SOME 70 per cent of the 50 workers aged above 55 interviewed by The Straits Times indicated they wanted to work beyond 65, even with salary cuts (“Less pay is okay, say older workers”; last Saturday).
The crux of the issue is not whether Singaporeans are willing to work beyond 65, but whether they are able to retire at all.
The Central Provident Fund Minimum Sum Scheme was introduced in 1987 to help Singaporeans set aside sufficient savings to support a basic standard of living during retirement.
Yet, in 2012, 25 years after the scheme’s inception, fewer than half of Singaporeans who turned 55 could meet the Minimum Sum.
We need to relook how the scheme has failed to meet its objective of providing sufficient retirement savings for Singaporeans, after more than two decades.