在新加坡中央公積金——升壓或資本市場的一個(gè)阻力？【外文翻譯】

1、畢業(yè)論文（設(shè)計(jì)）外文翻譯畢業(yè)論文（設(shè)計(jì)）外文翻譯CentralProvidentFundinSingapeACapitalMarketBoostaDragEdwardNgABriefHistyTheCentralProvidentFund(CPF)schemewasintroducedasthenationalfundedpensionschemeon1July1955undertheBritishcolonialgovernment.

2、Althoughitwasevidentlyapensionfundfretirementitwasnotmeanttobethesinglesocialsecuritysystemthatitistoday.JustbefeSingapeachievedselfgovernmentin1959aplanwasinplacetointroduceasocialinsurancecumpublicassistanceschemetocat

3、ertotheneedy.AtfirsttheschemecoveredallemployeesinSingapeexceptthosewkinginthecivilservicecontributingtootherapprovedprovidentfunds.1Thisplanwaslaterscrappedhoweverasthefirstlocalgovernmentin1959believeditwouldtake“avail

4、ablecapitalresourcefromotherevenmepressingneeds.”2WhiletheCPFschemehasremainedasSingape’snationalfundedpensionschemeoverthepastfourdecadesitsacterhassubstantiallychanged.Itretainsitsprimaryroleasapensionfundfretirementbu

5、titsfunctionshavebeenexpedtoincludefundingmedicalexpensesaswellaspropertyfinancialinvestments.TodaytheCPFBoard(CentralProvidentFundBoardistheofficialname)ismelikeamatysavingsbankasignificantptionofwhoseassetscanbechannel

6、edto“desirable”activitieslikehomeownership.TheevolutionoftheCPFschemewasnotaccidental.Theschemecameaboutthroughacalibratedseriesofmeasuresdesignedtoexploitacriticalpooloffundsinasmalldevelopingcountry.Howeveroneoverridin

7、gprinciplethathasnotchangedovertheyearsisindividualresponsibilityfone’sownfuture.TheemphasisonindividualdecisionmakingresponsibilityhasalwaysbeenthecentralteinthemanagementofCPFsavingshadasignificantinfluenceinthedevelop

8、mentofthesecuritiesmarketsinSingape.ChangesintheCentralProvidentFundSchemeInitsearlyyearstheCPFschemewaslargelydevotedtosavingsfretirement.Thestaticcontributionrateof5percenteachbytheemployertheemployeeonthesalarytheundi

9、videdindividualCPFaccountquiteclearlyreflectsthisobjective.Ifthiscontributionratehadremainedanindividualwouldhaveconsistentlysetaside10percentofhissalaryfretirement.Notlongafterthecountry’sindependencethegovernmentimplem

10、entedrapidchanges.Firstthecontributionratewasincreasedalmosteveryyear.Withjustthreeincreasesstartingin1968thecontributionratereached10percentby1971whichwasdoubletheiginalrate.By1974theCPFcontributionwas30percentofamember

11、’ssalary.SuchahighsavingsrateisevidenceoftheintenttomakeCPFmethanapensionschemefretirement.ThesecondchangewasthedeparturefromtheequalburdenontheemployeetheProvidentFund’sRoleTheimpactoftheCPFschemeintheearlyyearsofSingap

12、e’sdevelopmentisunequivocal.Withoutitcapitalmobilizationfthemassivepublichousingprojectwouldnothavebeenpossible.Whentheeconomywentintoarecessionin1985becauseofstructuralinflexibilityareductionintheemployer’scontributiont

13、oCPFhelpedinthequickturnaround.ThelargepoolofCPFsavingshascertainlyhelpedSingapebuildupitsfeignreserves.AsthereisnoseparateaccountingftheCPFsavingstappedthroughtheissueofgovernmentbondsthereisnowayofdetermininghowmuchoft

14、hesesavingsischanneledintoinfrastructuredevelopmenthowmuchisinvestedoverseas.ButitisbelievedthatthegovernmentbeganinvestingCPFsavingsoverseasintheearlyyearsofthescheme.18Whatismewidelyknownthoughisthatthegovernmentrarely

15、directsfundsmanagedbyMASlaterbytheGovernmentofSingapeInvestmentCpationintothedomesticfinancialmarkets.ConclusionTheeconomicsuccessofSingapehasattractedmuchattentiontoitsCPFpensionscheme.Notonlyhastheschemecometosymbolize

16、the“Asianvalue”ofahighsavingsrateithasalsobeenregardedasastrategictoolfthegovernmenttomanagecompetitivenessdevelopmarkets.GiventheothermajsuccessofSingapeasafinancialcenterithasoftenbeenassumedthatdirectingCPFsavingsinto

17、thefinancialmarkethasbeenacriticalfact.Thisseemstobeanincrectimpression.InspiteofitsverysignificantroleinsocialdevelopmentparticularlyinhousinghealthcaretheCPFsysteminfacthadanegativeimpactonsecuritiesmarketdevelopmentin