Public Pension: Singaporeans lack this essential component for retirement

Pensions at a Glance 2013
OECD and G20 Indicators

This report by OECD shows the public and private pensions in many countries. Private pension comes from mandatory employment contribution and other private sources. Public pensions come from the money from the state.

"The OECD average for replacement rates of an average earner from public schemes alone is 41%, compared with 54% with mandatory private pensions included."

For an average earner, the public pension from the state alone is 41% of the salary when working. For example, if a worker earns $3,000 while working, his public pension will be about $1,230.

Here is a small sample from the OECD report, with Singapore added:

	Public pension replacement rates for Earners at 0.5 median wage	Public pension replacement rates for Earners at 1.0 median wage
Australia	52.4	13.6
Austria	76.6	76.6
Israel	44.5	22.2
Japan	49.8	35.6
Switzerland	48.6	32.0
UK	55.2	32.6
USA	49.5	38.3
Singapore	0	0

Singapore does not have a public pension.
It is not a matter of affordability. Singapore is a very resource rich country.