works from all aspect: You, Employer and Government. Under the government section, the government will contribute to the CPF in terms of Housing grants when one buys a HDB flat, Medisave top-ups when one gets GST vouchers and Workfare for low income worker where a big contribution automatically goes into the CPF every month to help those to save for their retirement. This three will together will serve a common purpose to set up a Nest Egg for ones’ Retirement and the Nest Egg allows for a steady stream withdrawal of income in old age and to provide old age security.
Moving on, Mr Lee talked about some HDB thing regarding 4 room flat with lease buyback and he make a general conclusion that the CPF will work hand in hand with your house to provide for your retirement. He also said that if one had a house (HDB), there are many options like rent out, right size or lease buyback and which ever way one goes, one would probably get a lump sum or an income. Mr Lee also assured that the CPF scheme will continue to improve to meet more needs of the people especially the lower income.
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