Encourage people to save more with a voluntary CPF scheme

CPF made the headlines this week with the National Trades Union Congress (NTUC) calling for a boost in Central Provident Fund rates and flexibility in withdrawals. It was also in the news several times last year.

Compared to global standards, Singapore's CPF is and has been a very successful statutory retirement plan. Some of its challenges today have been brought about by a combination of factors. These probably could not have been well anticipated in greater detail before.

The major ones are a rise in property prices and the cost of living, very low interest rates, and an ageing population. Put together, these have put pressure on the CPF rules drafted earlier.