Oh, SM Goh's not the only one concerned, the self-employed are also
concerned that the government will not leave their own PRIVATE
SAVINGS & money alone.
After so many years, why start feeling CONERNED now? 20 years ago
there were already Self-employed people...why the "concern"
now?
Used up too much of public's money now desperately dishing lame
excuses to evade exposure?
=============================================
Concerns about self-employed's retirement planning: SM
Goh
By Asha Popatlal, Channel NewsAsia | Posted: 24 September 2007 2151
hrs
SINGAPORE: Senior Minister Goh Chok Tong urged the self-employed to
save for old age during a speech at the 20th anniversary
celebration of the Marine Parade Merchants' Association on Monday
evening.
In the recent debate on retirement planning, the self-employed are
a group of concern because currently, there is no requirement for
them to make regular contributions to their Ordinary and Special
Accounts.
Mr Goh said: "The need to save for retirement is even more critical
for those who are self-employed, as many of you are. Unlike
salaried workers, there is currently no requirement for the
self-employed to make regular contributions to their Ordinary and
Special Accounts.
"Although they are required to contribute to Medisave, not everyone
does. In fact, less than half of the self-employed have paid their
Medisave contributions in full. This spells trouble... When they
grow old or cannot work for one reason or another, how are they
going to pay their medical bills?
"Even for those who have Medisave, the average balance for those
aged 55-59 is only S$12,500 or about half that of salaried
employees. This is not enough to prepare them for their future
healthcare needs."
Mr Goh urged the self-employed to save while they are still working
and able.
If the self-employed decide to save through regular CPF
contributions, they will also get the bonus interest rate which is
better than bank rates for savings accounts, he added. -
CNA/ac