Lim Tean: S’poreans should be allowed to withdraw CPF in times of need, uses M’sia as example

Singapore – Opposition party leader Lim Tean urged the Government to consider allowing Singaporeans to withdraw from their Central Provident Fund (CPF) “at this time of great need.”

The leader of the People’s Voice party shared a post on Monday (Mar 23) by social activist Tan Kin Lian who used Malaysia as an example regarding financial support amid the Covid-19 pandemic. Mr Tan noted that Prime Minister Muhyiddin Yassin, has allowed Malaysians to withdraw RM 500 from their Employee Provident Fund (EPF) monthly to meet their essential needs during the crisis.

“PM Lee should allow Singaporeans to withdraw S$500 a month from the CPF. Agree?” suggested Mr Tan.

Mr Lim replied by reposting and added, “We totally agree.” The party is also pushing for the CPF to be returned at the age of 55 as initially promised. “When you have access to the retirement funds, which belong to you, you are able to live the life you desire,” he said.

According to a study conducted by the National University of Singapore, a senior citizen requires at least S$1,380 a month to live in Singapore. “But the average payout from the CPF per month is only S$355,” said Mr Lim. “This is a freedom of life issue.”

The topic of CPF withdrawal has been frequently suggested by members of the public, especially as a feasible option to make ends meet while battling Covid-19. However, many deem it a hopeless cause. “That’s a dream on for Singaporeans,” said one netizen, while another commented that it would be a “long, long” wait that “will never happen.”

Otis Jeush, a freelancer, shared that being able to withdraw from one’s CPF would be much appreciated as this a challenging time for those in the gig economy where projects are temporarily shelved until further notice due to the crisis.

Others noted that this is the time for the Government to prove to the public that “the money is still there.”

Muhammad Joe Abdullah said S$500 per month or a one-off S$5,000 withdrawal would greatly help. He even pushed for a campaign to be organised for this cause.

Read related:

Cabby wants to use some of his CPF money during Covid-19 outbreak