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9月20日 Let CPF bred entrepreneursTODAY newspaper
VOICES
21 September 2007
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Entrepreneurs at 55: How CPF 'loans' can help
Letter from ONG Lip Hua The proposal to delay the CPF withdrawal age is a rational decision taken on the assumption that Singaporeans are job-seekers. . Some Singaporeans do indeed squander away their "newly-found" riches after withdrawing their CPF monies. . However, there is also a group of Singaporeans who start a business using their CPF funds. . With Singapore rapidly becoming a global city, together with the advances in learning technologies, the next generation of Singaporeans is more likely and more well-placed — with their social networks — to become entrepreneurs at 55. . We should conduct studies on Singaporeans who have started businesses after withdrawing their CPF and encourage more to do the same. . Generating income through entrepreneurship will reduce the stress on the Government to provide social assistance to our greying population, while helping to contribute to our economic growth. . Income earned from these businesses will help finance our longer life expectancy. . In addition, the rigours of business management will keep us active throughout our "retirement" years. . Admittedly, not all of us are entrepreneurial. . However, that should not stop the CPF board from considering schemes like interest-free "loans" from our own CPF funds if we are keen on undertaking such entrepreneurial endeavours, when we hit the age of 55. . Successful businessmen can contribute the "borrowed" amount towards their CPF after reporting profit, if CPF wishes to be more conservative. ----------------------------------------------
Sent to TODAY newspaper on 19 September 2007 ----------------------------------------------
The proposal to delay the CPF withdrawal age is a rational decision taken on the assumption that Singaporeans are jobseekers.
Some Singaporeans do squander away the "new" riches of their withdrawn CPF, but there is also a group of Singaporeans who have started businesses with their CPF funds, and contributed to the Singapore economy. With Singapore rapidly transforming into a global city, and the advancement of learning technologies, the next generation of Singaporeans are more likely, and well placed with their social network to be entrepreneurs, at 55.
We should study the Singaporeans who have started businesses after withdrawing their CPF, and encourage these traits. Generating income through entrepreneurship will reduce the stress on the Government to provide social assistance to our greying population, while contributing to our economic growth. Income earned through businesses will finance our longer life expectancy, and the rigour of business management will keep us active throughout our "retirement" years.
Not all of us are entrepreneurial, but that should not stop the CPF board from taking some risk appetite of the private sector managers, whose pay the civil service managers are benchmarked against. We may consider schemes like interest-free "loans" from our own CPF funds towards such entrepreneural spirits, at age 55. Successful businessmen can contribute the "borrowed" amount towards their CPF after reporting profit, if CPF wishes to be careful, still.
While I am against ageism, I believe most of us would have lost that urge nor retain the energy to start a business, at 65 years old.
ONG Lip Hua |
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