My colleague Yong Cheng updated us that we should try to familiarise ourselves with some changes to the savings and retirement scheme for our SAF officers.
SAF officers to get more cash bonuses and full CPF contributions under updated savings, retirement scheme.
I am becoming more dyslexic the older I get, and I don’t understand how folks can process an update like this pretty fast.
So I try to put them in a table form:
It looks like the officers will live with CPF, similar to all of us. The portion of their CPF money may not be locked up and they can use it for their housing needs.
They look to combine the cash and retirement goals together into a single account. If it is combined, I can’t be certain that they have more contributions from day one because under the current savings account, Mindef is also contributing to the account already.
“Under the enhanced SAVER Plan, new officers starting their career with the SAF will experience an average of 40 per cent increase in their SAVER benefits, accumulating about three years of their last drawn annual salaries at retirement,” said MINDEF.
Without more information, structurally they may be taking the current savings and investing it and therefore the future value is higher.
Anyway, hope this table helps.
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