Pension Reform - Our own Central Provident Fund

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Pension Reform - Our own Central Provident Fund

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We hear concerns raised about housing, pensions & medical welfare. I feel strongly that the govt shd consider standardising the % compulsory for both employee & employer contribution to a pension. This pension is to fund retirement, healthcare & housing needs, similar to that done by the Singapore govt. Instead of 20% tax (way too high), it shd be going into our pension. Eg. 20% employee salary+16% employer contribution=pension fund. These are used primarily for housing payments, retirement acct (a minimum sum allocated that will pay as income when one retires) & major medical expenses eg. hospitalisation. You can withdraw at 55 after setting aside a minimum sum for retirement acct. At age 65, your monthly payments from your retirement acct shall commence.
With high % of our salary in pension, we will have more financial independence to support our basic needs and pay us back during our retirement.

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