From The Media: 23 Jul 2014
Published: 23 Jul 2014 1400 hrs
Private pension plans are being studied by the Government, even as it reassures Singaporeans that the CPF system is backed up by substantial government assets. These points were highlighted by DPM Tharman and Manpower Minister Tan Chuan-Jin at a forum organised by the Institute of Policy Studies yesterday. On the Minimum Sum, Minister Tan pointed out that overall real wages have gone up over the years. ST and ZB offered a preview of the Pioneer Generation Package Card. More at From The Media.
CPF system financially sustainable: DPM Tharman
Published: 08 Jul 2014 2200 hrs
The CPF system provides a strong foundation for the future that avoids imposing risk on its members and tax-payers, explained DPM Tharman at Parliament today. Against other international pension systems, the CPF system balances investment risk and provides fair returns to members guaranteed by the Government. CPF members also receive various subsidies through the Budget. DPM Tharman also explained that the current investment arrangements for CPF monies. Find out more on MOF’s website.
CPF remains a key pillar to help Singaporeans cater for their needs in old age: Minister Tan Chuan-Jin
Published: 08 Jul 2014 2104 hrs
Minister for Manpower Tan Chuan-Jin spoke in Parliament today on the basic features of the CPF system, reasons for the Minimum Sum scheme, and discussed areas that can be improved. Minister clarified that it was not necessary for CPF members to top up their CPF funds should they be unable to meet the Minimum Sum target at age 55. CPF remains a key pillar to help Singaporeans cater for their needs in their old age. Read Minister Tan’s full speech on the MOM's website.
Government to provide $4 billion in subsidies and support for MediShield Life premiums
Published: 27 Jun 2014 1635 hrs
The Government has accepted all recommendations from the MediShield Life Review Committee on the design of the MediShield Life scheme. Close to $4 billion in subsidies and other forms of financial support will be provided over the next five years to ensure that all Singaporeans will benefit from the new insurance scheme. There will also be Premium Subsidies for the Pioneer Generation and lower- to middle-income Singaporeans, and transitional subsidies for four years for all Singapore Citizens.
Civil servants to receive 0.5-month mid-year Annual Variable Component (AVC)
Published: 13 Jun 2014 1630 hrs
All civil servants will receive a mid-year Annual Variable Component (AVC) of 0.5-month as the Singapore economy grew by 4.9% on a year-on-year basis in 1Q2014. Based on National Wages Council's (NWC) recommendation to help raise the salaries of lower-wage civil servants, 3,500 Division IV civil servants will receive a built-in wage increase of $70 in their monthly salaries. Another 5,500 Division III civil servants will receive a built-in wage increase of $30 per month.