Keep Minimum Sum Withdrawal Age For Some

Source : The Straits Times, Wed, Aug 22, 2007

NOT many countries in the world fine-tune their policies to the extent that Singapore does to address the problems arising from a greying population.

While I welcome the raft of measures proposed by Prime Minister Lee Hsien Loong in his National Day Rally speech, I must hasten to add that not all Singapore men will be able to live to a ripe old age.

In recent years, I have seen quite a few of my classmates and university mates pass from the scene in their late 50s and early 60s.

To raise the withdrawal age of the Minimum Sum Scheme to 65 may deprive male Singaporeans of a useful source of income at a time when their health is failing.

I would thus suggest that this policy be fine-tuned to allow those who are suffering from a major illness to continue to adhere to the current withdrawal age, even after 2012.

This caveat should also apply to those Singaporeans who are unable to secure employment not because of lack of trying but because of health and other structural reasons.

Patrick Low Soh Chye