Oh, SM Goh's not the only one concerned, the self-employed are also concerned that the government will not leave their own PRIVATE SAVINGS & money alone.
After so many years, why start feeling CONERNED now? 20 years ago there were already Self-employed people...why the "concern" now?
Used up too much of public's money now desperately dishing lame excuses to evade exposure?
=============================================
Concerns about self-employed's retirement planning: SM Goh
By Asha Popatlal, Channel NewsAsia | Posted: 24 September 2007 2151 hrs
SINGAPORE: Senior Minister Goh Chok Tong urged the self-employed to save for old age during a speech at the 20th anniversary celebration of the Marine Parade Merchants' Association on Monday evening.
In the recent debate on retirement planning, the self-employed are a group of concern because currently, there is no requirement for them to make regular contributions to their Ordinary and Special Accounts.
Mr Goh said: "The need to save for retirement is even more critical for those who are self-employed, as many of you are. Unlike salaried workers, there is currently no requirement for the self-employed to make regular contributions to their Ordinary and Special Accounts.
"Although they are required to contribute to Medisave, not everyone does. In fact, less than half of the self-employed have paid their Medisave contributions in full. This spells trouble... When they grow old or cannot work for one reason or another, how are they going to pay their medical bills?
"Even for those who have Medisave, the average balance for those aged 55-59 is only S$12,500 or about half that of salaried employees. This is not enough to prepare them for their future healthcare needs."
Mr Goh urged the self-employed to save while they are still working and able.
If the self-employed decide to save through regular CPF contributions, they will also get the bonus interest rate which is better than bank rates for savings accounts, he added. - CNA/ac