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The Straits Times, 11 Feb

Forum, Pg A23



WE THANK Mr Tan Hong Choon ("How about personalised sums, payouts?"), Mr Sim Beng Tiong ("Grant option of early, targeted saving for Minimum Sum") and Mr Francis Cheng ("Allow full withdrawal for those with terminal illnesses"; all published last Friday) for their suggestions.


CPF Life has been designed to be as inclusive as possible. Central Provident Fund members turning 55 from Jan 1, 2013 are already automatically placed on CPF Life if they have at least $40,000 in their Retirement Account when they reach 55.


If they have less than $40,000 at age 55, they will be automatically placed on CPF Life at age 65, if they have at least $60,000 in their Retirement Account then.


Additionally, CPF members who are not on CPF Life can choose to join the scheme any time between the ages of 55 and 80.


The monthly payouts CPF members receive from CPF Life are determined by the amount they have set aside in their Retirement Account.


To help CPF members save earlier for their retirement, they can make cash or CPF top-ups under the existing Minimum Sum Topping-up Scheme.


Members can top-up to the prevailing Minimum Sum, which is currently $155,000, to bolster their own or their loved ones' Special or Retirement Account savings.


Members can earn interest of up to 5 per cent a year on their Special and Retirement Account monies. This includes the additional 1 percentage point interest paid on the first $60,000 of a member's combined balances (with up to $20,000 from the Ordinary Account).


Those who make cash top-ups to themselves and their loved ones can also enjoy tax relief of up to $14,000 a year.


Under the existing Medical Grounds Scheme, terminally ill CPF members can apply for an early withdrawal of their Ordinary, Special and Retirement Account (if applicable) monies, as well as Medisave Account savings in excess of the current Medisave Minimum Sum, in one lump sum.


Members can visit the CPF website ( for more details.



Irene Kang (Ms)

Director of Communications

Central Provident Fund Board