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Annuity scheme is a welcome fall-back for ageing population

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Worried about the retirement adequacy of its ageing population, the Hong Kong Government is rolling out an annuity scheme in 2018 for their older citizens. People aged 65 and above will be allowed to invest between HK$50,000 (approx. S$10,000) and HK$1 million (approx. S$200,000) under the scheme, which will guarantee them a fixed monthly payout for the rest of their lives.

Singapore’s own annuity scheme, CPF Lifelong Income for the Elderly (LIFE), introduced in 2009, provides Singaporeans with a monthly payout from age 65. It has since undergone several rounds of reviews to better help Singaporeans prepare for their retirement.

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