The increase in CPF is for the good of people. Most people do
not save enough for old age and retirement. So CPF was started as
compulsory savings in 1955 (? - not sure). At that time, the
retirement age was 55 because people on average only lived to 65
years old.
That was why they set CPF withdrawal age to 55. But now, we live
much longer - 84 on average. We cannot retire at 55 now. Retirement
age must go up and so should the CPF withdrawal age.
This is very unpopular because people are used to withdrawing at
55 and retiring. Howe Yung Choong wanted to raise the retirement
age slowly as our life expectancy increases. But that was so
unpopular that it was shelved.
Now the situation is becoming critical. Our life expectancy is
now 84. So there is no choice but to have a minimum sum after 55.
This is in line with the orignial aim of CPF - compulsory
savings.
Yes. 