International Business & Economy Should CPF members have sufficient funds till age 128? It depends on...

Should CPF members have sufficient funds till age 128? It depends on the balance in Retirement Account, says CPF




- Advertisement -

The CPF Board has responded to a letter writer from the Today newspaper who asked why the Central Provident Fund (CPF) Board is requiring its members to have sufficient funds in their retirement account to last them till age 128.
In its reply to Mr Phan Pang Chia the Board’s spokesperson said, “the payout duration depends on the Central Provident Fund member’s RA balance. Members who have received high amounts of voluntary top-ups to their RA may see a big extension of the duration.”
“Under such circumstances, members can apply to increase their monthly RSS payouts and shorten the duration. Alternatively, they can join CPF Life, which would provide higher monthly payouts, while ensuring that payouts last for life,” she added.
The Board has also personally contacted Mr Phan and his wife to better explain how the scheme works in detail. It assured members that it was enhancing its communication of RSS policies to members, and reviewing the default RSS payout duration.

Send in your scoop to 

- Advertisement -

Father tells daughter $650 monthly allowance is not enough and threatens to sue

  Bullied by her father who wants more money, a woman is asking how much children should give their parents once they start working. The post has gone viral. It was submitted to the anonymous confessions platform, the NUSwhispers Facebook page. NUSwhispers cannot...

First two out of group of ang mohs and foreigners fined over yacht party near Lazarus Island

A group of men and women were seen flouting safe-distancing measures while on a yacht at Lazarus Island on Dec 26 last year. The first two members of the group to face the court — Singapore permanent resident Mark Lau San...

Minor injuries for driver after SUV flips over on SLE

Singapore—A white sport utility vehicle (SUV) turned turtle on the Seletar Expressway (SLE) before the Woodlands Avenue 12 exit on Monday morning (March 1). One man sustained minor injuries in the incident. However, he refused an offer from the Singapore Civil Defence Force...

Send in your scoop to