Singapore's CPF system ranked top in Asia, Denmark's system

[Camrysfa]

• SINGAPORE'S Central Provident Fund (CPF) system ranks top among similar social security systems in Asian countries, but it is Denmark's well-funded pension system which has emerged the best globally.
• The 2014 Mercer Melbourne Global Pension Index identified Singapore's CPF is a "sound structure, with many good features, but has some areas for improvement that differentiates it from an A-grade system".
• The Singapore retirement system continues to score a grade of B, but is expected to be upgraded once shortcomings are addressed, said Neil Narale, Mercer's Asean Retirement Business Leader.
• "The lack of tax-approved group corporate retirement plans and retirement savings for non-residents continues to isolate Singapore from other highly-graded countries on the global scale," he said.

 

http://www.globalpensionindex.com/country-summaries-2/singapore/

 

http://www.businesstimes.com.sg/government-economy/singapores-cpf-system-ranked-top-in-asia-denmarks-system-leads-globally-mercer

[Maxus-MIFA9]

 

• SINGAPORE'S Central Provident Fund (CPF) system ranks top among similar social security systems in Asian countries, but it is Denmark's well-funded pension system which has emerged the best globally.
• The 2014 Mercer Melbourne Global Pension Index identified Singapore's CPF is a "sound structure, with many good features, but has some areas for improvement that differentiates it from an A-grade system".
• The Singapore retirement system continues to score a grade of B, but is expected to be upgraded once shortcomings are addressed, said Neil Narale, Mercer's Asean Retirement Business Leader.
• "The lack of tax-approved group corporate retirement plans and retirement savings for non-residents continues to isolate Singapore from other highly-graded countries on the global scale," he said.

 

http://www.globalpensionindex.com/country-summaries-2/singapore/

 

http://www.businesstimes.com.sg/government-economy/singapores-cpf-system-ranked-top-in-asia-denmarks-system-leads-globally-mercer

 

 

Hmmmm............ maybe HHH & Roy are expert in this field ...

 

Awwwwwwwww........... we could have mistaken HHH leow and with her contant , we might get 'A' grade ...

[Wt_know]

based on the report, these are the "shortcomings" ?

 

The overall index value for the Singaporean system could be increased by:

• raising the level of social assistance available to the poorest aged members of society
• increasing the percentage of contributions required to be saved for retirement
• reducing the barriers to establish tax-approved group corporate and other retirement plans, to encourage non-residents (who comprise more than one-third of the labour force) to save for their retirement
• increasing the labour force participation rate amongst older workers

worse than chile? how can ....

Edited October 15, 2014 by Wt_know

[Maxus-MIFA9]

based on the report, these are the "shortcomings" ?

 

The overall index value for the Singaporean system could be increased by:

• raising the level of social assistance available to the poorest aged members of society
• increasing the percentage of contributions required to be saved for retirement
• reducing the barriers to establish tax-approved group corporate and other retirement plans, to encourage non-residents (who comprise more than one-third of the labour force) to save for their retirement
• increasing the labour force participation rate amongst older workers

worse than chile? how can ....

 

No wonder lar, we have to work to 67 ....

[Ktglfc]

So, garmen will follow the recommendations? Aiyo...

 

And soon, will see the MPs talking abt how "good" our cpf system is, that is among the world's best

[Mustank]

can someone go create a userid call Roy_Ng

[Freestylers09]

u see this report is good on CPF system by others right?

 

then people will also find alot criticism in it as usual

 

but when report is we number 1 COL, then many agree to it

 

LOL

[Watwheels]

If you look at the other top 9 countries scoring better dan Sgp, those are big countries with no lack of natural resources. These resources can fund their pension/retirement scheme.

 

 

What does Sgp has when it comes to natural resources? Only its people.

Edited October 15, 2014 by Watwheels

[Lala81]

u see this report is good on CPF system by others right?

 

then people will also find alot criticism in it as usual

 

but when report is we number 1 COL, then many agree to it

 

LOL

 

Haters got to hate.

 

HDB, COE, CPF, Retirement age. Goes on and on.

[Vhtfhwlego]

If you look at the other top 9 countries scoring better dan Sgp, those are big countries with no lack of natural resources. These resources can fund their pension/retirement scheme.

 

 

What does Sgp has when it comes to natural resources? Only its people.

You are mostly right expect for quoting people as resources.

Its should be imported resources.

But even without imported resources, we can do good with our ports compared with the other countries.

However, we all know where is the reveune from the ports goes to right.

[Lala81]

If you look at the other top 9 countries scoring better dan Sgp, those are big countries with no lack of natural resources. These resources can fund their pension/retirement scheme.

 

 

What does Sgp has when it comes to natural resources? Only its people.

 

I asked my friend who was studying a masters in international relations, why does singapore keep coming up with the next big "push"

Simi productivity, biosciences etc etc. All sounds bit cheesy and it's done every few years.

