SINGAPORE: The
Central Provident Fund (CPF) Board has launched a campaign "Are You
Ready" to help Singaporeans kickstart their retirement planning.
It
will help to educate them on financial literacy with a checklist of
four themes - cash flow, heath care, housing and retirement.
Speaking
at the launch of the campaign on Sunday, Minister of State for Manpower
and National Development Tan Chuan-Jin noted that some Singaporeans are
already ensuring that they have enough savings.
He said records
from the CPF Board showed that about 60 per cent of members do not make
withdrawals when they reach the age of 55.
Brigadier-General Tan
also said that many CPF members have been voluntarily making top-ups for
their loved ones through the Minimum Sum Topping-up Scheme.
Over
the past five years, the number of these transactions has gone up by 36
per cent while the top-up amount has grown by 33 per cent.
Last year, there were about 30,000 minimum sum top-up transactions, amounting to S$250 million.
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