Did you know your CPF ? Manpower Minister Tan Chuan-Jin clarified a number of myths and misconceptions

    Tan Chuan-Jin   <- FB Link

  

Did you know

– your CPF Minimum Sum is cohort-specific, meaning it does not change for you once you have passed age 55?

– you do not need to top up your CPF if you don’t meet your Minimum Sum target at age 55?

– only half of your Minimum Sum needs to be set aside in cash – you can use the rest to finance housing purchases, or withdraw it through pledging your property value?

– more are meeting the Minimum Sum, even though it has gone up for each group turning 55 over the years?

In his reply to several Parliamentary Questions about the CPF today, Manpower Minister Tan Chuan-Jin clarified a number of myths and misconceptions. He also reiterated that the Government will continue to help members cope with the rising cost of living during retirement as well as low-wage workers with lower CPF balances.

Read his reply here  :

Oral Answer by Mr Tan Chuan-Jin, Minister for Manpower, to Parliamentary Questions on CPF Issues – See more at: http://www.mom.gov.sg/newsroom/Pages/PQRepliesDetails.aspx?listid=194#sthash.QyfWqWe4.dpuf

Link ->  Oral Answer by Mr Tan Chuan-Jin, Minister for Manpower, to Parliamentary Questions on CPF Issue

and check out these videos of today’s Parliament sitting:

CPF helps us save for retirement, as well as healthcare and housing –


Facts about the Minimum Sum –


Exercising flexibility for CPF members with difficulties in repaying housing loans-

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References :

-> He just said that to us, “CPF is a good scheme. Children….”
-> What the Govt does with the money that goes into the CPF ? -The Ministry of Finance’ reply

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Oral Answer by Mr Tan Chuan-Jin, Minister for Manpower, to Parliamentary Questions on CPF Issues – See more at: http://www.mom.gov.sg/newsroom/Pages/PQRepliesDetails.aspx?listid=194#sthash.QyfWqWe4.dpuf
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