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Automatic CPF Life at 65
http://www.straitstimes.com/Breaking...ry_501173.html
CENTRAL Provident Fund (CPF) members with $60,000 in their retirement accounts when they turn 65 will be automatically included in the CPF Life annuity scheme, Manpower Minister Gan Kim Yong announced yesterday.
He disclosed the refinement when responding to Mr Sam Tan (Tanjong Pagar GRC), who asked if there was anything that could be done to help those previously not eligible for the scheme - which provides a steady stream of retirement income for life.
Currently, CPF Life will apply automatically to those who turn 55 from 2013 and have at least $40,000 balance in their CPF Retirement Account.
Those without that amount are left out. But with the announcement, this group will now be included automatically should their CPF savings increase to $60,000 by the time they turn 65.
The CPF savings of such individuals may continue to grow by age 65 if they continue to work or receive refunds from the sale of property, Mr Gan said.
Such was the level of interest in CPF Life that it was opened up last September to Singaporeans and permanent residents aged 55 and older. Since then, some 37,000 people have signed up, committing a total of $1.7 billion.
CENTRAL Provident Fund (CPF) members with $60,000 in their retirement accounts when they turn 65 will be automatically included in the CPF Life annuity scheme, Manpower Minister Gan Kim Yong announced yesterday.
He disclosed the refinement when responding to Mr Sam Tan (Tanjong Pagar GRC), who asked if there was anything that could be done to help those previously not eligible for the scheme - which provides a steady stream of retirement income for life.
Currently, CPF Life will apply automatically to those who turn 55 from 2013 and have at least $40,000 balance in their CPF Retirement Account.
Those without that amount are left out. But with the announcement, this group will now be included automatically should their CPF savings increase to $60,000 by the time they turn 65.
The CPF savings of such individuals may continue to grow by age 65 if they continue to work or receive refunds from the sale of property, Mr Gan said.
Such was the level of interest in CPF Life that it was opened up last September to Singaporeans and permanent residents aged 55 and older. Since then, some 37,000 people have signed up, committing a total of $1.7 billion.
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