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Reimagining PensionsThe Next 40 Years$
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Olivia S. Mitchell and Richard C. Shea

Print publication date: 2016

Print ISBN-13: 9780198755449

Published to Oxford Scholarship Online: March 2016

DOI: 10.1093/acprof:oso/9780198755449.001.0001

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Singapore’s Social Security Savings System: A Review and Some Lessons for the United States

Singapore’s Social Security Savings System: A Review and Some Lessons for the United States

Chapter:
(p.298) Chapter 15 Singapore’s Social Security Savings System: A Review and Some Lessons for the United States
Source:
Reimagining Pensions
Author(s):

Benedict S. K. Koh

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198755449.003.0015

Unlike the defined benefit system adopted by the United States, Singapore operates a defined contribution system administered by the Central Provident Fund (CPF). When originally conceived, CPF’s main goal was to help citizens save for retirement. However, over the years, it has evolved into a comprehensive system with multi-faceted objectives: saving for retirement, home ownership, healthcare, financial protection, and asset enhancement. While regarded as generally successful, the CPF has been criticized recently for not achieving retirement adequacy. This chapter reviews the key features of Singapore’s social security savings system and suggests some reforms to enhance retirement security for its members.

Keywords:   Central Provident Fund, social security savings, defined contribution, defined benefit, retirement adequacy, home ownership, healthcare financing, financial protection, asset enhancement

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