{"id":17179,"date":"2015-09-01T00:00:00","date_gmt":"2015-08-31T16:00:00","guid":{"rendered":"https:\/\/fass.nus.edu.sg\/srn\/2015\/09\/01\/sg-publications-chia-ngee-choon-adding-a-basic-pillar-to-the-central-provident-fund-system-an-actuarial-analysis-the-singapore-economic-review\/"},"modified":"2021-02-01T16:47:48","modified_gmt":"2021-02-01T08:47:48","slug":"sg-publications-chia-ngee-choon-adding-a-basic-pillar-to-the-central-provident-fund-system-an-actuarial-analysis-the-singapore-economic-review","status":"publish","type":"post","link":"https:\/\/fass.nus.edu.sg\/srn\/2015\/09\/01\/sg-publications-chia-ngee-choon-adding-a-basic-pillar-to-the-central-provident-fund-system-an-actuarial-analysis-the-singapore-economic-review\/","title":{"rendered":"SG Publications: Chia Ngee Choon, &#8216;Adding a basic pillar to the Central Provident Fund System: An actuarial analysis&#8217; The Singapore Economic Review"},"content":{"rendered":"<div>\n<div><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-17180 alignleft\" src=\"https:\/\/fass.nus.edu.sg\/srn\/wp-content\/uploads\/sites\/15\/2020\/08\/CPF_Building_Jan_06-225x300.jpg\" alt=\"\" width=\"336\" height=\"448\" srcset=\"https:\/\/fass.nus.edu.sg\/srn\/wp-content\/uploads\/sites\/15\/2020\/08\/CPF_Building_Jan_06-225x300.jpg 225w, https:\/\/fass.nus.edu.sg\/srn\/wp-content\/uploads\/sites\/15\/2020\/08\/CPF_Building_Jan_06-768x1024.jpg 768w, https:\/\/fass.nus.edu.sg\/srn\/wp-content\/uploads\/sites\/15\/2020\/08\/CPF_Building_Jan_06-1152x1536.jpg 1152w, https:\/\/fass.nus.edu.sg\/srn\/wp-content\/uploads\/sites\/15\/2020\/08\/CPF_Building_Jan_06.jpg 1200w\" sizes=\"auto, (max-width: 336px) 100vw, 336px\" \/>The Central Provident Fund (CPF) system has worked well for the majority of Singaporeans who are able to work consistently over their life cycle and have made prudent housing choices. However, the inherent structure of CPF, which is based purely on contributions, is unable to address retirement adequacy for its vulnerable members. Adding a means-tested non-contributory basic pillar to the system will make the system more inclusive. This paper studies the pension cost of a targeted old-age income support system for needy elderly to help meet their basic living expenses. A Lee\u2013Carter stochastic model is used to forecast the elderly population. Pension costs depend on coverage and benefit levels and the cost of living adjustments. The viability of a basic retirement support scheme would also depend on the speed of ageing and the rate of economic growth.<\/div>\n<div><\/div>\n<div><\/div>\n<div>Access the full article: <a href=\"http:\/\/www.worldscientific.com\/doi\/abs\/10.1142\/S021759081550037X\" target=\"_blank\" rel=\"noopener noreferrer\">http:\/\/www.worldscientific.com\/doi\/abs\/10.1142\/S021759081550037X<\/a><\/div>\n<div><\/div>\n<div><\/div>\n<div>Chia, N C, &#8220;Adding a basic pillar to the Central Provident Fund System: An actuarial<br \/>\nanalysis&#8221;. The Singapore Economic Review, 60, no. 3 (2015). (Singapore).<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Central Provident Fund (CPF) system has worked well for the majority of Singaporeans who are able to work consistently over their life cycle and have made prudent housing choices. However, the inherent structure of CPF, which is based purely on contributions, is unable to address retirement adequacy for its vulnerable members. Adding a means-tested [&hellip;]<\/p>\n","protected":false},"author":247,"featured_media":17180,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[4540,4529],"tags":[],"class_list":["post-17179","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economics","category-news"],"acf":[],"_links":{"self":[{"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/posts\/17179","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/users\/247"}],"replies":[{"embeddable":true,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/comments?post=17179"}],"version-history":[{"count":2,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/posts\/17179\/revisions"}],"predecessor-version":[{"id":27957,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/posts\/17179\/revisions\/27957"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/media\/17180"}],"wp:attachment":[{"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/media?parent=17179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/categories?post=17179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fass.nus.edu.sg\/srn\/wp-json\/wp\/v2\/tags?post=17179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}