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Basic Retirement Sum a more realistic amount for workers

Source: The Straits Times 4 Feb 2015

Source: The Straits Times 4 Feb 2015

National Trades Union Congress (NTUC) said an advisory panel’s proposal to revaluate the CPF Minimum Sum to the Basic Retirement Sum is good as it is a more achievable amount for most employees to achieve retirement adequacy. NTUC supports the use of long-term inflation to accustom the Basic Retirement Sum, which could provide more predictability. NTUC also urged the Government to make sure that the public is well informed beforehand on any adjustments to the Basic Retirement Sum to ensure transparency on the calculated adjustments. NTUC also suggested that the government introduce incentives to encourage members to retain their retirement savings so that their monthly pay outs will not reduce.

 

Do you agree with the new proposal of having the basic retirement sum is a good idea? Will you be able to hit the basic retirement sum when you retire? However, is the basic retirement sum sufficient to sustain your ideal retirement lifestyle?

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