Some Singaporeans are left in a strange situation nowadays. They have no jobs and yet are not able to withdraw their CPF savings. The main reason, as most people know, is the proposal to allow withdrawal of their CPF minimum sum of S$100,000 at the age of 65. This is above the current withdrawal age at 62.
Question: How many companies in Singapore are going to hire a 55 year old man, much less a 62 year old?
They say that Singapore employment rate of those aged 60 to 64 is currently at 42 percent. I think that is too high of a number. The no. should be lower and even those who are working are just working part-time. So they have no job and cannot get CPF. The simple answer to this problem should be getting rid of the age increase (maybe even lower it), but this being Singapore where the government can make no mistake, the government is saying; learn how to extend your savings so that it can last longer.
Now this is a joke, isn't it. Singapore is already one of the highest saving per person country in the world, but it's still not enough! Now, we must also learn how to extend it. By itself, that's not a bad idea but come on. Wouldn't it be easier (and make more sense) to just get rid of the age increase?
I hope that pride in not the reason why the Singapore government refuse to take such an easy option. I shudder to think when I can get my hands on my CPF money. By the time I retire, the age limit may be 100 for all I know.