Committee of Supply 2022 debate, Day 3: Gerald Giam on use of CPF funds for housing
Allow the use of Central Provident Fund (CPF) Retirement Account (RA) funds to purchase two-room Flexi Flats by default as long as members' RA balances are above the Basic Retirement Sum. MP Gerald Giam made this call in Parliament on Friday (Mar 4). He also asked the CPF Board to allow applicants to take an advance, with interest, from their RAs or Special Accounts to pay for the resale levy. He said this will allow members to buy flats while ensuring that they do not prematurely exhaust their retirement funds.
Allow the use of Central Provident Fund (CPF) Retirement Account (RA) funds to purchase two-room Flexi Flats by default as long as members' RA balances are above the Basic Retirement Sum. MP Gerald Giam made this call in Parliament on Friday (Mar 4). He also asked the CPF Board to allow applicants to take an advance, with interest, from their RAs or Special Accounts to pay for the resale levy. He said this will allow members to buy flats while ensuring that they do not prematurely exhaust their retirement funds.
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