Committee of Supply 2023 debate, Day 4: Louis Chua on enhancing CPF returns
CPF Ordinary Account (OA) rates must be balanced against the goal of preserving the purchasing power of Singaporeans’ retirement funds and guarding against inflation, said MP Louis Chua in Parliament on Wednesday (Mar 1). He urged the Government to reconsider the CPF OA formula - unchanged since 1999 - to take into account the current nature of fixed deposit and savings rates from the three local banks so that it better reflects economic realities. He also noted that Singaporeans are seeking more investment options and higher-quality returns for their CPF monies. With increasing financial literacy, he said, people should be empowered to take greater charge of their investment decisions according to their risk appetites and financial goals.
CPF Ordinary Account (OA) rates must be balanced against the goal of preserving the purchasing power of Singaporeans’ retirement funds and guarding against inflation, said MP Louis Chua in Parliament on Wednesday (Mar 1). He urged the Government to reconsider the CPF OA formula - unchanged since 1999 - to take into account the current nature of fixed deposit and savings rates from the three local banks so that it better reflects economic realities. He also noted that Singaporeans are seeking more investment options and higher-quality returns for their CPF monies. With increasing financial literacy, he said, people should be empowered to take greater charge of their investment decisions according to their risk appetites and financial goals.
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