Tan See Leng on built-in flexibility for CPF withdrawal limit
The intent of the Central Provident Fund (CPF) is to meet the long-term retirement needs of members. Increasing the S$5,000 unconditional withdrawal limit will only lower their future monthly retirement payouts, said Manpower Minister Tan See Leng. Replying to a Parliamentary question on Tuesday (Sep 19), he said the CPF system has some built-in flexibility. Those who turned 55 from 2013 can withdraw up to 20 per cent of the Retirement Account savings from age 65. Property owners also have the flexibility to set aside the Full Retirement Sum with a mixture of property and cash. They can withdraw their Retirement Account savings above the Basic Retirement Sum.
The intent of the Central Provident Fund (CPF) is to meet the long-term retirement needs of members. Increasing the S$5,000 unconditional withdrawal limit will only lower their future monthly retirement payouts, said Manpower Minister Tan See Leng. Replying to a Parliamentary question on Tuesday (Sep 19), he said the CPF system has some built-in flexibility. Those who turned 55 from 2013 can withdraw up to 20 per cent of the Retirement Account savings from age 65. Property owners also have the flexibility to set aside the Full Retirement Sum with a mixture of property and cash. They can withdraw their Retirement Account savings above the Basic Retirement Sum.
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