Poll shows S'poreans may only have "basic-level" understanding of CPF
- POSTED: 07 Jul 2014 23:44
The government's feedback portal REACH said most Singaporeans have heard of the Central Provident Fund (CPF) Minimum Sum, and the CPF LIFE scheme. However, they are less clear on the specifics, it found after a telephone poll.
SINGAPORE: The government's feedback portal REACH said eight in 10 Singaporeans have heard of the Central Provident Fund (CPF) Minimum Sum, and more than six in 10 have heard of the CPF LIFE scheme. However, they are less clear on the specifics, it found after a telephone poll.
A REACH news release on Monday said almost two-thirds of the 1,000 Singaporeans polled did not know they could pledge their properties to help meet the CPF Minimum Sum, and nearly half did not know they need not top up the shortfall in cash if they did not meet the Minimum Sum.
Just four in 10 knew that they would receive monthly payouts even if they did not meet the Minimum Sum, and only 13 per cent were able to provide details on the estimated monthly payout under CPF LIFE if they met the Minimum Sum requirement.
"It is heartening to note that there is general awareness of the CPF schemes relating to retirement planning, in particular, the Minimum Sum scheme and CPF LIFE," said Senior Minister of State for Health and Manpower and REACH Chairman Amy Khor.
"Nevertheless, the poll results show that many Singaporeans may only have a basic level of understanding of the CPF system."
Dr Khor said the government recognises that there is room for "more concerted efforts" to communicate aspects of the Minimum Sum and CPF LIFE schemes to the public, and that it will intensify its outreach efforts to help Singaporeans better plan for their retirement.