Showing posts with label CPF. Show all posts
Showing posts with label CPF. Show all posts

Friday, May 28, 2021

More tapping CPF's stability to stretch savings

Source Website: https://www.tnp.sg/news/singapore/more-tapping-cpfs-stability-stretch-savings
By Calvin Yang, Manpower Correspondent, The New Paper, 24 May 2021 at 06:00 am


40 per cent more topped up their own or their loved ones' retirement savings last year compared with 2019
PHOTO: 40 per cent more topped up their own or their loved ones' retirement savings last year compared with 2019
Picture posted by Calvin Yang, Manpower Correspondent, The New Paper on 24 May 2021 at 06:00 am
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhisYNQ7z8ZFTpSEXkGrwfLkB7PVveQNSBSW92mlscnF_q-jYnfYrUf5QAGrnq3WvXg-lAiz14WbBEnNP0DqUD3v0dbsc-0c_FrUcTbZnZfl-wHlEQHXtBwgM1vhbvHqozCvogbsrE8gwU/s780/cpf.jpg
https://www.tnp.sg/sites/default/files/styles/rl780/public/articles/2021/05/24/cpf.jpg?itok=Bgb-eftK
https://www.tnp.sg/news/singapore/more-tapping-cpfs-stability-stretch-savings


More people sought to tap the benefits of the Central Provident Fund (CPF) last year to stretch their savings amid the pandemic's uncertainties.

The number of members who topped up their own or their loved ones' CPF retirement savings was nearly 40 per cent higher last year, compared with 2019.

At the same time, people who made voluntary housing refunds nearly tripled over the same period, according to the latest CPF Board figures.


The number of members who topped up their own or their loved ones' CPF retirement savings was nearly 40 per cent higher last year, compared with 2019.
PHOTO: The number of members who topped up their own or their loved ones' CPF retirement savings was nearly 40 per cent higher last year, compared with 2019.
Picture posted by Shutterstock
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7h1kZSKhXPECUEkhTez5JAVUkRuN_5nrq95dVJKznJeQ2abRIf-S6pJTh9zr4v7mqeIdf5tSLhRrNSQ4ZIAE9T9hE2td2egF8DIl0AWZpfG8gcZvoKB-xBOmqlUyQJ_sb7nOXnMwozro/s1600/150416105_1.png
https://image.shutterstock.com/shutterstock/photos/150416105/display_1500/stock-photo-beautiful-girl-on-bike-in-countryside-summer-lifestyle-150416105.jpg
https://www.shutterstock.com/image-photo/beautiful-girl-on-bike-countryside-summer-150416105


Also slightly up is the proportion of members who died last year and had specified a recipient for their CPF savings.

It is no surprise that more people are channelling more cash into CPF accounts, observers told The Straits Times, since they are now realising the benefits of using the scheme to save.


It is no surprise that more people are channelling more cash into CPF accounts, observers told The Straits Times, since they are now realising the benefits of using the scheme to save.
It is no surprise that more people are channelling more cash into CPF accounts, observers told The Straits Times, since they are now realising the benefits of using the scheme to save.
PHOTO: It is no surprise that more people are channelling more cash into CPF accounts, observers told The Straits Times, since they are now realising the benefits of using the scheme to save.
Picture posted by Dreamstime
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https://thumbs.dreamstime.com/z/asian-beautiful-woman-long-hair-stands-purple-tulip-flower-green-garden-asian-beautiful-woman-long-hair-stands-209994142.jpg
https://www.dreamstime.com/asian-beautiful-woman-long-hair-stands-purple-tulip-flower-green-garden-asian-beautiful-woman-long-hair-stands-image209994142


Last year, some 141,130 CPF members made top-ups under the Retirement Sum Topping-Up Scheme, contributing a total of ＄2.97 billion.

In 2019, only 103,800 members grew their CPF funds under the scheme. Total top-ups in 2019 were also lower at ＄2.14 billion.

Meanwhile, about 14,980 members made voluntary housing refunds last year, putting in a total of ＄1.48 billion.

OCBC Bank's head of wealth advisory Kelvin Goh said CPF funds offer members more attractive, risk-adjusted returns, compared with regular savings accounts and even some investments.

