MOM COS 2024: NTUC Cares about improving older workers’ retirement needs

Speaking at the Manpower Ministry’s Committee of Supply Debate on 4 March 2024, NTUC Assistant Secretary-General Desmond Choo shared that the CPF has been a reliable and secure avenue for Singaporeans’ retirement savings.

He asked the ministry about the timing of the CPF Special Account closure. Mr Choo also wanted to know the number of CPF members affected by the closure and those who will gain from the Enhanced Retirement Sum’s increased amount.

The Labour Member of Parliament also raised his concerns about the Majulah Package. He opined that the package may not meet the retirement needs of the lower-income workers. It may also be challenging for homemakers and caregivers who have been out of the workforce to achieve retirement adequacy.

To help these groups of workers, Mr Choo suggested higher top-ups for lower-income workers, and an increased amount of matched retirement savings for homemakers and caregivers to help them reach the Basic Retirement Sum.