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<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>March 21, 2009
PARTIAL CPF WITHDRAWAL
</TR><!-- headline one : start --><TR>Why it's not a good idea
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->MR GARY Chua ('Middle class and squeezed: Allow partial CPF withdrawals now', ST, March 13) and Ms Doris Tan ('Partial CPF withdrawal will make a big difference' on March 17) have suggested that partial CPF withdrawals be allowed during this downturn.
Central Provident Fund savings are meant to help Singaporeans with their housing, medical and retirement needs. Most CPF members have not yet accumulated sufficient savings to meet these basic goals. Allowing CPF withdrawals for other purposes will make it even harder for members to do so.
It is easy to talk about allowing partial withdrawal of CPF savings, subject to restrictions. But once we break the piggy bank, the temptation to draw more and more from it will become irresistible. We then put at risk the long-term security and well-being of CPF members.
The Government has introduced substantial and focused measures to help Singaporeans see through the economic crisis. These include the Jobs Credit scheme, the Skills Programme for Upgrading and Resilience (Spur) and the Professional Skills Programme (PSP).
These measures will help workers hold on to their jobs or retrain and find new ones.
The Government has also given rebates on individual taxes and GST, and on service and conservancy charges, to render more direct help to Singaporeans, especially the lower-income groups, but also including middle- income families like Mr Chua's.
These measures are taking effect. The Government will closely monitor the global and domestic situations. If it becomes necessary, we have the means to render further help to Singaporeans, and the will to do so. Farah Abdul Rahim (Ms)
Director, Corporate Communications
for Permanent Secretary
Ministry of Manpower
PARTIAL CPF WITHDRAWAL
</TR><!-- headline one : start --><TR>Why it's not a good idea
</TR><!-- headline one : end --><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->MR GARY Chua ('Middle class and squeezed: Allow partial CPF withdrawals now', ST, March 13) and Ms Doris Tan ('Partial CPF withdrawal will make a big difference' on March 17) have suggested that partial CPF withdrawals be allowed during this downturn.
Central Provident Fund savings are meant to help Singaporeans with their housing, medical and retirement needs. Most CPF members have not yet accumulated sufficient savings to meet these basic goals. Allowing CPF withdrawals for other purposes will make it even harder for members to do so.
It is easy to talk about allowing partial withdrawal of CPF savings, subject to restrictions. But once we break the piggy bank, the temptation to draw more and more from it will become irresistible. We then put at risk the long-term security and well-being of CPF members.
The Government has introduced substantial and focused measures to help Singaporeans see through the economic crisis. These include the Jobs Credit scheme, the Skills Programme for Upgrading and Resilience (Spur) and the Professional Skills Programme (PSP).
These measures will help workers hold on to their jobs or retrain and find new ones.
The Government has also given rebates on individual taxes and GST, and on service and conservancy charges, to render more direct help to Singaporeans, especially the lower-income groups, but also including middle- income families like Mr Chua's.
These measures are taking effect. The Government will closely monitor the global and domestic situations. If it becomes necessary, we have the means to render further help to Singaporeans, and the will to do so. Farah Abdul Rahim (Ms)
Director, Corporate Communications
for Permanent Secretary
Ministry of Manpower
