Women's average CPF balance growing at faster pace than men's

This article is more than 12 months old

JOANNA SEOW, THE STRAITS TIMES

Oct 12, 2017 06:00 am

 Singapore women's nest egg for retirement is growing at a faster pace than men's, Central Provident Fund (CPF) Board figures show.

Experts attribute it to a shift towards women holding better-paying jobs and working longer these days, and the easing of rules to encourage more husbands to top up their wives' CPF savings.

In the 10 years up to last year, women's average balance rose by 8.3 per cent a year against 7.7 per cent a year for men.

This refers to savings in their Ordinary, Special, Retirement and Medisave accounts.

As a result, the gap in the average CPF balances between women and men narrowed from 16 per cent in 2006 to 11 per cent last year - a reassuring sign that, increasingly, women can better meet their retirement needs.

The rise in women's balances is largely fuelled by job-related factors, such as higher wages and the growing proportion of working women, said National University of Singapore economist Chia Ngee Choon.