10
savings
increase in his
lifetime's earnings.
In
fact a CPF
would simply defer his use of part
of part of his
of his earnings for
up to 40 years.
25.
Sir, the
subject of a Central
Provident Fund
has been debated extensively over the
past couple of
years,
both inside
and outs ide this
Chamber.
The
arguments
for
and against compulsory
were
savings
discussed in great detail and at great length, until we
reached a decision that the balance of the arguments was
quite heavily against compulsion.
The
arguments
were
le thoroughly aired during the Adjournment Debate last May,
but I hope members will bear with me if I once again go
over some of the main points.
cent
per
عة
18.
rate of
scheme
would provide a
in
A compulsory savings
reasonably adequate, return for those who have been
steady employment earning good wages; in other words,
л
best able to save
case.
those who are
A male
worker earning
with a
any
the
average
in voluntarily
industrial
contribution of 5 of pay from each side
of pay from
wa ge,
certain of an income over 40 years, might be reasonably certain of
during his
retirement slightly
the above
level to
qualify for Public Assistance
provided
that inflation did not erode the value of his annuity
(now $1,020),