THE TEMASEK TIMES

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GP Ho Ting Fei wants full CPF payout at 70

Posted by temasektimes on February 26, 2019

A respected General Practitioner Dr Ho Ting Fei has written to the Straits Times Forum suggesting that CPF Board returns the entire CPF savings of Singaporeans in full at the age of 70.

Dr Ho Ting Fei

In her letter published on 23 Feb, Dr Ho took issue with Manpower Minister Josephine Teo’s recent explanation in Parliament that the CPF payout age is set automatically at 70 as some holders want to earn extra interest.

Dr Ho argued that the payout should start at 65 automatically instead since according to Teo, there is no advantage for the CPF Board to hold on to the savings of Singaporeans:

“So why not make payouts automatically start at 65, or even earlier, especially since Mrs Teo said there was no advantage for the CPF Board or the Government to want members to defer payouts beyond 65? Let those who need the money receive it, and the rest can opt for the deferred payout and enjoy the attractive interest rate.”

She added that there are also compelling reasons for not extending the final payout age beyond 70 as according to the Department of Statistics (SingStat), the survival rates for Singapore residents drop steeply after 70.

“The payout at age 70 should include the entire Retirement Sum. The CPF Board should not hold on to the sums of every person who turns 70 and dispense it in monthly portions over the next 23 years until the person turns 93,” she wrote.

The constant changing of rules and shifting of goalposts by the CPF Board has caused much angst and anger among elderly Singaporeans, many of whom depend on their CPF savings to fund their retirement needs.

The PAP is able to force such an unpopular policy down the throats of Singaporeans because of the lack of an effective opposition in Parliament to serve as a check on its autocratic rule, enabling it to do as it likes and wishes to with no accountability or transparency.

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5 Responses to “GP Ho Ting Fei wants full CPF payout at 70”

  1. Chia K L said

    It would be interesting to know how much of balance each of those who have passed away had left behind. The government should reveal the figures.
    Furthermore, it is absolutely useless to have so much CPF left unused with the government while we receive meagre amounts monthly.

  2. Derek said

    Old Sinkies will be grateful to have their money back to survive till kingdom cone .

  3. Seet Puay Sim said

    By God’s policy, human are given different life span. This means the theory the govt put forward that with better medical available, Singaporean will live to 90 is totally wrong. The truth is likely only 20% will live till 90 years of age. I am a firm believer of 80/20 rule. As such, this logic should not be used by govt to determine the length of payout period for retirement saving. The loud cries for early release of CPF monies is triggered by people’s urgent need to survive the current cost of living. If you cannot survive tomorrow, you do not have to worry what will happen 30 years down the road. Think clearly again and from the lower income point of view

  4. V Rajan said

    Appreciate your articles.

  5. Ho wei wei said

    Better change to pay out start at age 85 or 90 is the best all pap nothing to do only thinking c the cpf money

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