Profile of Senior Citizens Signing Up for Lease Buyback Scheme

Mr Png Eng Huat asked the Minister for National Development in respect of senior citizens who sign up for the Lease Buyback Scheme, what is (i) their age profile; and (ii) the lowest, highest, and average CPF Life payout as of 2014.

Mr Khaw Boon Wan: 1,083 senior citizens (in 812 households) have benefitted from the Lease Buyback Scheme (LBS) since 2009. 51% of them are aged between 63 and 70 years, 42% are aged between 71 and 80 years and 7% are aged 81 and above.

The lowest CPF LIFE monthly payout is $50, for an owner whose CPF top-up was low because the owner had a 5% share of the flat. The highest is $1,200. The average is $550. The monthly payout depends on various factors, such as when they joined the LBS, share of proceeds, and the starting balance in their CPF Retirement Account.