Photo of Teo Chee Hean from propaganda ministry MCI

Speaking at a closed-forum for ruling party elites, Deputy Prime Minister Teo Chee Hean reminded Singaporeans to work longer into their twilight years, and cited the Civil Service as an example:

“The public service has been doing its part in tapping older workers. There were 3,000 public officers aged 65 and above in December 2016, six times the number in 2010. Living longer does not mean being old for longer. It means staying young for longer. We need to keep fit, keep learning, and keep contributing.”

Minister Teo Chee Hean then defended criticisms against the failing CPF retirement system by calling it a “resilient institution”. The PAP Minister however was careful enough, to not use the word “retire” when describing the CPF:

“Singapore is much better prepared, with a slew of policies and initiatives put in place early. The Central Provident Fund (CPF) is one such resilient institution, which has helped Singaporeans save for their old age and pay for their medical expenses. The introduction of CPF Life and universal health insurance scheme Medishield Life are game-changers. These national social risk-pooling schemes mean that, to a larger extent than before, we are all helping one another to cope better together with the uncertainties associated with ageing.”

The old time politician however avoided commentaries on sufficiency of CPF payout, interest rates and the Minimum Retirement Sum which has been increased to S$181,000.

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