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

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

Follow us on Instagram and Telegram

"Mr Theseira had withdrawn a total of about S$140,000 from his CPF since turning 55. If Mr Theseira had not done so, his monthly payout could be more than S$1,000 per month," said the Board

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 Board, Mr Clifford Theseira, failed to present the whole picture and presented only a portion of the entire story.

“Mr Theseira had withdrawn a total of about S$140,000 from his CPF since turning 55. If Mr Theseira had not done so, his monthly payout could be more than S$1,000 per month,” said the Board.

See also  Singapore has top retirement income system in Asia; industry expert suggests opening CPF to non-residents

“In addition, Mr Theseira co-owns a 5-room HDB flat which is fully paid up,” the Board authorities stressed.

Based on Mr Theseira’s version of the story posted on Sept 24, despite having around S$60,000 in his Medisave, his monthly CPF payouts amounted only to S$575. According to the aged retiree, he had to seek employment despite his age and became a Grab driver to support his wife.

See also  Why CPF is Failing

But old age has made him incapable of driving for long hours and he claimed that his income as Grab driver is not enough to even pay his income tax obligations. He was also asked to top up his Medisave, or risk having his licence revoked. He then posted a photo of a letter from the CPF Board to this effect.

But the CPF Board repudiated Mr Theseira’s allegations.

“As stated in the letter shown in his post, Mr Theseira could contribute his Medisave monthly via Giro,” it said. The Board added that the Giro payment plan would amount to less than 1 per cent of his monthly income.

See also  Got this CPF letter asking to update bank account? It's not a scam, but how to verify?

“As long as he makes regular CPF contributions, which is no different for all other workers, he will be able to renew his licence when it becomes due in July next year,” CPF management added.

“As a member of the Pioneer Generation, Mr Theseira has benefited from government support measures. In 2019 alone, he has received Medisave top-ups and special premium subsidies for MediShield Life of about $600. He has also received Workfare payouts of over $2,300 in cash and CPF,” the Board said.

See also  Medishield Life: What is clear and not so clear

If $575 is what Mr Theseira deserved to receive monthly, what pushed him to say otherwise?

Send in your scoops to news@theindependent.sg 

- Advertisement -
Follow us on Instagram and Telegram

Send in your scoops to news@theindependent.sg