CENTRAL PROVIDENT FUND

Mr Low Thia Khiang asked the Minister for Manpower, as of June 1998 (a) what is the number of Central Provident Fund (CPF) members who use 90% or more of their contribution to the Ordinary Account to service their housing loans and what is the income and age profile of these members; (b) how many members have $10,000 or more savings in the CPF Ordinary Account and what is the income and age profile of these members; and (c) what is the amount of savings in these members' Medisave and Special Accounts.

Dr Lee Boon Yang: As at end August 1998, 182,726 active CPF members have used 90% or more of their monthly CPF contribution to the Ordinary Account to service their housing loans.

Of these 182,726 members:

(i) About 31% are below age 35; 44% are between age 35 and 45; 20% are between age 45 and 55; and 5% are aged 55 and above.

(ii) About 15% are earning less than $1,000 a month; 35% earn between $1,000 and $2,000; 19% earn between $2,000 and $3,000; 9% earn between $3,000 and $4,000; 6% earn between $4,000 and $5,000; 4% earn between $5,000 and $6,000; and 12% earn $6,000 or more.

(iii) 89,301 (or 49%) members have $10,000 or more net balances in their Ordinary Account.

(iv) The average Special Account balance per member is about $11,000 and the average Medisave balance is about $13,600.