ENCOURAGE Central Provident Fund (CPF) members to start earlier than age 55 in saving towards the Minimum Sum.
Let them opt to start contributing a sum of $100 to $500 monthly from age 25 onwards.
This contribution is purely for retirement and cannot be used to fund investment or housing.
Sweeten the option with a minimum 5 per cent annual interest rate.
This sum should be separate from the first $60,000 that earns an extra one percentage point in interest.
In this way, parting with savings from the Ordinary and Special accounts to set up the Retirement Account will be less painful.
Sim Beng Tiong
Let them opt to start contributing a sum of $100 to $500 monthly from age 25 onwards.
This contribution is purely for retirement and cannot be used to fund investment or housing.
Sweeten the option with a minimum 5 per cent annual interest rate.
This sum should be separate from the first $60,000 that earns an extra one percentage point in interest.
In this way, parting with savings from the Ordinary and Special accounts to set up the Retirement Account will be less painful.
Sim Beng Tiong
