REACH Media Release on the CPF Poll

REACH MEDIA RELEASE
Good Awareness of CPF Schemes in General,
Majority Unsure about Details of Minimum Sum and CPF LIFE
Eight in 10 Singaporeans have heard of the Central Provident Fund (CPF)
Minimum Sum, while more than six in 10 have heard of CPF LIFE. However,
awareness of the specifics of these policies was relatively lower. Almost two-thirds
did not know they could pledge their properties to help meet the Minimum Sum,
and almost half did not know they need not top up the shortfall in cash if they did
not meet the Minimum Sum.
2
These findings are based on the results of a telephone poll commissioned
by REACH to better understand Singaporeans’ knowledge and awareness of the
CPF schemes. 1,021 Singapore citizens aged 20 and above were surveyed from
16 to 20 June. The margin of error was 3.07% at a 95% confidence interval. The
sample was weighted to ensure representativeness to the national population in
terms of age, race and gender.
3
Key findings of the poll are set out below:
a. 80% of respondents have heard of the CPF Minimum Sum
b. 62% of respondents have heard of the CPF LIFE scheme
c. 56% of respondents under 55 years1 knew that they did not have to top
up the shortfall in cash if they did not meet the Minimum Sum
d. 43% of respondents under 55 years knew that they would receive
monthly payouts even if they did not meet the Minimum Sum
e. 38% of respondents under 55 years were aware that they could pledge
their property to help meet the Minimum Sum
f. 13% of respondents under 55 years were able to provide the estimated
monthly payout amount under CPF LIFE if one met the Minimum Sum
requirement
(Refer to Annex for the Detailed Poll Findings)
4
Senior Minister of State for Health and Manpower and REACH Chairman
Dr Amy Khor said, “It is heartening to note that there is general awareness of the
1
Sample size of respondents under 55 years of age = 686
reaching everyone for active citizenry @ home
140 Hill Street 6th Storey, Old Hill Street Police Station, Singapore 179369
E-mail: [email protected]
Toll-free: 1 800 353 5555
Website: www.reach.gov.sg
Facebook: www.facebook.com/REACHSingapore
Twitter: www.twitter.com/REACH_Singapore
1
CPF schemes relating to retirement planning, in particular, the Minimum Sum
scheme and CPF LIFE.
5
Nevertheless, the poll results show that many Singaporeans may only have
a basic level of understanding of the CPF system. Many are unaware of the
details of the schemes. For instance, only 43% knew that they would receive
monthly payouts even if they do not meet the Minimum Sum, and only 38% were
aware that they could pledge their property to help meet the Minimum Sum.
6
The Government recognises that there is room for more concerted efforts
to communicate the Minimum Sum and CPF LIFE schemes to members of the
public. As these two schemes are complex, it is important for us to explain them in
a manner that is easy for ordinary Singaporeans to understand. The Government
will intensify our outreach efforts to help Singaporeans better understand the CPF
system, and in the process also help them to better plan for their retirement.”
Issued by
REACH
7 July 2014
About REACH
REACH (reaching everyone for active citizenry@ home) was launched in October
2006 when the Feedback Unit was restructured to move beyond gathering public
feedback, to become the lead agency for engaging and connecting with citizens.
This signifies its renewed commitment to encourage and promote an active
citizenry through citizen participation and involvement. The three key roles of
REACH are to: Gather and Gauge Ground Sentiments; Reach Out and Engage
Citizens; and Promote Active Citizenry through Citizen Participation and
Involvement.
reaching everyone for active citizenry @ home
140 Hill Street 6th Storey, Old Hill Street Police Station, Singapore 179369
E-mail: [email protected]
Toll-free: 1 800 353 5555
Website: www.reach.gov.sg
Facebook: www.facebook.com/REACHSingapore
Twitter: www.twitter.com/REACH_Singapore
2
Annex – Detailed Poll Findings2
1
Have you heard of the CPF Minimum Sum?
2
Have you heard of CPF LIFE?
Note: The following findings are based on respondents under 55 years
3
If you do not meet your Minimum Sum requirement, do you need to top up
the shortfall in cash?
4
Do you think you will receive a monthly payout from age 65 if you do not
meet the full Minimum Sum?
2
Figures may not add up to 100% due to rounding off.
reaching everyone for active citizenry @ home
140 Hill Street 6th Storey, Old Hill Street Police Station, Singapore 179369
E-mail: [email protected]
Toll-free: 1 800 353 5555
Website: www.reach.gov.sg
Facebook: www.facebook.com/REACHSingapore
Twitter: www.twitter.com/REACH_Singapore
3
5
Are you aware that if you own a property, you can pledge your property to
help meet the Minimum Sum?
6
How much do you think someone (who turns 55 between 1 July 2014 and
30 June 2015) will get in monthly payouts from age 65 onwards if they meet the
Minimum Sum requirement?
reaching everyone for active citizenry @ home
140 Hill Street 6th Storey, Old Hill Street Police Station, Singapore 179369
E-mail: [email protected]
Toll-free: 1 800 353 5555
Website: www.reach.gov.sg
Facebook: www.facebook.com/REACHSingapore
Twitter: www.twitter.com/REACH_Singapore
4

Download Report