70,000 CPF members to receive S$40 million in matching grants to their retirement accounts

[TerrexLee]

SINGAPORE — A total of 70,000 Central Provident Fund (CPF) members aged 55 to 70 will receive about S$40 million in matching grants from the Government in January next year, for cash top-ups that were made to their retirement accounts in the first half of this year.

The top-ups and matching grants will increase their monthly retirement payouts, the CPF Board said in a media release on Wednesday (Aug 18).

The matching grants are part of a scheme launched earlier this year to help seniors who have not met the prevailing basic retirement sum, which is S$93,000 this year.

Every dollar of cash top-ups made to eligible members will be matched by the Government, up to an annual cap of S$600. Anyone can make the top-ups to eligible members.

Of the 70,000 members, 80 per cent received top-ups for the first time, and 90 per cent received top-ups of S$600 or more, said the CPF Board on Wednesday. Forty per cent of them had received top-ups from their loved ones, with the majority coming from their children.

The CPF board had said in January that 440,000 Singaporeans were eligible for the scheme.

To qualify, their average monthly income must not be more than S$4,000, the annual value of their residence should not be more than S$13,000 – which covers all Housing Board flats – and they should not own more than one property.

No application is needed for the scheme, which will run for five years for a start. Those eligible for the grant were notified via e-mail, SMS or post in January this year.

Read more at https://www.todayonline.com/singapo...ion-matching-grants-their-retirement-accounts

 

[nayr69sg]

Average $571 per person.

 

[sweetiepie]

A total of 70,000 Central Provident Fund (CPF) members aged 55 to 70 will receive about S$40 million in matching grants from the Government in January next year, for cash top-ups that were made to their retirement accounts in the first half of this year.

The CPF board had said in January that 440,000 Singaporeans were eligible for the scheme.

KNN is it 70k sinkie will get or 440k sinkie ? KNN

 

[nayr69sg]

KNN is it 70k sinkie will get or 440k sinkie ? KNN

I think 440k eligible.

But only 70k will get.

Hmm so maybe the reporting is creative.

So in truth $40m is allocated to be given out to 440k eligible sinkie. Ie average is $90 per sinkie.

But CPF estimates only about 70k will apply and actually get the $90 each. So they will only spend $6,636,636 ie close to $6.9m only.

But report it make it sound like $40m giving out to sinkies sounds better than only $6.9m.

So clever right?

$90 per sinkie sounds more real than the $571 per sinkie lah.

 

[eatshitndie]

69k to be exact. they just rounded it up. sg gov loves that soixante neuf number as it has brought them subservience and success.

 

[Loofydralb]

Read more at https://www.todayonline.com/singapo...ion-matching-grants-their-retirement-accounts

PATHETIC

 

[nayr69sg]

PATHETIC

Yeah. Hope Taliban can expand into Singapore. Will make things better.

 

[Balls2U]

Think we're idiots?

 

[Leckmichamarsch]

KNN is it 70k sinkie will get or 440k sinkie ? KNN

AND NEW SHITIZENS..........ME DID NS BUT EDGED OUT BECOS I STAY IN LANDED WTF

 

[nayr69sg]

Think we're idiots?

actually if you were a PAP minister and you come up with all this crap and every election still 60% + vote for you.......what you think?

 

[rodent2005]

KNN is it 70k sinkie will get or 440k sinkie ? KNN

440k eligible based on age and BRS balance, but to get it, you must top up your CPF.

 

[JohnTan]

PAP is so good to sinkies. Where else can you find a government that will regularly top up sinkies' retirement account with more and more money? Majulah PAP!

 

[pvtpublic]

PAP is so good to sinkies. Where else can you find a government that will regularly top up sinkies' retirement account with more and more money? Majulah PAP!

ya after they makan the huge spread between OA interest and Temasek returns.

 

[myfoot123]

$600 and on condition that you pay your hard cash into the CPF first and so that the Gov can make a song and dance out of it.

 

[JohnTan]

ya after they makan the huge spread between OA interest and Temasek returns.

If Temasek is making such huge gains year after year, then it shows that Madam Ho Ching was indeed the right person to lead Temasek all these years. No nepotism or favouritism then.

 

[syed putra]

Yeah. Hope Taliban can expand into Singapore. Will make things better.

I am already here

 

[pvtpublic]

If Temasek is making such huge gains year after year, then it shows that Madam Ho Ching was indeed the right person to lead Temasek all these years. No nepotism or favouritism then.

temasek made around 7-8% compounded over 20 years and CPF paid out a measly 2.5% into our OA which is the bulk of of CPF.

If CPF paid out a flat 5% across the board, we would all be able to retire much earlier than 65 years old.

we the citizens pay the price of ho ching's failure, and the price is extended years at work beyond 55.

her failure is way more shameful than that ah neh lying bimbo in parliament whose name I can't even be bothered to spell.

 

[JohnTan]

temasek made around 7-8% compounded over 20 years and CPF paid out a measly 2.5% into our OA which is the bulk of of CPF.

Wow! Thanks for validating Madam Ho Ching's good work all these decades. Meritocracy does work!

If CPF paid out a flat 5% across the board, we would all be able to retire much earlier than 65 years old.

CPF pays out on average about 3.5% interest from all the various accounts. That's pretty generous. Most mutual funds out there can't match that sort of returns.

we the citizens pay the price of ho ching's failure, and the price is extended years at work beyond 55.

In most developed countries, citizens already have to work into their 60s. Some European countries even saw their national pension scheme go bust when they can't service their national debt. This is no longer the 1950s. Time for you to wake up.

 

[sweetiepie]

temasek made around 7-8% compounded over 20 years and CPF paid out a measly 2.5% into our OA which is the bulk of of CPF.

If CPF paid out a flat 5% across the board, we would all be able to retire much earlier than 65 years old.

we the citizens pay the price of ho ching's failure, and the price is extended years at work beyond 55.

her failure is way more shameful than that ah neh lying bimbo in parliament whose name I can't even be bothered to spell.

My uncle think the problem is if they give 5% then it will no longer be a guaranteed leeturns same as pte investment. My uncle is happy with the average 3.5% leeturns without any risk. Buy high sell low is none of my uncle's concern as they will take other people's money to leeturn my uncle. There is no free lunch in this world.

 

[rushifa666]

These kumlan idiots. 12% gst will wipe all of that