The government should evaluate the feasibility of guaranteeing a higher rate of return on CPF monies: MP Tin Pei Ling
MP for Marine Parade GRC, Tin Pei Ling has called for the review of the CPF system.
Speaking in Parliament, Ms Tin says the government should evaluate the feasibility of guaranteeing a higher rate of return on CPF monies.
This is to better cope with inflation and ensure Singaporeans' CPF money will be well above the Minimum Sum.
Ms Tin also urged the government to make the rules for using CPF money more flexible, so that those in dire straits could take care of immediate needs such as their HDB mortgages or children's education.
"Does it mean that there will be a higher risk that some Singaporeans will not have enough in their old age? Maybe, but the reality is that some of these Singaporeans are in desperate need for help and we need to help them."
Ms Tin who doubles up as the Deputy Chairman of the Government Parliamentary Committee for Health, also called for more flexibility for the Pioneer Generation Package's Medisave payout.
She asked for the payout to be converted into cash after some time, to give pioneers the choice in how they wanted to spend it.
To encourage prudence, she suggested the amount be capped at five times.
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