CPF is number 7 on the list!

 

Psst!! Want to know how our social security system, CPF ranks when compared to the rest of the world? We’re number seven! That’s not too bad. We’re even ahead some of the biggest nations in the world. CPF by the way stands for Central Provident Fund.

Unknown to many souls on this island, most developed nations have their own version of a social security system. They all work in the same way. A fraction of a worker’s salary is deducted and placed in an account or a few accounts depending on the country. This money will form the basis of a plan for retirement. Besides retirement, the plan may include medical coverage and other types of insurance such as an annuity, critical illness etc.

So to all those screaming that they want to blame some ruling party for taking their money, it’s the same everywhere in every country. Even if one day another new political party takes over as ruling party, CPF will always be there. At the most, CPF polices may be further adjusted along the way but the system will never disappear. No politician in their right mind will abolish CPF especially in a developed nation.

You can google if you want. I’m no expert in this area but the topic of retirement planning really interests me so that got me googling around. You can google around too if you like.

Based on an article from Investopedia at https://www.investopedia.com/articles/personal-finance/042914/top-pension-systems-world.asp , the list of the top pension schemes is as follows:

1.    Netherlands

2.      Denmark

3.      Israel

4.      Australia

5.      Finland

6.      Sweden

7.      Singapore

8.      Norway

9.      Canada

10.  New Zealand

11.  Germany

12.  Switzerland

13.  Chile

14.  Ireland

15.  UK

16.  Belgium

17.  Hong Kong SAR

18.  USA

19.  Malaysia

20.  France

21.  Colombia

22.  Spain

23.  Saudi Arabia

24.  Peru

25.  Poland

26.  Brazil

27.  South Africa

28.  Austria

29.  Italy

30.  Indonesia

31.  South Korea

32.  Japan

33.  China

34.  India

35.  Mexico

36.  Phillipines

37.  Turkey

38.  Argentina

39.  Thailand

I am curious enough to know what plan the countries at the top of the list has. I might research more and blog later on this. Till then...tata.