The higher take-up rate is likely boosted by the lower interest rate environment and market volatility brought about by the pandemic, said DBS Bank's head of financial planning literacy Lorna Tan, noting that the trend of CPF top-ups is expected to continue.


The higher take-up rate is likely boosted by the lower interest rate environment and market volatility brought about by the pandemic, said DBS Bank's head of financial planning literacy Lorna Tan, noting that the trend of CPF top-ups is expected to continue.
PHOTO: The higher take-up rate is likely boosted by the lower interest rate environment and market volatility brought about by the pandemic, said DBS Bank's head of financial planning literacy Lorna Tan, noting that the trend of CPF top-ups is expected to continue.
Picture posted by Shutterstock
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCOQvYS3aMus3BEtVGlWPeAfyOSI-VZKAhMDHPlEmcBoeGgWoZC70ynRq7Jbqa6rbmd6241GeBRvB8HaP71RCtU6akpJU0tpJdeB2fEmoczSe7DHM6hQafLHiGcIclHbMUwX2K9LgetJY/s1600/150417377_1.png
https://image.shutterstock.com/shutterstock/photos/150417377/display_1500/stock-photo-beautiful-girl-on-bike-in-countryside-smelling-flowers-summer-lifestyle-150417377.jpg
https://www.shutterstock.com/image-photo/beautiful-girl-on-bike-countryside-smelling-150417377


The Retirement Sum Topping-Up Scheme allows members to use cash or CPF savings to top up their own or their loved ones' accounts.

For recipients under 55, the Special Account can be topped up to the current Full Retirement Sum, which is ＄186,000 this year.

Those aged 55 and older can have their Retirement Accounts topped up to the current Enhanced Retirement Sum, which is ＄279,000 this year.

Mr Wilson Loy, Standard Chartered Bank Singapore's head of investment advisory and strategy, said another factor for the increase could be the tax reliefs granted for topping up CPF accounts.


Mr Wilson Loy, Standard Chartered Bank Singapore's head of investment advisory and strategy, said another factor for the increase could be the tax reliefs granted for topping up CPF accounts.
PHOTO: Mr Wilson Loy, Standard Chartered Bank Singapore's head of investment advisory and strategy, said another factor for the increase could be the tax reliefs granted for topping up CPF accounts.
Picture posted by Shutterstock
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEguIb7ZRtChD1EShEC3LQSf8YDAAkeuwKI8M72ZmtmiwL-sFWMVGzAEfvhyphenhyphenVrUaUJuwxkN-KB-GH2pP2QChKabf2Pr8AHy6NcN1sUHpdakEpSNRyLkzp8JNhuXfbyVpvWagaDGI4jFXNAk/s1500/150417239_1.png
https://image.shutterstock.com/shutterstock/photos/150417239/display_1500/stock-photo-beautiful-girl-on-bike-in-countryside-smelling-flowers-summer-lifestyle-150417239.jpg
https://www.shutterstock.com/image-photo/beautiful-girl-on-bike-countryside-smelling-150417239


CPF members can get tax reliefs of up to ＄7,000 per calendar year for top-ups made to their own accounts, and up to another ＄7,000 for top-ups made for their parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings.


CPF members can get tax reliefs of up to $7,000 per calendar year for top-ups made to their own accounts, and up to another $7,000 for top-ups made for their parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings.
PHOTO: CPF members can get tax reliefs of up to ＄7,000 per calendar year for top-ups made to their own accounts, and up to another ＄7,000 for top-ups made for their parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings.
Picture posted by Alamy
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https://c8.alamy.com/comp/DCGXR4/beautiful-girl-on-bike-in-countryside-smelling-flowers-summer-lifestyle-DCGXR4.jpg
https://www.alamy.com/stock-photo-beautiful-girl-on-bike-in-countryside-smelling-flowers-summer-lifestyle-59379240.html


Mr Joel Siew, who topped up his own CPF Special Account last year, said the 4 per cent interest rate is a draw. Like many working adults, the 32-year-old banker believes that starting his retirement planning early will give him better returns over time.

