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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Xiao Jinxi
Dong Keyong
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DOI:10.17265/1548-6591/2020.05.005
Affiliation(s)
Renmin University of China, Beijing, China
Tsinghua University, Beijing, China
ABSTRACT
From
the perspective of dealing with the aging of the population, this paper conducts
a more in-depth study on the reform and innovation of Singapore’s central provident
fund pension system (CPFPS). The study concluded that: In the face of the aging population,
Singapore continues to reform the CPFPS. Singapore established and improved a multi-pillar
pension system, with the CPFPS as the main pillar, the Supplementary
Retirement Scheme (SRS), the Workfare Income Supplement Scheme (WISS) and the Housing
Pension System (HPS) as the supplementary pillar. The
reform and innovation of the CPFPS not only improved and enriched the pension system
model, but also enhanced the sustainability of the pension system. The CPFPS has
been combined with such social and economic policies as the SRS, WISS and HPS, thus realizing the diversification of pension accumulation, enhancing
the adequacy of pension, and better coping with the aging population. Singapore’s
practice of reforming and innovating the CPFPS in response to the aging population
has certain reference and inspiration for the reform and innovation of pension system
in China and other countries in the world.
KEYWORDS
central provident fund (CPF), CPF system, central provident fund pension system (CPFPS), pension system reform and innovation
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