Do you think you will retire comfortably with enough CPF without selling your house?

Yesterday, Minister Tharman made this claim based on a study by Ministry of Manpower:

“Young Singaporeans entering the workforce today will have accumulated enough savings in their Central Provident Fund (CPF) when they retire to see them through their golden years.This was one of the key findings from a Ministry of Manpower-commissioned study, revealed Deputy Prime Minister Tharman Shanmugaratnam yesterday.Based on the current CPF system, the study showed that the savings will “provide a comfortable level of income in retirement, a level equal to a large part of their pre-retirement income”, he said.Mr Tharman, who is also Finance Minister, was speaking at the opening of the two-day Singapore Human Capital Summit 2012, held at Resorts World Sentosa.”

If young Singaporeans can retire properly on their own CPF in the future, it contradicts a major assertion made by the PAP govt on the need to import more foreigners. The key reason given for importing foreigners is there will be fewer younger people working to support the elderly in the future.
If Tharman’s claim is true that our future elderly are financially self sufficient, it throws the key argument that we need to import foreigners to shore up our dependency ratio out of the window. Anyway, I doubt the PAP is going to implement a “tax foreigners to support our elderly” tax structure – they will rather use the money for other purposes. …but that is not the way they sell their policies.
I think Singaporeans really need to think hard and connect the dots…they have to see through the propaganda that is crafted to make us support various govt schemes and policies. While Minister Tharman tells us we will be able to retire under the CPF scheme, the National Population and Talent Division (NPTD) says we need foreigners to come in order to support our elderly. Both can’t be true at the same time….but both need to be true for the PAP to avoid changing its policies on CPF and import of foreign talent.
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Lucky Tan
* Lucky Tan is an avid online blogger since 2005. He likes to study the thoughts of Singapore leaders and the laws of Singapore. He blogs at http://singaporemind.blogspot.com.
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