Committee of Supply 2024 debate, Day 4: Desmond Choo on Majulah Package and CPF Special Account closure
The Majulah Package to boost retirement adequacy for young seniors will benefit those in the lower- to middle-income group and eligible working caregivers, but concerns remain for those in the low-income bracket and those who have not been working, such as homemakers and caregivers. MP Desmond Choo said this in Parliament on Monday (Mar 4). He suggested providing a higher quantum of top-up for low-income workers so that they can achieve the Basic Retirement Sum (BRS). And for homemakers and caregivers, to expand the quantum of matched retirement savings so that employers and family members can help them to reach the BRS. Mr Choo also asked about the planned closure of the CPF Special Account for members aged 55 and above. He wanted to know why the move is being made now, how many CPF members will be affected and how many will benefit from the raising of the Enhanced Retirement Sum.
The Majulah Package to boost retirement adequacy for young seniors will benefit those in the lower- to middle-income group and eligible working caregivers, but concerns remain for those in the low-income bracket and those who have not been working, such as homemakers and caregivers. MP Desmond Choo said this in Parliament on Monday (Mar 4). He suggested providing a higher quantum of top-up for low-income workers so that they can achieve the Basic Retirement Sum (BRS). And for homemakers and caregivers, to expand the quantum of matched retirement savings so that employers and family members can help them to reach the BRS. Mr Choo also asked about the planned closure of the CPF Special Account for members aged 55 and above. He wanted to know why the move is being made now, how many CPF members will be affected and how many will benefit from the raising of the Enhanced Retirement Sum.
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