Tan See Leng on Central Provident Fund (Amendment) Bill
The Home Protection Scheme (HPS), which protects CPF members and their loved ones from losing their HDB flats if a member dies, becomes terminally ill or permanently disabled, will be expanded from the middle of 2025. It will cover CPF members with less severe pre-existing conditions such as some types of strokes and heart disorders. These members will pay higher premiums in line with their higher likelihood of claims and participation will be on an opt-in basis. Manpower Minister Tan See Leng announced this in Parliament on Monday (Oct 14). He said that in line with industry practice, the small minority of CPF members with more severe health conditions, such as those currently receiving treatment for cancer, will not be able to participate in the HPS. A Bill moved for second reading by Dr Tan also gives effect to the closure of the Special Account for members aged 55 and above from the second half of January 2025. Other amendments are to streamline the administration of the CPF Board and CPF schemes - for example, to prioritise recovery of additional subsidies for the new Plus and Prime categories of HDB flats before refunding CPF savings used to purchase the property.
The Home Protection Scheme (HPS), which protects CPF members and their loved ones from losing their HDB flats if a member dies, becomes terminally ill or permanently disabled, will be expanded from the middle of 2025. It will cover CPF members with less severe pre-existing conditions such as some types of strokes and heart disorders. These members will pay higher premiums in line with their higher likelihood of claims and participation will be on an opt-in basis. Manpower Minister Tan See Leng announced this in Parliament on Monday (Oct 14). He said that in line with industry practice, the small minority of CPF members with more severe health conditions, such as those currently receiving treatment for cancer, will not be able to participate in the HPS. A Bill moved for second reading by Dr Tan also gives effect to the closure of the Special Account for members aged 55 and above from the second half of January 2025. Other amendments are to streamline the administration of the CPF Board and CPF schemes - for example, to prioritise recovery of additional subsidies for the new Plus and Prime categories of HDB flats before refunding CPF savings used to purchase the property.
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