According to a new study published by the Singapore Management University (SMU) and US-based RAND Corporation yesterday (Oct 27), Singaporeans are increasingly pessimistic about retirement and many expected to work past the retirement age of 65.
41.9% of the men and 30.6% of the women aged between 55 and 59 said they cannot afford to retire and have to continue working past 65 years old. This expectation is worse than the current workforce participation rate, with 29.8% of the men and 17.5% of the women aged 65 and above still holding on to full-time jobs.
The study omitted statistics for part-time job holders and “self-employed” (cardboard collectors), which is at least doubled the full-time job holders among those aged 65 and above.
The Singapore dictatorship will use the above study to increase retirement age further, which is currently at 62. Raising the retirement age will also raise the CPF Withdrawal Age – worsening elderly poverty which is already prevalent and common.
Hardship for elderly Singaporeans is expected to affect more people, as the CPF returns – at around $600 a month on average – is barely enough for survival. Former government economist Professor Lim Chong Yat commented earlier in June that CPF payout is “so low that it is meaningless”.
Singapore’s CPF system is also ranked the worst in the world for having the lowest interest rate payout at 2.5% and having draconian withdrawal rules, when compared to all retirement funds.
Dictator Prime Minister Lee Hsien Loong openly corrupts by putting himself as the Chairman of GIC, his wife as CEO of Temasek Holdings, to have free-play at the CPF funds collected and the national reserves. Lee Hsien Loong also put himself above the corruption bureau, and directly controls the Monetary Authority of Singapore and Ministry of Finance. The corrupted Prime Minister also recently appointed his choice of puppet president through an electoral walkover by disqualifying the opponent contestants.