How long will S$86,000 $49,640 last, the equivalent of 32 months' average salary in the Lion City
The Singapore parliament was recently told that's the median balance of the country's Central Provident Fund CPF for people aged 55. With the CPF account yielding an interest of just 2.5% at present - statutorily, the lowest that they can get - something has to be done.
In the past two weeks, the Ministry of Finance has been releasing details of a new pension plan that encourages workers to top up their retirement savings. Called the Supplementary Retirement Scheme SRS, it will be implemented on top of the current CPF next year.