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Parliament to discuss CPF payouts, financial obligations of bike-sharing firms

Parliament to discuss CPF payouts, financial obligations of bike-sharing firms

File photo of Parliament House. (Photo: Hani Amin)

SINGAPORE: The Central Provident Fund (CPF) retirement payout scheme will be on the agenda when Parliament sits on Monday (Feb 18), after nine Members of Parliament tabled questions on the matter. 

MPs asked if the Ministry of Manpower will consider setting the starting age for automatic CPF payouts to age 65 from the current 70, and whether there is sufficient communication to the public about the payout mechanism.

READ: Claims that CPF 'retirement payout age' shifted to 70 not true: CPF Board

READ: 6 in 10 tapped into CPF funds after 55: CPF Board

Last month, messages circulated on social media claimed that the Government had "quietly" shifted the payout age for the Retirement Sum Scheme to 70. 

This prompted a response from the CPF Board, which said that the claims are not true. 

The payout eligibility age for the Retirement Sum Scheme is 65 for those born from 1954 onwards, and this has not changed since it was announced in 2007, the board added.

READ: Majority of applications for CPF funds on medical grounds successful: MOM

Also on Parliament's agenda is the issue of bike-sharing firms. Nominated MP Walter Theseira asked if the Government takes into account a company's ability to meet financial obligations to employees, vendors and the public when considering licensing status. 

Assoc Prof Theseira also asked if money from security deposits and licence fees are made available for claims by vendors, employees and the public when a licence is cancelled. 

READ: LTA suspends Ofo's operating licence, bikes to be removed from public spaces

At 3.30pm on Monday, Finance Minister Heng Swee Keat will deliver Singapore's 2019 Budget Statement in Parliament.

Source: CNA/ad(gs)


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