Academic warns Singapore must overhaul CPF

The Singaporean government must stop its implicit taxation of its citizens through the Central Provident Fund (CPF) and give more weight to its fiduciary responsibility to them if Singapore is to sufficiently provide for its aged, says Mukul Asher, professor of public policy at National University of Singapore. He estimates that by 1998, the average balance members could withdraw upon retirement had declined to the equivalent of a mere 10 months’ wages.The table below illustrates this…