CENTRAL PROVIDENT FUND (Partial withdrawal of contributions prior to retirement)

Mr Teo Chong Tee asked the Minister for Labour whether consideration will be given to allowing Central Provident Fund contributors to withdraw part of their contributions at least five years prior to their retirement from employment.

Mr Sia Kah Hui: Mr Speaker, Sir, the primary objective of the Central Provident Fund is to provide for old age. With increasing life expectancy and with more people working beyond 55 years of age, there is no compelling reason to allow members to withdraw part of their CPF savings before they reach 55 years of age. It is therefore regretted that the answer is no.