The pension system in Singapore
AbstractSingapore is an affluent city state which finances its social security system through a mandatory, publicly managed, defined contribution system based on individual accounts. The main vehicle embodying this is the Central Provident Fund (CPF). There are two other pension systems operating in Singapore: 1) Non-contributory pension scheme for the government employees; and 2) provident fund scheme for the certain categories of armed forces personnel called the Savings and Employees Scheme. The report makes a thorough assessment of the CPF. Then it is followed by a discussion of reform options which could help provide adequate level of retirement protection to the population in a sustainable manner while maintaining Singapore's international competitiveness for attracting requisite investments, and professional and technical manpower.
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Bibliographic InfoPaper provided by The World Bank in its series Social Protection Discussion Papers with number 20848.
Date of creation: 31 Aug 1999
Date of revision:
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- Suzanne Doyle & Olivia S. Mitchell & John Piggott, 2001. "Annuity Values in Defined Contribution Retirement Systems: The Case of Singapore and Australia," NBER Working Papers 8091, National Bureau of Economic Research, Inc.
- Catalan, Mario & Impavido, Gregorio & Musalem, Alberto R., 2000. "Contractual savings or stock market development - Which leads?," Policy Research Working Paper Series 2421, The World Bank.
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