Latest News

S’pore ranks 5th in global ranking of retirement schemes in 2024, jumped two spots from previous year

Singapore ranks 5th in Global Pension Index 2024

Singapore ranked fifth in Mercer CFA Institute’s Global Pension Index in 2024, released on 15 Oct.

For its mandatory social security savings scheme Central Provident Fund (CPF), the country-state received a B+ grade, with a total score of 78.7.

This led Singapore to jump two spots, from seventh in 2023 when it received a total score of 76.3.

Source: Mercer

Mercer attributes the improved score to their increased understanding of the “level of communication provided to CPF members” and the “prevalence of DB [defined benefit] in the system”.

The DB is a pension scheme where the member receives an amount depending on their salary and employment duration.

Meanwhile, the Netherlands took the top spot for the second year in a row despite a slight drop in its score “due to several minor factors”.

Singapore scores high on public trust in CPF’s integrity

In particular, Singapore scored 74.3 in sustainability, which measures whether a pension system can continue supporting retirees long-term, despite its ageing population.

It also scored 79.8 in adequacy, meaning retirees are receiving a sufficient pension.

Meanwhile, it scored a high 83.0 in integrity, which reflects the public’s trust that the CPF will be able to support them.

 

Mercer suggests opening CPF to non-residents

Mercer also included suggestions on how to improve the score of Singapore’s pension system.

These include allowing tax-approved group corporate retirement plans and opening the CPF to non-residents “who make up a significant percentage of the labour force”.

They also recommended increasing the age at which members can access their retirement savings and showing income projections on members’ annual statements.

Also read: CPF Board lowers daily withdrawal limit to S$50K to safeguard members against scams

Have news you must share? Get in touch with us via email at news@mustsharenews.com.

Featured image from Canva

Kim Tan

Kim likes thrifting, dressing up, and telling people how little her outfits cost.

Recent Posts

2 community cats die after being hit by cars in Marine Terrace, caregivers seeking footage

The driver who hit one of the cats purportedly denied doing so behaved angrily.

23 Nov 2024, 1:33 am

‘Tiger Candy’ contains erectile dysfunction medicine, may cause painful & exceedingly long erections: SFA

It has been marketed online as a candy that helps with male sexual enhancement.

23 Nov 2024, 12:11 am

Pop Mart pursuing legal action over unauthorised use of Labubu images by certain brands

"POP MART does not have any official licensed partners in Singapore," it said.

22 Nov 2024, 11:25 pm

Heavy rain on 22 Nov causes flash floods in Yishun & Potong Pasir, 127.7mm recorded in northern S’pore

51% of Singapore's average monthly rainfall in November fell in northern Singapore over less than…

22 Nov 2024, 10:27 pm

Pilot treats passengers to pizzas after emergency landing causes hours-long delay in the US

He made sure all the passengers were served before taking a slice for himself.

22 Nov 2024, 6:32 pm

Woman in China grows ‘trident’ flesh on fingernail, apparently due to improper & frequent manicures

The doctor recommended a 2-week gap between manicures to allow nails to recover.

22 Nov 2024, 6:08 pm