Personal Finance
Young working Singaporeans, you are OK. Really?
By A Singaporean Stockmarket Investor (ASSI)  •  September 20, 2012
This was just in the news: Young Singaporeans in the workforce today will have adequate savings in their Central Provident Fund (CPF) accounts by the time they retire, according to an independent study by the Ministry of Manpower. A recent study using the Income Replacement Rate or IRR indicates that Singaporeans are adequately covered. Pension economists measure retirement adequacy by using an IRR, which is the ratio of retirement monthly income to pre-retirement monthly earnings. The study found that a median male earner who enters the workforce today will be able to achieve an IRR of over 70 per cent through his CPF savings. For the female median earner, the equivalent IRR is 63 per cent. These figures are similar to those of countries of the Organisation for Economic Co-operation and Development (OECD). The IRR for the median OECD economies is 66 per cent. The World Bank recommends a range ......
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By A Singaporean Stockmarket Investor (ASSI)
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