Chee Hong Tat on life expectancy factor in property purchases
The rules on CPF usage for property purchases are intended to encourage Singaporeans to buy a home for life. The remaining lease must cover the youngest owner till at least age 95. If this requirement is set at 83.5 years, many seniors would live longer than this average lifespan. National Development Minister Chee Hong Tat highlighted this in reply to an MP’s question in parliament on Wednesday (Feb 4) on whether the CPF Board will consider aligning the life expectancy factor with the Department of Statistics Singapore's reported average of 83.5 years when tabulating how much CPF savings can be used to buy a property.
The rules on CPF usage for property purchases are intended to encourage Singaporeans to buy a home for life. The remaining lease must cover the youngest owner till at least age 95. If this requirement is set at 83.5 years, many seniors would live longer than this average lifespan. National Development Minister Chee Hong Tat highlighted this in reply to an MP’s question in parliament on Wednesday (Feb 4) on whether the CPF Board will consider aligning the life expectancy factor with the Department of Statistics Singapore's reported average of 83.5 years when tabulating how much CPF savings can be used to buy a property.
Popular Shows
