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CPF is for Singaporeans' long-term retirement needs

  • Lianhe Zaobao (8 Jun 2020): "Looking forward to being allowed to withdraw CPF to overcome adversity amid pandemic”

CPF is for Singaporeans’ long-term retirement needs - Lianhe Zaobao, 11 Jun 2020

  1. We thank Mr Lu Jian Ting for his letter (“Looking forward to being allowed to withdraw CPF to overcome adversity amid pandemic”, Jun 8).

  2. The COVID-19 outbreak has impacted lives and livelihoods.

  3. To help persons and households who may face financial difficulties, the Government has provided a comprehensive suite of support measures. 

  4. CPF members can already use their savings to service housing loans and major medical expenses. Those aged 55 and above can already withdraw up to $5,000 of their CPF savings or more, if they have set aside their Full Retirement Sum or Basic Retirement Sum, with property pledge.

  5. We do not know how long the pandemic will last.  In any case, we must be careful not to erode Singaporeans’ ability to save for retirement for long-term.

  6. Members with specific needs may approach CPFB and we will work with relevant agencies to assist them.

Sim Feng Ji

Divisional Director, Income Security Policy

Ministry of Manpower

 

Looking forward to being allowed to withdraw CPF to overcome adversity amid pandemic - Lianhe Zaobao, 8 Jun 2020

 

  1. Many countries have initiated lockdown measures in a bid to stop the spread of the COVID-19 virus. The industries have suspended works and production, resulting in massive unemployment problems. The Singapore Government has also come up with many alleviating measures swiftly, in order to protect the jobs of the people and ensure the survival of the industries. The Government has also resorted to using the reserves to finance the alleviative measures.

  2. However, there is no end in sight to the virus pandemic. From a long term perspective, more retrenchment may be unavoidable. In order to help the people to have more resources to cope with their everyday needs, would the government consider letting the people withdraw a small sum from their CPF savings? For instance, a withdrawal of 5% could be allowed for CPF members who have more than $50,000 in their savings account.

  3. The CPF monies are the savings of the individual. Just like the national reserves, hopefully the day will come when the authorities will include the allowing of a withdrawal of money form one’s CPF account into part of its follow up plans to alleviate any difficulty.

Lu Jian Ting