Public suggestion: CPF Payouts: Adapt, exercise flexibility and change

The Central Provident Fund Board has decided that payouts to CPF account holders will automatically be extended to 70 years unless the account holder informs the board that he/she desires to withdraw the savings at 65 years old.

 

This has to caused many account holders to feel upset as they are looking forward to their retirement funds for various reasons, some of which include providing for their key social support and even taking that long overdue holiday.

 

Communication is vital to keep everyone well informed so that they do not miss out on government schemes that is beneficial to our citizens.

 

When we have information on government schemes that can be helpful to support the elderly or for that matter anyone, we need to, as part of active citizenry, to share it.

 

Let’s understand that not everyone is internet savvy and have access to the media.  These people could include the elderly sick who are in nursing homes, seniors who do not have handphones or are unable to use them, prisoners serving time and those with special needs.

 

How much effort is being made to reach out to this group?

 

Surely, our grassroots leaders can make an attempt to visit them and explain the new ruling.

 

Additionally, the payout at 65 is only $500 per month. A friend of mine who is reaching 65 in a few months’ time rushed down the CPF Board yesterday to fill up the required form to secure his payout at the age of 65.  

 

He was shocked to be told by the CPF staff that only $500 will be given each month even though he has a healthy sum in his account. He is appealing for a larger payout.

 

Moreover, in making such a ruling, work pressure increases on the CPF staff as the number of people visiting the CPF Board is increasing by leaps and bounds daily. When work pressure mounts, mistakes and service levels can take a beating. A case in point is the recent service lapses by SingPost which has led to them now hiring 100 postmen as they embark on a fresh image-building programme.

 

Let’s get real.

 

With today’s cost of living skyrocketing, it is impractical for a retiree to manage his daily living on such a meagre monthly payout of $500.

 

Singapore is one of the most expensive cities in the world and many of our citizens are finding it so hard to cope. It was also reported in the media that expatriates are leaving Singapore as they too can’t cope with the high cost of living here.  

 

While efforts are being made to make Singapore a lively city, the government of the day must also ensure that its citizens have affordable living and also not to drive away investors.  

 

I therefore urge the Singapore Government, in the interests of elderly Singaporeans, to adapt, and exercise flexibility on the CPF payout scheme.

 

RAYMOND ANTHONY FERNANDO