SECURING OUR RETIREMENT

THE SINGAPORE EXPERIENCE

Presented By:Ms. Irene Kang

Central Provident Fund Board

High-level Global Symposium on Financial Education

26-27 February 2014Seoul, Korea

Country Information

One of the world’s lowest total fertility rate at 1.2 and 4th best life expectancy rate in the world*

*according to the World Health Organisation

Source: Department of Statistics Singapore

Land Area: 710 km2

Total resident population: 3.8 million

SINGAPORE

CPF plays a significant role in Singapore’s social security system…

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Retirement Savings:

Help individuals to save for

old-age

Affordable healthcare:

Facilitate access to basic medical

services

Housing financing:

Help

Singaporeans own their home

Workfare:

Supplement income and retirement

savings of low-wage workers

Central Provident Fund

Our Social Security Philosophy

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SELF

FAMILY

COMMUNITY

Central Provident Fund: Fully Funded, Defined Contribution Scheme

5Figures as at 31 Dec 2013

Members3.4m

Employers0.13mContributions

Benefits

Retirement

Retirement Income

MedisaveOrdinaryFund Special

Individual Accounts

HealthcareFinancing

Housing Financing

Age

Wealth Decisions at Key Life Stages

•Young & Single

•Starting Work

•Getting Married

•Single with High Expenses

• Starting & Raising a

Family

Retirement

• Established Career

• Married with Older Children

•Single with Elderly Parents

• Golden Years

De-accumulation

Accumulation

Youth 20s 30s 40s 50s 55 65 80s

• Near Retirement

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How much should I

save?

What dream home should I

buy?

Will I have enough for retirement?

CPF Contribution MediShield CPF LIFE

Which healthcare

option should I choose?

Our Retirement Preparedness

40% have insufficient emergency

funds

1 in 3 do not plan for their

future financial needs

BUT…

Source: DPM Tharman Shanmugaratnam Opening Address at MoneySENSE 10th Anniversary roadshow 19 Oct 2013

2ndSingapore

1st3rdranks in Asia Pacific

Source: MasterCard Worldwide Index of Financial Literacy

?SAVERS

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Who drives financial literacy?

Financial Education Steering Committee

Industry Partners

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1Basic

Money Management

2FinancialPlanning

3InvestmentKnow-How

3 levels of financial literacy

Our Financial Education Strategies

MULTIPLY

AMPLIFY

SIMPLIFY

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Simplify

Amplify

TELEVISION

COFFEE CUPS

COFFEE SHOP TABLES

BUS INTERCHANGES

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Multiply

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Thank You