CPF review to address longer lives

By Gwendolyn Ng

AS LIFE expectancy increases up to 85 and beyond, the Government is reviewing the Central Provident Fund (CPF), which remains viable, Minister of State for Manpower and National Development Tan Chuan-Jin said yesterday.

Speaking at a forum held at the National University of Singapore, he said: "We are enhancing the CPF system to make CPF savings last longer for members."

This is because people underestimate how long they will live and how much they should save for retirement, Brigadier-General (NS) Tan said.

Family support continues to play an important role in retirement adequacy.

For instance, he said seniors could be supported through the Minimum Sum Topping-Up Scheme where members opt to top up their family members' CPF accounts. About $110 million in top-ups were made for parents and grandparents last year.

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