PUBLISHED ONOctober 21, 2026 7:39 AMBYSean LerSingapore's approach to ensuring financial inclusion for its people is in having a system that helps provide for their needs through their working lives, said Second Minister for Finance Jeffrey Siow on Wednesday (Oct 21).
The system is also tailored to the needs of different groups, and adapted to better support retirement adequacy as the city state's population ages, he added.
Siow, who is also Minister for Transport, was delivering an intervention at the Asia-Pacific Economic Cooperation (APEC) finance ministers' meeting in Hong Kong, during a session on financial access and opportunity for all.
In a compendium for the meeting, the APEC policy unit highlighted that financial inclusion is not just about access to financial services, but also responsive systems that meet different user needs and build long-term financial security.
Referring to this, Siow stated that Singapore's approach is to help individuals and families build financial security over their lifetimes.
He gave the example of how families may have immediate expenses to meet, but would also need to plan for major financial commitments such as buying a home, healthcare and retirement.
"We have therefore designed a system that helps Singaporeans provide for their own needs progressively throughout their working lives. At its heart is our Central Provident Fund, or CPF, a national savings system."
Under the scheme, workers and employers both contribute regularly to CPF, building up retirement savings for workers that can be used for housing, healthcare and investment.
But it is also tailored to meet the needs of different groups, he pointed out.
"Lower-income workers have less capacity to save, even when they work consistently throughout their lives. Others may leave the workforce because of caregiving responsibilities and re-enter subsequently," Siow said.
The Singapore Government therefore provides support such as CPF top-ups or matching grants to meet these needs.
He highlighted Workfare Income Supplement (WIS) as one such support, which disburses both cash and additional CPF payments to lower-income workers.
Under WIS, 60 per cent of Workfare payments is credited to CPF accounts of lower-income employees, while self-employed and platform workers receive 90 per cent of Workfare payments in their Medisave accounts that can be used for healthcare needs.
Meanwhile, the CPF system is also adapted to better support retirement adequacy as the population ages.
Siow pointed to the CPF LIFE scheme, which pools contributions to provide guaranteed monthly payout to seniors for as long as they live.
The Government also has plans to roll out CPF Life-Cycle Investment Scheme, to provide a low-cost, and risk-adjustable investment option for CPF account holders who wish to grow their retirement savings further.
"These arrangements reflect Singapore's underlying philosophy of personal responsibility, supported by the collective," he said.
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