SINGAPORE - In an attempt to boost the country's outlook, the Government will give Central Provident Fund (CPF) members Singapore shares from the start of next month.
The distribution of New Singapore Shares is specially weighted in favour of less well-off Singaporeans to help them during the current economic downturn.
Worth SGD1 (55c) per share, the shares are expected to earn annual dividends for five years, from 2002 to 2007. The dividend rate will be a guaranteed minimum of 3% per annum.
The shares will not be transferable or tradable. However, citizens can cash them in with the Government for SGD1 per share. Citizens who keep their New Singapore Shares until maturity will earn the maximum amount of dividends. On March 1, 2007 the Government will redeem in cash all shares still outstanding at SGD1 per share.
By Janet Du Chenne
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers