对新加坡中央公积金社会保障体系的研究
社会保障的研究对政府政策制定者、人口统计学家、统计学家和精算师来说是非常重要的,因为它会影响到对未来社会的规划。
本项目旨在探索新加坡中央公积金(CPF)系统的特点。它还与英国模式进行了一场比较。
项目的开始从历史前瞻性的角度概述了新加坡公积金计划的发展。它最初基于自筹资金模型，由当时的英国殖民政府引进, 为其工作退休后的新加坡人提供的收益来源。新加坡独立后,政府延续了这个体制，并将它作为一个调整经济的工具,来促进普遍共同的价值观以及对新国家的归属感。中央公积金福利的范围已逐渐超出为退休提供的需要，如今它也包括如住房、
医疗护理和资产增值的领域。
该项目对公积金计划的结构,范围和益处进行了分析。政府最近推出了一个称为"中央公积金生活"的退休方案，将逐步取代旧的"最低金额"计划并为成员提供了一项终身年金收入。
Social Security System Singapore Central Provident Fund Study Economics Essay
The study of social security is important to government policymakers, demographers, statisticians and actuaries, as it affects future planning on society.
This project aims to explore the features of the Central Provident Fund (CPF) based on the Singapore system. It also provides a comparison with the UK model.
The project begins with an overview of the Singapore CPF development from a historical prospective. It was originally introduced by the then British colonial government based on the self-funding model in order to provide a source of income benefit for working Singaporeans on their retirement. Following the independence of Singapore, the Government inherited the system and used it as a tool to fine tune the economy, and to promote commonly shared values as well as a sense of belonging to the new nation. The scope and benefits of CPF has gradually expanded beyond providing for retirement needs, nowadays it also covers areas such as housing, medical care and asset enhancement.
The project carries out analysis on the structure, scope and benefits of the CPF scheme. The Government has recently introduced a retirement programme called “CPF Life” which will gradually replace the old “Minimum Sum” scheme and provides members with a life-long annuity income. The project looks into this and leads to some brief discussion of annuity pricing.
The investment strategy and the effect of the recent credit crunch are also covered in the report. Monies in CPF accounts are shielded from the risks and volatility in capital markets. They are invested only in risk-free Special Singapore Government Securities yielding up to 5% per annum and are guaranteed by the Singapore government. As a result, CPF members are well shielded from the excessive fluctuations in the market.
Finally, the project compares and contrasts the CPF system with the UK’s state provision of social security. It identifies that they share the similarities in mission; however as the models are fundamentally different, they are exposed to different sets of risks. The CPF, being based on a self-funding model, is more vulnerable to inflation risk. Since the CPF is no longer a pure retirement savings tool, the leakage of the Fund to many other scheme categories could worsen the problem. The UK system, which is based on a Pay-As-You-Go (PAYG) model, is more exposed to the risk of an ageing population, due to an increase tread in the old age dependency ratio. Both models are exposed to the risk of the increasing longevity of the elderly.
Considering from a wider social prospective, a fully funded scheme utilises the value of money, in the sense that money is invested and therefore goes into economic cycle to help further generate wealth. On the other hand, as the PAYG is simply a intergenerational transfer of wealth, it does not have this function. This implies that the PAYG system foregoes the amount of increased production and associated returns that the people in the society would have received if monies were invested.
1 Introduction
The International Social Security Association (ISSA) defines Social Security as any mandatory social protection programme that provides individuals with a source of income support when faced with “the contingencies of old age, survivorship, incapacity, disability, unemployment or rearing children”. It may also offer access to “curative or preventive medical care”.
Social security is commonly delivered through various social insurance programmes. According to Actuarial S
