Serious CPF’s Retirement Sum Scheme payout period to be capped at age 90 from 2020

[Confuseous]

This is a dead giveaway - no puns intended - that right in the middle of a pandemic and a three days
before a milestone election, they have thrown in yet another chicken wing to even the elderly?

SINGAPORE — The payout rules for the Retirement Sum Scheme under the Central Provident Fund (CPF) will change in 2020, with payouts lasting up to age 90 at most, instead of up to age 95 today.

The change comes after feedback from CPF members who felt that a payout duration up to age 95 was too long, the Ministry of Manpower (MOM) said.

With the change, members whose payouts were originally projected to end beyond the age of 90 will now have their payouts end when they turn 90 instead, and they will thus effectively see an increase in their monthly payout amounts, Manpower Minister Josephine Teo said in Parliament on Monday (Nov 4).

The extent to which the monthly payout will increase for these members will depend on his or her individual circumstances, such as age, Retirement Account balance and existing payout amount.

It will also take into account any top-ups to and withdrawals from his Retirement Account, MOM said.

Mrs Teo said that the new rules will apply to all CPF members who turn 65 from July 1 next year.

Read more at https://www.todayonline.com/singapo...rHfHEwCxk6nwQ544o3pg7ulLmLinl_Z-LjnynzQxVV03w

 

[ftan42]

why unfavorable cpf change come out at this election time

 

[laksaboy]

How many old folks will have the lifespan of LKY? LOL!

 

[Loofydralb]

Hey PAP, election have not ended you already start taking back the chicken arhhh?

Might as well declare no money to be taken out of CPF la unless die, then transfer to children's CPF.

 

[Leepotism]

How many can live to 90?

 

[sweetiepie]

KNN my uncle think leeducing age to 85 is even better KNN so nong pap don't increase the pea to >70yo (he vowed to go to cpfb if this happen KNN) everything is inline with his leetirement plan KNN

 

[knowwhatyouwantinlife]

Firstly this is old news. Next a person is getting more per month which is what most people wants. Next one can always register with the banks and cpf board to go on cpf life (born after 1958 automatic not sure if can opt out and go on old scheme) lastly those with minimal in the oa and personal savings are literally quite screwed

 

[sweetiepie]

Firstly this is old news. Next a person is getting more per month which is what most people wants. Next one can always register with the banks and cpf board to go on cpf life (born after 1958 automatic not sure if can opt out and go on old scheme) lastly those with minimal in the oa and personal savings are literally quite screwed

KNN those with huge cash on hand and min in oa and already have above the min sum can consider to leefund cash to oa for the cpf previously used for housing KNN my uncle intend to make a 100% leefund instead of putting money in bank KNN

 

[knowwhatyouwantinlife]

KNN those with huge cash on hand and min in oa and already have above the min sum can consider to leefund cash to oa for the cpf previously used for housing KNN my uncle intend to make a 100% leefund instead of putting money in bank KNN

Agreed that's why I dont understand why none of the oppies are suggesting medisave to be included as part of the calculation of retirement sum so that it is easier to hit and more $ can be drawn out

 

[sweetiepie]

Agreed that's why I dont understand why none of the oppies are suggesting medisave to be included as part of the calculation of retirement sum so that it is easier to hit and more $ can be drawn out

KNN my uncle also think something needs to be done about cpf medisave KNN firstly it is only meant to be used for major illness as chronic illness only entitle for $500/yr KNN this will lead my uncle to think pap want to swallow sinkie cpf ma KNN but when major illness hit cpf ma only can be used for inpatient bills and not outpatient but most sickie already have insurance be it medishield life or pte insr to cover most part of the inpatient bills KNN hence this lead my uncle to further think pap want to swallow most of sickie cpf ma KNN oppies should either suggest using ma to form the ms or to be used for outpatient bills KNN

 

[sweetiepie]

KNN my uncle also think something needs to be done about cpf medisave KNN firstly it is only meant to be used for major illness as chronic illness only entitle for $500/yr KNN this will lead my uncle to think pap want to swallow sinkie cpf ma KNN but when major illness hit cpf ma only can be used for inpatient bills and not outpatient but most sickie already have insurance be it medishield life or pte insr to cover most part of the inpatient bills KNN hence this lead my uncle to further think pap want to swallow most of sickie cpf ma KNN oppies should either suggest using ma to form the ms or to be used for outpatient bills KNN

But then again my uncle think the medical cost in sg is a scam KNN even if pap allowed cpf ma to be used for outpatients they will also play with the subsidy in the bill KNN LPPL KNN

 

[face the facts]

Agreed that's why I dont understand why none of the oppies are suggesting medisave to be included as part of the calculation of retirement sum so that it is easier to hit and more $ can be drawn out

medisave is truly a con job where you die then see your money, how is that even possible?

 

[pvtpublic]

PAP panic now that they finally started their door to door. they have been sleeping for 5 years.

now then realize the pioneers and merdekas are going to take them down.

 

[Sideswipe]

almost all opposition have stated return the CPF at 55 age. fuck pap. return our hard-earned money !