Tag: CPF

Josephine Teo: CPF Board looking at electronic nominations for CPF beneficiaries to prevent unclaimed funds

Singapore—In Parliament on Monday, November 4, Manpower Minister Josephine Teo said that the CPF Board is looking at the possibility of electronically electing a CPF beneficiary. This could be in place as early as next March. It was reported on October 21 that the Insolvency...

CPF explains why 72-yr-old only gets a monthly payout of S$575

A 72-year-old CPF payee recently became a Grab driver, and shared on Facebook to the whole world how a measly S$575 monthly payout made his existence difficult to bear. As expected, the FB post went viral prompting the CPF Board to respond quickly. According to the...

Study: Singapore among top countries with best pension system in the world

Preparing your retirement plans? According to a recently published study by the Monash Centre for Financial Studies, Singapore is part of the top 10 countries with the best pension systems in the world for 2019. The Melbourne Mercer Global Pensions Index considered adequacy, sustainability and...

72-year old man who drives Grab because of insufficient CPF payouts ends up having to pay more for Medisave instead

A 72-year old man wrote about how he started working and driving a private-hire vehicle in order to earn more money. However, he adds that he now has to pay MediSave top-ups monthly, putting him in a more dire state than before he started...

Unclaimed amount with no benefactors now more than S$200 million, mostly CPF monies

Singapore—Due to people passing away without naming their benefactor over the last six years, the Insolvency and Public Trustee's Office (PTO) is in possession of S$211 million, mostly made up of Central Provident Fund (CPF) monies. The Straits Times (ST) reports that in 2018, S$63.2...

High Court revokes the right of Singaporean to receive CPF benefits from dead husband after finding out he remarried

The High Court of Singapore ordered that a Singapore woman who got over S$500,000 from the Central Provident Fund (CPF) belonging to her late former husband return the money after it ruled that the husband's second marriage had cancelled out her rights as his...

Jail sentences for mother &son who falsified her death, claimed millions from CPF, insurance payouts

Singapore—Abraham Rock and his mother, Talat Farman, have been found guilty for faking Mrs Farman’s death and subsequently collecting money from her CPF account and falsified insurance claims. Thirty-six-year-old Mr Rock did this ostensibly to solve his money problems. On September 26, Thursday, Mr Rock...

CPF Board: No changes to minimum interest rates until end of 2020

Singapore—In a joint press release from the Central Provident Fund (CPF) Board and the Housing and Development Board (HDB), it was announced on September 20, Friday, that minimum CPF interest rates would remain at the same rate until the end of 2020 "in view...

CPF board forces errant employers to pay almost S$2.7 billion from 2014

Singapore— The Central Provident Fund (CPF) Board has successfully retrieved nearly S$ 2.7 billion in the last five years in unpaid contributions from employers for the purpose of giving this money back to workers. A report from The Straits Times (ST) said that in 2018,...

‘CPF minimum sum is something a lot of people aren’t happy about,’ says John Tan

Singapore—Singapore Democratic Party (SDP) made some major announcements over the weekend as they held a media briefing on September 14, Saturday, to unveil their new developments. First was the announcement that the party’s website has been revamped, “ with content updated and prepared for the...