Gho Sze Kee on Central Provident Fund (Amendment) Bill
Under the transfer of Singtel special discounted shares to holders to manage themselves, CPF withdrawal conditions will be waived, allowing proceeds to be withdrawn in cash. This is a significant departure from the longstanding principles of CPF, said MP Gho Sze Kee. She asked if it could open the door to further calls for waivers and exceptions for cash-out. She also voiced concern about the most financially vulnerable seniors, asking if the move unintentionally encourages those who can least afford it to draw down on their retirement savings too early. Ms Gho urged CPF members who have not met their Basic Retirement Sum to transfer part or all of their proceeds back into CPF, and the government to consider automatically matching this under the Matched Retirement Savings Scheme. She spoke in parliament on Thursday (May 7).
Under the transfer of Singtel special discounted shares to holders to manage themselves, CPF withdrawal conditions will be waived, allowing proceeds to be withdrawn in cash. This is a significant departure from the longstanding principles of CPF, said MP Gho Sze Kee. She asked if it could open the door to further calls for waivers and exceptions for cash-out. She also voiced concern about the most financially vulnerable seniors, asking if the move unintentionally encourages those who can least afford it to draw down on their retirement savings too early. Ms Gho urged CPF members who have not met their Basic Retirement Sum to transfer part or all of their proceeds back into CPF, and the government to consider automatically matching this under the Matched Retirement Savings Scheme. She spoke in parliament on Thursday (May 7).
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