In recent years, there has been much discussion about the adequacy of retirement savings and pension schemes around the world. With an aging population and increasing life expectancy, many governments are realizing the need to enhance their retirement systems to ensure that citizens have enough savings to support themselves during their golden years.

One country that has taken significant steps towards improving its retirement scheme is Singapore. In 2019, the Singaporean government announced a 10% increase in the Central Provident Fund (CPF) contribution rates for older workers. This is on top of the existing 1% increase in the employer contribution rate for workers above 55 years old. This move is aimed at encouraging older workers to continue working and saving for their retirement.

Compared to other countries, Singapore’s pension increase is quite significant. For example, in Australia, the government has announced an increase of only 0.5% in the compulsory superannuation contribution rate, which currently stands at 9.5%. In the United States, social security benefits have not seen any significant increase, and in some European countries, retirement age is being pushed back in order to reduce the financial burden on governments.

With an aging population and changing economic landscape, it is crucial for governments to continually review and improve their retirement schemes. Singapore’s recent pension increase is a positive step towards providing its citizens