Singapore’s CPF top-ups hit all-time high of S$4b

Top-ups to Singapore’s Central Provident Fund have reached an all-time high this year. Members deposited about S$4 billion, smashing last year’s record of S$3 billion. The CPF Board said more than 220,000 members have made top-ups so far. More than half were first-timers.

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MPs speak in support of amendments to streamline CPF processes

Members of Parliament largely supported amendments to the Central Provident Fund that will make it easier to receive payouts and grow savings. As more people choose flexible work arrangements or self-employment, MP Cheryl Chan said it could also be timely to review the design of current allocation rates, particularly for the Ordinary and Special Accounts. Clarifications were also sought on the definition of the new term "Significant Conditions", which will allow automatic withdrawals for members with disabilities. Other suggestions include expediting the release of funds to beneficiaries after a death, and allowing earlier withdrawals of CPF payouts.

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CPF top-up, payout processes to be further simplified

Parliament has been presented with the proposed changes to the Central Provident Fund. CPF members will continue to receive their retirement payouts from their Ordinary and Special Accounts without disruption, even when their Retirement Account is depleted. To help members build up their nest egg, the tax relief for voluntary contributions to MediSave and Retirement Sum top-ups will be provided to givers, instead of recipients. The tax relief cap will also be increased by $1,000 to $8,000.

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There will not be a vote on the 12-team CPF next week – Heather Dinich | Paul Finebaum Show

There will not be a vote on the 12-team CPF next week - Heather Dinich | Paul Finebaum Show

Heather Dinich joins The Paul Finebaum Show to discuss presidents not voting on a 12-team College Football Playoff next week.

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SUSS Assoc Prof Walter Theseira on making CPF policies and processes simpler

Singapore is moving to provide more employment opportunities for locals in key sectors and also making CPF policies and processes simpler. Associate Professor Walter Theseira from the Singapore University of Social Sciences explained how the Manpower Ministry can better streamline the policies and its complexities, as well as some best practices that can be adopted.

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CPF Board launches Community Paying it Forward movement for volunteers to share knowledge

The Singapore government is exploring how the Central Provident Fund can link up with digital financial service providers to enable members to better plan their own retirement. Manpower Minister Josephine Teo was speaking after the launch of CPF’s Community Paying it Forward movement. The initiative ropes in volunteers to share their CPF knowledge, to help people debunk misinformation and make the most out of the retirement scheme. They signed up through a mobile app that was piloted in January 2021. So far, more than 800 volunteers have come on board.

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