Human resource manager Lydia Ong, 38, who put more money into her CPF Special Account last year, said the pandemic has brought about much uncertainty and volatility in the financial markets. "In such times, it makes sense to go with something less risky," she added.


Human resource manager Lydia Ong, 38, who put more money into her CPF Special Account last year, said the pandemic has brought about much uncertainty and volatility in the financial markets.
Human resource manager Lydia Ong, 38, who put more money into her CPF Special Account last year, said the pandemic has brought about much uncertainty and volatility in the financial markets.
PHOTO: Human resource manager Lydia Ong, 38, who put more money into her CPF Special Account last year, said the pandemic has brought about much uncertainty and volatility in the financial markets. "In such times, it makes sense to go with something less risky," she added.
Picture posted by Shutterstock
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiw-UXOnHoFuoMTFAaDQExOOZSQSB8lob7lU5nhN3OAbo0ke7F8oOXDmGYb_D9QDjlxB5YF6xn6wNkdXViaR2sLarUdsDFJe9mIbguz8kNTGCnO87gJTkMAe2pASWZKLhz7-RyfTPxBiMw/s1500/1165895203_1.png
By Calvin Yang, Manpower Correspondent, The New Paper, 24 May 2021 at 06:00 am
This article first appeared in The Straits Times.
Get The New Paper on your phone with the free TNP app. Download from the Apple App Store or Google Play Store now
Reference
[1] Calvin Yang, Manpower Correspondent, The New Paper, More tapping CPF's stability to stretch savings, posted on 24 May 2021 at 06:00 am, https://www.tnp.sg/news/singapore/more-tapping-cpfs-stability-stretch-savings


Links
This article first appeared in The Straits Times. - https://www.straitstimes.com/business/economy/more-channelling-more-cash-into-cpf-amid-covid-19-uncertainties?utm_medium=referal&utm_source=tnp&utm_campaign=tnplink






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Sunday, January 20, 2019

CPF Board clarifies online message suggesting 'retirement payout age' was shifted from 65 to 70 is wrong

PHOTO: A message circulating online is wrongly suggesting that the Government had quietly shifted the "retirement payout age" from 65 to 70, the Central Provident Fund Board said on Saturday (Jan 19).
PHOTO: The Straits Times reader
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhBTsrpYFoEh7k0dFcEmBKdiCF7I1RCvfGYgdDzv4Rtdd5FaPh79cu3cu0C-HyaBWWaqxs_ATNxi8AsSmD9GgONB3zu6OEopuBAdyE9qX1k5DKzTcpClbWGBZ3ASYQO7cvC9Ubt5Z-Vry8/s1600/cpfmsgcirculating_streader_1.jpg
http://www.asiaone.com/sites/default/files/styles/700x500/public/original_images/Jan2019/cpfmsgcirculating_streader.jpg?itok=1pulxWbd
http://www.asiaone.com/singapore/cpf-board-clarifies-online-message-suggesting-retirement-payout-age-was-shifted-65-70


SINGAPORE - A message circulating online is wrongly suggesting that the Government had quietly shifted the "retirement payout age" from 65 to 70, the Central Provident Fund Board said on Saturday (Jan 19).

The payout eligibility age for the Retirement Sum Scheme (RSS) is 65 for those born from 1954 onwards and this has not changed since it was announced in 2007, it added.

The CPF Board was responding to a message which recently went viral on social media, claiming that the Government had surreptitiously (secretively) raised the payout age from 65 to 70.

The confusion was in relation to a letter CPF sends to its members who are approaching their eligible payout age.

A sentence in the letter said that "no action is required if you wish to start your payouts at age 70", which gave some members of the public the impression that the payout age was moved to 70.

Responding to media queries, a CPF Board spokesman said the letter was sent to CPF members to inform them that they can start their monthly payouts by completing an application form with their bank account details or to apply online.

"They can apply to start their payouts any time between the ages of 65 and 70. If they do not wish to start payouts before age 70, they need not do anything" and "members who defer the start of their payouts will benefit from getting more retirement savings with the attractive interest that they earn on their CPF savings," said the spokesman.


