Written Answer to PQ on Percentage of CPF Members Who Chose To Defer Monthly Retirement Payouts Beyond Age 65

NOTICE PAPER NO. 1719 OF 2023 FOR SITTING ON 22 FEBRUARY 2023

QUESTION NO. 2710 FOR WRITTEN ANSWER

MP: Mr Leong Mun Wai 

To ask the Minister for Manpower (a) since 2018, what is the percentage of CPF members who have chosen to defer their monthly retirement payouts beyond the Payout Eligibility Age of 65 years; and (b) among the members who have (i) chosen to defer and (ii) not defer their monthly retirement payouts, what is the respective percentage of those who are still working.

Answer

Over the past five years, 66% of CPF members who reached their Payout Eligibility Age (PEA) have deferred the start of their monthly payouts beyond their PEA¹. Among these members, about 46% were working when they reached their PEA.1For members who did not defer the start of their monthly retirement payouts beyond their PEA, about 58% were working when they reached their PEA.

¹ The PEA refers to the age which members can choose to start payouts. The current PEA for members born in 1954 and later is 65.