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 ......