13% of students who borrowed from parents' CPF accounts have not paid back money
By S Ramesh, Channel NewsAsia | Posted: 17 July 2007 1447 hrs

	Photos  of
	Related Videos 13% of students who borrowed from parents' CPF accounts have not paid back money Special Report • Singapore Parliament

SINGAPORE: Manpower Minister Dr Ng Eng Hen said Tuesday that 13 percent of students who had borrowed from their parents' CPF accounts for tertiary education have not been able to pay back the money despite the Board's enforcement efforts.

To better prepare Singapore for the needs of the ageing population, Dr Ng said the Ministry should not extend the use of CPF for educational purposes.

He told Parliament there were other existing avenues through which students could obtain financial assistance.

He stressed that only 40 percent of active CPF members turning 55 are able to meet their CPF minimum sum.

Hence, Singapore should help members set aside more CPF savings in the future, instead of allowing withdrawals for more purposes. - CNA/ir