Singapore’s Vaunted CPF under Fire

Singapore’s famed Central Provident Fund (CPF), emblematic of state planning at its responsible and creative best under the People’s Action Party (PAP), has become a political headache for Prime Minister Lee Hsien Loong. The retirement scheme, which currently takes a hefty 20 percent of employees’ income and 16 percent of employer contributions off the top, has for decades assumed a central role in PAP social and economic development strategies. Compulsory contributions from employees and employers helped provide investment funds for vital infrastructure to fuel the economy, at the same time building retirement nest-eggs for Singaporeans.

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