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Cheryl Chan on Central Provident Fund (Amendment) Bill

As more people choose flexi-work or self-employment, it could soon be “timely” to review CPF allocation rates to better provide for retirement adequacy while ensuring Singaporeans meet their housing, education and healthcare needs, said MP Cheryl Chan. She suggested calibrating allocation rates to the Ordinary, Special and MediSave accounts based on likely needs at different ages. In Parliament on Monday (Nov 1), Ms Chan also sought clarification on allowing automatic disbursements from CPF to members in the event of “a specified significant condition”. She wanted to know what those conditions might be and whether this could have the “unintended consequence” of reducing support from social assistance schemes.

Cheryl Chan on Central Provident Fund (Amendment) Bill

01 Nov 2021 04:34pm

As more people choose flexi-work or self-employment, it could soon be “timely” to review CPF allocation rates to better provide for retirement adequacy while ensuring Singaporeans meet their housing, education and healthcare needs, said MP Cheryl Chan. She suggested calibrating allocation rates to the Ordinary, Special and MediSave accounts based on likely needs at different ages. In Parliament on Monday (Nov 1), Ms Chan also sought clarification on allowing automatic disbursements from CPF to members in the event of “a specified significant condition”. She wanted to know what those conditions might be and whether this could have the “unintended consequence” of reducing support from social assistance schemes.

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