The pension system in Singapore

Abstract

Singapore is an affluent city state which finances its social security system through a mandatory, publicly managed, defined contribution system based on individual accounts. The main vehicle embodying this is the Central Provident Fund (CPF). There are two other pension systems operating in Singapore: 1) Non-contributory pension scheme for the government employees; and 2) provident fund scheme for the certain categories of armed forces personnel called the Savings and Employees Scheme. The report makes a thorough assessment of the CPF. Then it is followed by a discussion of reform options which could help provide adequate level of retirement protection to the population in a sustainable manner while maintaining Singapore's international competitiveness for attracting requisite investments, and professional and technical manpower.Environmental Economics&Policies,Economic Theory&Research,Banks&Banking Reform,Public Sector Economics,Health Monitoring&Evaluation