But as always, the biggest question pertaining to CPF policy changes is whether it will be enough to help Singaporeans with their retirement.
In a nutshell, it is possible for everyone to achieve their retirement savings goals with higher retirement and re-employment ages, increased CPF contributions and tax reliefs for making voluntary CPF top-ups
The CPF Board’s most recent announcement on CPF tweaks — paired with its June announcement that the CPF contribution rate for older workers will be increased by 2 percentage points (for workers aged 55 to 65) and 1.5 percentage points (for workers aged 65 to 70) starting in January 2022 — means Singaporeans have more time and incentive to plan, invest and grow their retirement savings.
