The Government’s going to withhold your CPF savings until you’re 70 years old.
If you hear this coming from your friends, your reaction is probably like
And you’ll believe it’s true.
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Because that’s what happened in Singapore recently, and incensed Singaporeans didn’t even bat an eyelid when they heard about it.
CPF Board Letter Asked Uncle To Submit Form If He Wants His Payout Earlier
A Facebook user, Padma FI shared a letter from the CPF Board that seemed to imply that the age for CPF payouts has been increased to 70.
It was also added in the letter that if the individual wants to start his payouts before the age of 70, he or she has to inform the CPF Board one month in advance.
They can do so by filling up the enclosed form, or an online application, with a POSB, DBS, OCBC or UOB account.
Padma claimed that the letter was sent to a former colleague’s uncle.
And that’s how the entire “CPF Board shifting retirement payout age to 70 years old quietly” thing started.
CPF Board Responded, Says It’s Untrue
And people believed in it so much CPF Board had to come out and debunk the rumours.
It’s not happening, don’t worry.
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They clarified that Singaporeans can start receiving their payouts from the age of 65, and it has not changed.
However.
You have to apply to start your payouts (from age 65).
A letter will be sent to you before you reach your Payout Eligibility Age (PEA). In order to receive payouts, you’ll have to apply using the enclosed form provided in the letter or apply online.
So what happens if you don’t apply?
You’ll never get your monthly payouts. That’s if they’ve not changed the rules.
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So what happened previously was, if you don’t apply for your CPF payout, you won’t get your monthly payout.
However, it was found that many people did not (or know they have to) apply for their monthly payouts.
Which was why they introduced the automatic start age of 70 for Singaporeans
In order to simplify the process and allow Singaporeans to get their hard-earned money, they’ll automatically start receiving their monthly payouts from their CPF account at age 70.
Singaporeans who turned 70 after Jan 2018 are automatically included in the new scheme.
They added that with this policy, it’ll also let Singaporeans enjoy higher payouts.
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In other words, they didn’t quietly adjust the retirement payout age.
They’ve tried to make it better for Singaporeans.
You Can Read Their Full Facebook Post Below:
You can find out more about the retirement payout scheme here.
Fascinating.
Here’s what NCMPs are, and what to expect after GE2025:
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