Written Answer to PQ on Top-ups to Children's CPF Special Account

NOTICE PAPER NO. 2692 FOR THE SITTING ON 2 APRIL 2024
QUESTION NO. 5709 FOR WRITTEN ANSWER

MP: Mr Dennis Tan Lip Fong

To ask the Minister for Manpower (a) how many children under the age of five years old currently have CPF Special Accounts; (b) what proportion of the parents who topped up such accounts live in HDB flats; and (c) what is the median sum of money in such accounts as of 31 December 2023.

Answer:

1.As of 31 Dec 2023, 3,400 children under the age of five years old currently have balances in their CPF Special Account (SA). The median sum of money in these children’s SA is around $1,000.

2.Most of these children's SA were topped up through the Retirement Sum Topping-Up Scheme and they can receive top-ups from anyone, not just parents. CPF Board does not keep track of whether the top-up to these children’s SA comes from their parents. Among all givers who had topped up these children’s SA through the Retirement Sum Topping-Up Scheme, around 8 in 10 live in HDB flats.