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CPF Reforms and Other Measures to Help Older Singaporeans Improve Retirement Adequacy and Work Longer
 

To help Singaporeans improve retirement adequacy and work longer, the Government will introduce five key changes, along three thrusts announced by Prime Minister Lee Hsien Loong in his National Day Rally Speech on 19 August 2007.

Help Singaporeans work longer:
  • Institute re-employment legislation by 2012, to require employers to offer re-employment to workers reaching 62, up to age 65, and eventually to 67
  • Reward work by further increasing the Workfare Income Supplement (WIS) for older workers
Improve the returns on Central Provident Fund (CPF) savings:
  • Increase CPF interest rates
Make savings last for life expectancy:
  • Progressively raise the draw-down age
  • Introduce CPF LIFE
Details of the CPF reforms
1. Higher Interest Rates
2. Lifelong Payment: Delayed Draw-down Age
3. Lifelong Payment: Deferment Bonus (D-Bonus)
4. Lifelong Payment: Voluntary Bonus (V-Bonus)
5. CPF LIFE
6. Re-employment & Workfare Improvement Scheme (WIS)
 
Information Kit on CPF reforms
1. A Simple Guide To CPF And Other Changes: More $ For Your Retirement
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7. Frequently Asked Questions (FAQs)

 
 Last Updated on: Thursday, August 28, 2008 at 9:10 PM
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