'Are we saving too much?': Presidential hopeful Tan Kin Lian says amount kept in reserves comes at current generation's 'expense'

SINGAPORE: Should he be elected as President, Mr Tan Kin Lian said he would ask the government to reassess how much is saved in Singapore's reserves and whether more could be spent to help those in need.

Speaking to the media during a walkabout at the Chong Pang Market and Food Centre in Yishun on Sunday (Aug 20), the presidential hopeful also reiterated a call to shorten National Service (NS) and increase NSmen's allowance.

On Friday, the 75-year-old was one of three to receive a certificate of eligibility from the Presidential Elections Committee, qualifying him to run in the upcoming presidential elections on Sep 1.

The other two are former chief investment officer of state sovereign fund GIC Ng Kok Song and former Cabinet minister Tharman Shanmugaratnam.

When asked about the reserves, Mr Tan said the dollar amount "does not have much meaning".

"More important is how much do we need? Are we saving too much at the expense of the current generation so that we have more money for the future?" the former NTUC Income chief questioned.

Highlighting that some Singaporeans have told him that the cost of living is "too high" and they want to take back their Central Provident Fund (CPF) savings earlier, Mr Tan said there is a "better way that will help the current people without harming other people".

Mr Tan said he would share more details at a later date.

Singapore's reserves comprise the nation’s combined assets of land, buildings, cash and financial investments, minus the liabilities — such as government spending.

On Sunday, the presidential hopeful also read out a message from a supporter who had urged him to shorten the duration of NS, which is currently two years.

When TODAY asked if he could do so as President, Mr Tan acknowledged that a President should not interfere with government policies.

"But I will take the opportunity in my interaction with the Prime Minister and ministers to bring this point across," he said.

"I think we should let our young people serve the country, but I don't think they should serve for two years. And the country can afford to pay them a better allowance."

He did not elaborate further on how much more allowance should be given, or how much shorter he believes NS should be.

In February 2014, Mr Tan launched a petition to shorten military training to a year, and to reduce the frequency of reservist training.

For about an hour on Sunday, Mr Tan shook hands and took photos with Singaporeans eating around Chong Pang Food Centre and Wet Market.

Alongside Mr Tan were his volunteers and opposition politician Lim Tean who gave out papers with Mr Tan's face on it.

Mr Tan also said he plans to hold a rally on Aug 25, though the location and lineup of speakers are yet to be confirmed.

Aside from himself and Mr Lim, Mr Tan said that there will be "a few other people (speaking) to represent the views of the community".

This story was originally published in TODAY.