In the Parliament session yesterday (Feb 27), PAP MP Heng Chee How has called for the retirement age to be raised and delay the CPF withdrawal age. The current retirement age and CPF withdrawal age is 62 years old, and although the re-employment age has been raised to 67 years old, the CPF has not “updated” to 67 years old yet out of fear from public anger:
“The longer our mature citizens can remain employed and earning, the more they can help contribute to tax revenue and pay for their own needs, delaying and reducing the need for younger citizens and companies to have to chip in earlier than necessary.”
The PAP MP said that when there are lesser elderly Singaporeans working, the government can’t earn more tax revenue:
“With an ageing population, more older Singaporeans will leave the workforce, constraining the ability of companies to grow and placing more strain on government revenue.”
PAP MP Heng Chee How proposed that a “committee” be created to raise the retirement age to 67 years old.
The CPF Withdrawal Age is pegged to the official retirement age, and it has been increased from 55 to 62 years old. CPF Minimum Sum has also more than doubled from S$80,000 to S$181,000.