Meeting needs of the lower-middle income

Monday, 13 January 2014

The Business Times

In today’s edition of The Business Times, it was reported that an independent study on retirement conducted by Associate Professor Chia Ngee Choon and Associate Professor Albert Tsui, who are both from Department of Economics at the NUS Faculty of Arts and Social Sciences, and commissioned by the Ministry of Manpower, found that young workers today can replace their income upon retirement at rates similar to developed countries. The authors said that for Central Provident Fund (CPF) members who want to be able to replace a higher proportion of their income, “they must invest their CPF savings above the minimum sum wisely so as to generate a stream of retirement income to supplement CPF Life payouts”.

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