How can the finance director enjoy the white beaches in Davao?
As for other final salary plans around the world, appropriate investment strategies and strong governance processes are critical to the plan’s cost and efficient operation. In the Philippines, many companies adopt a very passive approach and leave such decisions to their trustee; this may not always be an effective arrangement. A trend towards defined contribution has yet to emerge, but the situation should continue to be monitored. Back to top Singapore: The lion city The Central Provident Fund (CPF) was set up in 1955 to provide financial security for workers in their retirement or when they are no longer able to work. Over the years, it has evolved into a comprehensive Social Security scheme, which aims not only at providing for a member’s retirement, but also at taking into account home-ownership and health care needs. In line with the government’s long-term objective of raising the retirement age to 67, the statutory minimum retirement age was raised from 60 to 62 with effect from