 

It's precisely because we have no natural resources. The "push" is a way to stimulate economy and development.

What we do is actually studied in places which teach governance/macroeconomics as how to sustain an economy with only human resources.

[Lala81]

You are mostly right expect for quoting people as resources.

Its should be imported resources.

But even without imported resources, we can do good with our ports compared with the other countries.

However, we all know where is the reveune from the ports goes to right.

 

1.8 billion dollar profit on a 4.5billion revenue is a lot of money for a whole country?

 

http://www.internationalpsa.com/psanews/pdf/nr130328.pdf

 

Gosh then maybe don't need to have casino hor.

1.8billion can feed the whole country?

[Joseph22]

You are mostly right expect for quoting people as resources.

Its should be imported resources.

But even without imported resources, we can do good with our ports compared with the other countries.

However, we all know where is the reveune from the ports goes to right.

Sadly a lot of local don't want to work in port or marine or 24/7 environment.. Which coincidently port are all those.

u see this report is good on CPF system by others right?

 

then people will also find alot criticism in it as usual

 

but when report is we number 1 COL, then many agree to it

 

LOL

Won't be number one. One of those is coverage for non resident ppl meaning ppl living oversea have to contribute to cpf how to???

[Mustank]

Sadly a lot of local don't want to work in port or marine or 24/7 environment.. Which coincidently port are all those.

 

Won't be number one. One of those is coverage for non resident ppl meaning ppl living oversea have to contribute to cpf how to???

 

my cousin, o level only, was working in the shipyard as a crane operator

he was retrenched and replaced with crane operators from myanmar

he is angry

i am angry for him too

[Rm2s]

You are mostly right expect for quoting people as resources.

Its should be imported resources.

But even without imported resources, we can do good with our ports compared with the other countries.

However, we all know where is the reveune from the ports goes to right.

 

Actually I don't know. Care to share where the revenue (or do you mean profit) goes to?

[Vhtfhwlego]

 

1.8 billion dollar profit on a 4.5billion revenue is a lot of money for a whole country?

 

http://www.internationalpsa.com/psanews/pdf/nr130328.pdf

 

Gosh then maybe don't need to have casino hor.

1.8billion can feed the whole country?

Singapore first started was due to it's ports right?

It's our ports that enable us to reach to today what it is.

If a country would not implement taxes to people but instead with taxes from port management, or business, we also can reach there.

 

You may want to check the duty/taxes of the top 10 countries which is far more then ours.

But these countries somehow retain funds for the people while we have to work for ours.

 

For example in Australia, if you are a mum, maternity leave i think it's 1 year paid by the gov.

If you lose your jobs, gov can give you daily allowances.

 

I know of a Singaporean that migrate over to Aus with her Aus hubby.

3 kids and end up divorcing.

The Aus gov gives her weekly allowances and it's enough for herself and the 3 kids.

[Lala81]

Singapore first started was due to it's ports right?

It's our ports that enable us to reach to today what it is.

If a country would not implement taxes to people but instead with taxes from port management, or business, we also can reach there.

 

You may want to check the duty/taxes of the top 10 countries which is far more then ours.

But these countries somehow retain funds for the people while we have to work for ours.

 

For example in Australia, if you are a mum, maternity leave i think it's 1 year paid by the gov.

If you lose your jobs, gov can give you daily allowances.

 

I know of a Singaporean that migrate over to Aus with her Aus hubby.

3 kids and end up divorcing.

The Aus gov gives her weekly allowances and it's enough for herself and the 3 kids.

 

so you are saying the above as a positive example.

Then a certain race in our country will be very happy. Start their 1st kid at 16 years old. Then have 3 by 21. Then kiao ka for the rest of their lives.

The scandanavian countries outright tax minimum 35-50% of their income. So u earn 2k, u take home 1k.

Yes, no denying got great benefits.

And also they have a homogenous society based on generations of minimal immigrant population. Essentially there is some tribal behaviour going on. The social compact over there is not the same.

 

Gosh where do aussies get most of their tax income? IRON ORE. The price of Iron ore decline over the last 1 year is estimated to hit their annual tax revenue this year by 20-25%. BTW, they are running a budget deficit for years.

Nvm lah. govt money free one lah. last forever...

 

Tax port management more than our competitors? Err ok. If u believe this, nevermind lah. No need to discuss further. Cannot get anywhere with this.

[Goldbug]

based on the report, these are the "shortcomings" ?

 

The overall index value for the Singaporean system could be increased by:

• raising the level of social assistance available to the poorest aged members of society
• increasing the percentage of contributions required to be saved for retirement
• reducing the barriers to establish tax-approved group corporate and other retirement plans, to encourage non-residents (who comprise more than one-third of the labour force) to save for their retirement
• increasing the labour force participation rate amongst older workers

worse than chile? how can ....

How much salary the other 9 governments paid?