In this year national day rally speech 2014, PM Lee talks about how Singapore government ensure that its citizens are able to get enjoy retirement with a stable source of retirement income through the combination of the Central Provident Fund (CPF) scheme as well as the various housing policies. The CPF savings is contributed by the individual, the employers as well as the government. The CPF provides a regular source of income after retirement once the individual reaches the minimum sum of $155,000. however, the value can be reduced to half if you own a HBD flat. The housing policies such as Flat Rental, Lease Buyback and Right size. All these will help to supplement the retirement income.
In my opinion, all these are sound policies to help ensure that we as Singaporean are able to enjoy a certain amount of comfort after retirement as these income help to provide for our basic necessities. However, after working and contributing to the society for more than half of our lifetime, i think we should be given more to enjoy our retirement :P. Therefore, the government should top up additional funds from the revenue they earn through various investment or increase the interest rate of the CPF to allow us with more funds to enjoy retirement as well as helping lower income to meet the minimum sum criteria.
Yet, in Singapore, as cost of living increases while wages remain the same, many lower income elderly struggle to pay up to the minimum sum or even owning a HDB flat to cover the minimum sum or to supplement the income. Some may suffer retrenchment and unable to find new job. Some maybe lose the ownership of their house to their children due to family dispute. Hence, this group of people requires the government and various elder care and social to assist.
Therefore, I agree with Mr Lee that we should be accountable for our own retirement by saving up our own money. We should ensure that we top up our CPF regularly and continue to upgrade ourself and our competencies to keep up with the society so that we can remain valued in the workforce. This ensure job stability and we can pay up our CPF. Also, social wise, we as working adults, should look after our parents now and play a part in their retirement by taking care of them. This form of filial piety could then be seen by our children and be passed on to the next generation.