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Private Alternatives To Social Security in Other Countries
- From October 1, 1993, divided into the Basic and Enhanced investment schemes.
- Present status of the scheme is unclear.
- From 1993, self-employed persons must contribute to the Medisave scheme.
- CPF funds can be used to purchase government-built housing (usually an apartment) or, for those who can afford it, private residential property.
- These programs permit people to use a portion of their CPF funds to invest in more lucrative ventures than the CPF, such as stocks, gold or commercial real estate.
- There are a range of insurance options that reimburse for catastrophic loss by paying off a mortgage should the worker become disabled or die, paying life insurance to dependents and paying medical expenses.
- The government has installed a number of schemes that provide for social expenses that would be covered by welfare in other countries such as health care, retirement income and education.