Singapore and the United States approach the concept of retirement income replacement from different directions. The United States relies on the OASDI component of the Social Security Act, a tax-based intergenerational transfer program, while Singapore operates under the Central Provident Fund Act, which requires workers and their employers to contribute to a compulsory savings scheme. Elements of each program conflict with the cultural values of the society it serves, and each society could benefit from adopting certain components and underlying concepts of the other's national retirement plan.
Ken J. Moyle,
A Cultural Exchange: Singapore and the United States Can Learn from Each Other in Restructuring Social Security Plans,
6 Pac. Rim L & Pol'y J.
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