The article was first published on 29 October 2018.
THIS WEEK’S TOPIC: Should the CPF withdrawal age be raised as life expectancy in Singapore rises?
Source: The Business Times
Date: 29 October 2018
I believe that the issue boils down to robust retirement planning. Any adjustment to the CPF withdrawal age must also take into consideration both the average and statutory retirement age.
As life expectancy increases, it is critical for workers to be aware and well-informed on retirement planning as they prepare for possibly increasingly longer careers. Financial discipline early on will help provide an additional future source of retirement funds on top of CPF payouts.
Employers need to adopt an inclusive approach to support an ageing workforce. By providing training, education and flexible work arrangements, we can help support the employability of older workers, enabling them to plan their retirement with more options.