Govt looking at ways to boost retirement funding

Govt looking at ways to boost retirement funding

Improvements to the Central Provident Fund scheme could include raising older worker contribution rates further, linking payouts to inflation and finding better ways for the elderly to unlock the value of their flats. Senior Minister of State for Manpower Amy Khor said these ideas, which have been raised by MPs, will be included. The assurance came on the second day of debate on the President's Address, amid calls from backbenchers to improve retirement adequacy.

"I acknowledge that it is not a perfect system, and I assure (MPs) that we will continue to review how else we can improve it, taking into account feedback and suggestions," Dr Khor said on May 27.

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