Debate on President’s speech: Saktiandi Supaat on strengthening Singapore’s social compact

External uncertainties are beyond Singapore’s control, but what is within its power is how it strengthens its social compact at home to help citizens cope with challenges, said MP Saktiandi Supaat in parliament on Tuesday (Sep 23). He proposed an automatic cost-of-living adjustment mechanism where top-ups to support schemes such as ComCare or Silver Support are triggered once inflation for essential goods crosses a prescribed threshold. He also suggested a Caregiver Credit or Supplement similar to the Workfare Income Supplement, providing CPF contributions or direct financial support to those who have to leave their jobs to care for loved ones. Mr Saktiandi also spoke about the need to improve retirement adequacy for Singaporeans. His suggestions include laying out a 10- to 15-year path for CPF Basic Retirement Sum increases, expanding the Matched Retirement Savings Scheme to part-time workers and younger workers, offering an inflation-linked CPF LIFE option so payouts rise in line with cost of living, and creating a family buyback option for the Lease Buyback Scheme where children can co-purchase part of the lease to provide parents with retirement cash flow. Mr Saktiandi also addressed the difficulties facing the younger generation, with youth unemployment higher than the national average and fears about employability in an age of AI. He proposed evolving SkillsFuture into a family credit system, offering more credits when more family members upskill together; as well as expanding the SkillsFuture Level-Up Programme to Singaporeans below the age of 40 so that younger workers can also upgrade and pivot.