Better jobs, voluntary top-ups among factors boosting CPF savings

Article by The Straits Times
9 March 2022

The article wrote that more workers are meeting their cohort’s Central Provident Fund Basic Retirement Sum (BRS) at age 55, even as the sum is raised each year. This is likely due to factors such as rising wages and labour force participation rates, government schemes to boost retirement savings, and more voluntary top-ups, observers told The Straits Times. The article also included observations from Lena Teng, Head, Solutions/Lead, Investment, of MoneyOwl, that members turning 55 in the coming years started work during a period of high employment rates and strong wage growth. On the question, of whether the 3.5 per cent is a sufficient rate of increase, she said that it depends on how much each person is able to or willing to set aside to join CPF Life, and the corresponding payout it will provide.

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