CPF Board Refutes Claims that Payout Age Raised (S.T. 20-1-19).
A CPF member has to apply to start his monthly payouts at age 65 under the Retirement Sum Scheme payments by completing
an application form with his bank account details or applying online.
If the CPF member does not take any action,the Retirement Sum Scheme payouts will automatically start at the age of 70.
Monthly payouts Should Be Automatic when a CPF member turns 65 (at present NOT automatic),and he can have the choice
to opt out if he does not want the payout yet .
As the CPF regulation is unclear,complicated and confusing ,to those CPF members who are illiterate or who do not understand how the current scheme works this is a booby trap as their payout age is unknowingly deferred from 65 to 70.
As life is already very tough in Singapore,We Hope The Civil servants will serve the CPF members (Singapore citizens) diligently and Not make things difficult for the CPF members Or have they become bureaucrats for too long and forgotten how to serve the citizens ?