More FAQs: Help Singaporeans Work Longer | Improve the Returns on CPF Savings | Make Savings Last for Life Expectancy | Implementation and Public Communication
1.	Why is the Government making reforms to the CPF system now?
2.	What are the key changes under this reform?

1.	Why is the Government making reforms to the CPF system now?
	The cumulative impact of three fundamental shifts – falling fertility, increasing longevity and smaller family size – will mean that individual members will have to rely on their own savings and work for longer to fund their retirement periods. The Government has taken various steps since 1984 to enhance the employability and retirement sufficiency for Singapore’s ageing population. But further changes are needed to better prepare Singaporeans for their golden years.
2.	What are the key changes under this reform?
	The changes are aligned along three thrusts – helping Singaporeans work longer; increasing returns; and making savings last for CPF members’ life expectancy. Help Singaporeans Work Longer To help Singaporeans work longer, the Government will: Institute re-employment legislation by 2012, to require employers to offer to workers reaching 62, re-employment up to age 65 as a first step, and eventually to 67. Reward work by further increasing the Workfare Income Supplement (WIS) for older workers aged above 55 and above 60.
	Improving Returns on CPF Savings The Government is improving CPF returns by giving 1% extra interest on the first $60,000 of combined CPF balances, including up to $20,000 from the Ordinary Account (OA).
	Make Savings Last for CPF Members' Life Expectancy The draw-down age (DDA) for the Minimum Sum will be progressively raised from 62 in 2012 to 65 by 2018. CPF LIFE is being introduced to help CPF members put aside enough in case they live longer than expected. CPF LIFE plans are basic, affordable and provide flexible options for members to choose.