As Singapore progresses economically, so does the aspirations of its people. Today, Singaporeans are enjoying higher living standards, living longer and are also more likely to stay in their own homes. In tandem with this, there is a need for the Central Provident Fund (‘CPF’) to evolve and keep up with the changing times. That is especially important as CPF plays a significant role in major aspects of our lives – whether in retirement, home ownership or healthcare protection.
1. CPF LIFE Provides Income for Retirement Needs
As we enjoy higher living standards, the often-asked question is how much do we really need for retirement? In a study done by National University of Singapore’s Lee Kuan Yew School of Public Policy, the number came up to be $1,379 a month, for a senior citizen aged 65 and above. For couples aged 65 and older, the study states that they need