CPF SAVINGS
Parliament of Singapore · 15 February 2008
Official Report, 15 February 2008, Vol 84, Issue 3 · Open in the reader (summaries, search, filters)
CPF SAVINGS
**
(Use for part-time and postgraduate courses): **
18.
Mr Chiam See Tong asked the Minister for Manpower what is the basis for not allowing CPF members to use their CPF savings to pay for their part-time courses and postgraduate courses.
Dr Ng Eng Hen: With our rapidly ageing population and corresponding increase in retirement and healthcare needs, the priority must be to ensure that members have enough CPF savings for their old age. Because of the smaller size of families, many CPF members would have to be self-sufficient for their retirement needs.
The CPF Education Scheme was a concession introduced in 1989. Its usage was deliberately limited to only full-time local tertiary education courses at approved publicly funded tertiary institutions. We should not extend the use of CPF for other purposes. This will reduce retirement savings and go against our primary efforts in enhancing retirement adequacy.
Source: Singapore Parliament Official Report (Hansard) for 15 February 2008. Republished on SGParliament.