SIGN-UP RATE FOR CPF LIFE

SIGN-UP RATE FOR CPF LIFE

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Assoc. Prof. Fatimah Lateef asked the Minister for Manpower how many Singaporeans have signed up for the CPF Lifelong Income for the Elderly (LIFE) scheme thus far compared to the number of eligible residents.

Mr Gan Kim Yong: Arising from public feedback that some older members would like to join CPF LIFE, the opt-in scheme for LIFE was made available last September to about 800,000 members who were aged 55 and older. As at end October 2010, about 50,000 members have enrolled in CPF LIFE.

Many older members would have already made their own financial plans for retirement prior to the introduction of CPF LIFE. In fact, most of them have withdrawn a significant portion of their CPF savings on or after turning 55 under previous rules. Furthermore, about half of the older members are either already receiving CPF payouts under the Minimum Sum Scheme or have fully drawn down their CPF savings.

Therefore, not all older members will find CPF LIFE suitable for their needs. Each older member should decide whether to opt-in to CPF LIFE according to their individual situation, including alternative financial plans they may already have.

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