SINGAPORE -It is prudent to adjust the Central Provident Fund Minimum Sum every year to beat inflation and help Singaporeans prepare for retirement, but the burden to meet the sum should not fall solely on individuals, said Workers' Party MP Png Eng Huat (Hougang) yesterday.
Rather, the Government should help maximise CPF returns, he urged.
Joining the chorus of calls by MPs to find new ways to improve returns on CPF savings, Mr Png said the only way for people to do so now was to "work longer and harder and nothing else".
But they can also grow their CPF savings by "investing wisely", and the Government should take the lead in this as many may not have the requisite financial know-how to do so, he said.
It should also review the interest rates for the CPF Ordinary Account and Special, Medisave and Retirement Accounts, he said, noting they "had not changed for the past 15 years".
"While we want Singaporeans to work longer and harder for their retirement, it is also prudent to make our CPF savings work harder for us," he said.