The concept of an annuity needs to be discussed further before the industry can come up with specific plans, according to the minister in charge of ageing issues, Lim Boon Heng. Speaking to reporters on the sidelines of an event this afternoon, Mr Lim said the government is still working on the scheme.
More details on the compulsory annuity will be released when Parliament sits on Monday (17 September).
So far, what is known about the scheme is that it will be compulsory for Singaporeans to buy annuities when they turn 55 and only those with chronic diseases may be excluded. - CNA/vm
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