In 2015, Tan Chuan-jin, then Manpower Minister said this:
“SINGAPOREANS who work regularly and make prudent housing choices should have no worries in meeting their retirement needs through the mandatory Central Provident Fund (CPF) system, Manpower minister Tan Chuan-Jin has said, as he told the House that the retirement picture for younger Singaporeans was “relatively healthy”.”
And in July, the news reported:
“Hit by the rising cost of living, workers in Singapore have to save nine years longer for an adequate retirement compared to previous generations, according to an HSBC report released on Wednesday (July 13)…Mr Matthew Colebrook, head of Retail Banking and Wealth Management, HSBC Bank (Singapore), said: “The unfortunate causality of a rising cost of living is that people nowadays are having to save further and for longer than their predecessors. Unfortunately in many instances, life events are also getting in the way from setting aside money earlier or in a consistent manner.”
