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The Singapore government is well-aware of the need for locals to retire with peace of mind, and is continually improving its processes to ensure the country’s retirement policies remain effective.
This was one of the key takeaways from Singapore’s Prime Minister Lee Hsien Loong’s National Day message 2014.
Speaking at Alexandra Park Connector, Lee paid tribute to the pioneer generation who have brought Singapore to where it is today.
He acknowledged for most Singaporeans, their Housing and Development Board (HDB) flats and Central Provident Fund (CPF) savings are the two primary ways to fund retirement schemes.
“The CPF has helped you to save for your old age,” he said. “It ensures you have a stream of income in retirement. The scheme works well for many of you, but it can be improved.”
Promising to speak more about the local CPF system at the National Day Rally next weekend, Lee added the country’s rapidly ageing population has brought retirement to the forefront of many Singaporeans’ concerns.
“Our population is ageing, and our seniors have fewer family members to support them. They need peace of mind in their silver years. They want to be assured that they can retire happily after a lifetime of hard work,” he said.
“Singaporeans know that they have to prepare for retirement. People are working longer and saving more.”
The Prime Minister also called for greater unity amongst Singaporeans, and the need to “refresh our strategies” if the country wished to scale to greater economical, political and social heights.
“Our economy grew 3.5% in the first half of 2014, and is forecast to grow 2.5-3.5% for the year. We must keep up this growth over the next decade to help you improve your lives.”
Read more: Don’t take Singapore growth for granted