Your Savings Is Tops In Asia - aka CPF

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SINGAPORE: Singapore has the best retirement income system in Asia with its Central Provident Fund (CPF) but there is still room for improvement, wealth consulting firm Mercer said in a media release on Monday (Oct 23).

Calculated on its adequacy, sustainability and integrity, the 2017 Melbourne Mercer Global Pension Index revealed that Singapore's index value of 69.4 has increased by 2.4 points from last year.

Measured against 30 countries, the index puts Denmark at the top of table for the sixth consecutive year.

With its B grade, Singapore has made continuous improvements through CPF by "providing more flexibility to its members", said Garry Hawkers, Mercer's Asia zone wealth business coordinator.

In 2016, the Government made changes to the system which included providing minimum CPF top-up amounts for the poorest individuals, more flexibility in drawing down retirement amounts and increases to certain contribution rates and interest guarantees.

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