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CPF is for long-term retirement needs

  • The Straits Times (1 May 2020): "Allow $5,000 withdrawal from CPF to tide us over crisis"

CPF is for long-term retirement needs - The Straits Times, 7 May 2020

  1. We thank Mr Dendroff Terance William for his letter (Allow $5,000 withdrawal from CPF to tide us over crisis, May 1).
  2. The Government has responded to the economic impact of the Covid-19 pandemic strongly and decisively through the Unity, Resilience and Solidarity Budgets totalling $63.7 billion. These are to support businesses, households and individuals that are affected.
  3. We are helping businesses retain their local employees through the Jobs Support Scheme by co-funding the first $4,600 of gross monthly wages of each employee for nine months. This is in addition to other relief measures for businesses.
  4. All households get help from the Care and Support Package. This includes the Solidarity Payment for all adult Singaporeans, as well as additional cash payouts to the elderly or parents with children below 21.
  5. Lower income households get extra help through the Workfare Special Payment and grocery vouchers.
  6. Singaporeans affected by job loss or significant income reduction may also get help through the Temporary Relief Fund, Covid-19 Support Grant and Self-Employed Person Income Relief Scheme.
  7. Currently, all CPF members above 55 can already withdraw up to $5,000 from their CPF Ordinary Account and Special Account, or more if they set aside their Full Retirement Sum in cash or Basic Retirement Sum in cash with property.
  8. The Government is mindful that any change to CPF withdrawal policy will impact Singaporeans’ ability to save for retirement.
  9. It is therefore better to support members through other means. They can approach CPF Board with their specific needs. Where necessary, the Board will also work with relevant agencies to assist them.

Sim Feng Ji
Divisional Director, Income Security Policy
Ministry of Manpower


Allow $5,000 withdrawal from CPF to tide us over crisis - The Straits Times, 1 May 2020

  1. The Government should allow citizens to withdraw $5,000 from their Central Provident Fund (CPF) Retirement Account, as this will help those who are in dire financial straits.
  2. The amount in my Retirement Account has reached the full retirement sum for my age. I need funds to tide me over this difficult Covid-19 period.
  3. Many people have had their salaries cut and are struggling to get by.
  4. Although the Government has introduced many schemes to assist all levels of society, I believe that allowing citizens to withdraw a sum from their CPF accounts would help them help themselves.
  5. It would be a lifesaver for many, including myself.
  6. Malaysia has done a similar thing, allowing its citizens to withdraw their savings from the Employees Provident Fund.

    Dendroff Terance William