(1) Tan Chuan-Jin did not answer the question – if Singaporeans could set aside more than $155,000 to get higher payouts
Yesterday in Parliament, Ms Foo Mee Har asked the Manpower Minister Tan Chuan-Jin if “Singaporeans who wish to set aside larger sums than the Minimum Sum of S$155,000 in their CPF in order to secure higher monthly payouts of more than S$1,200 for retirement incomes” could do so.
Tan Chuan-Jin did not answer the question directly.
In effect, he said no.
(2) Tan Chuan-Jin did not answer the question again – how the CPF Life payouts are calculated
Ms Foo Mee Har pursued her question. She asked why there is a need for the government to set a cap for members to top up to the prevailing CPF Minimum Sum.
She also asked the Manpower Minister how the structure and funding mechanism for CPF Life was decided.
Tan Chuan-Jin replied with the textbook answer that $1,200 was computed for the living expenses for a lower-middle income family.
He still did not answer the question – he still did not explain how the calculations behind the $1,200 CPF Life payout.
(3) Tan Chuan-Jin did not answer the question – there are no other annuity plans in Singapore, then why did the Tan Chuan-Jin say so?
Tan Chuan-Jin added that middle and higher income Singaporeans have the flexibility to use other retirement systems and annuity plans outside the CPF and this is “more progressive”.
Ms Foo Mee Har shot back at Tan Chuan-Jin – she said that Singaporeans would do so if they could, but there are no other annuity plans which exists in Singapore for Singaporeans who would want to buy annuity plans outside of CPF.
Tan Chuan-Jin kept quiet.