They can apply to start their payouts any time between the ages of 65 and 70.
PHOTO: A CPF Board spokesman said the letter was sent to CPF members to inform them that they can start their monthly payouts by completing an application form with their bank account details or to apply online.
Picture posted by CPF Board on 18 January 2019 at 15:48
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https://scontent-sin2-1.xx.fbcdn.net/v/t1.0-9/50574172_10156623670915923_445698870953902080_n.jpg?_nc_cat=1&_nc_ht=scontent-sin2-1.xx&oh=e6e448543a9ef2b15f5f7e5dcbff3777&oe=5CB558D5
https://www.facebook.com/CPFBoard/photos/pcb.10156619957070923/10156623670905923/?type=3&theater
 

There was no automatic start age for payouts.
PHOTO: Similarly, the automatic start age of 70 applies to CPF LIFE members who turn age 55 from July 2015. There was no automatic start age for payouts. If members did not apply to start their RSS payouts from age 65, the payouts would not start at all.
Picture posted by CPF Board on 18 January 2019 at 15:48
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEBG3gaQlhAc-NP6UcFRfBUrBl0P75LHAtVHQoHs8iNRL-NZFV2S6H2rSIH7V5cYSkUgvoDo2967nP8pERm3QQhyphenhyphenVgwkE1z1ZCKGLwnY5oDM-aWARRK_GEzC6WPFuux8ZbLPEcFkbESJo/s1600/50110610_10156623670965923_8775818109396189184_n.jpg
https://scontent-sin2-1.xx.fbcdn.net/v/t1.0-9/50110610_10156623670965923_8775818109396189184_n.jpg?_nc_cat=1&_nc_ht=scontent-sin2-1.xx&oh=d893ada9127cd611a06e41bdcb764fb9&oe=5CC758DC
https://www.facebook.com/CPFBoard/photos/a.71363925922/10156623670960923/?type=3&theater


If CPF members do not take any action, Retirement Sum Scheme payouts will automatically start at the age of 70.

The spokesman said the CPF Act was amended in 2016 to allow for this automatic payout arrangement, which took effect in Jan 2018.

The CPF Board said that before this, some members did not start their monthly payouts even after age 70, as they did not apply to start their Retirement Sum Scheme payments.

The automatic starting of payouts at age 70 "helps to simplify the activation process for members so they can start to enjoy a retirement income from their CPF savings," said the spokesman.

Retiree Johnny Wong, 66, said the way the Retirement Sum Scheme is administered could be made simpler.

Payouts should be automatic when an individual turns 65 years old, and he can have the choice to opt out if he does not want the payout yet, Mr Wong added.

"There may be some who are illiterate or who may not understand how the current scheme works," Mr Wong said.

On Saturday (Jan 19), the CPF Board also took to Facebook to clear the air, explaining why the message circulating online was "untrue" and also encouraged users to share its Facebook post.


Payouts should be automatic when an individual turns 65 years old, and he can have the choice to opt out if he does not want the payout yet, Mr Wong added.
PHOTO: Payouts should be automatic when an individual turns 65 years old, and he can have the choice to opt out if he does not want the payout yet, Mr Wong added.
"There may be some who are illiterate or who may not understand how the current scheme works," Mr Wong said.
Picture posted by If Only on Thursday, 01 February 2018
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https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgbY0zZET41IuSEeD-emeVYIFvy2Q_gm1n5DykDVlootS0wKzswTwkzEWvmRDi49E9P6WalQ9Zc5gFcMOtDZs6sfHuJkeyku6kGMrmb2GY-6_ayxE8KPWFfz7tWIUO30ltykW4vh0QIxlXx/s1600/ElderShield-start-at-age-30-ST-photo.jpg
https://ifonlysingaporeans.blogspot.com/2018/02/eldershield-review-committee-proposes.html
 

The automatic starting of payouts at age 70 (not at age 65)
PHOTO: "The automatic starting of payouts at age 70 (not at age 65) "helps to simplify the activation process for members so they can start to enjoy a retirement income from their CPF savings," said the spokesman.
PHOTO: The Straits Times
Picture posted by Joanna Seow, The Straits Times on 16 January 2019 - Parliament: Minimum age for CPF payouts will remain at 65; priority is reviewing retirement, re-employment
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj8-JlEoq1_JM9As31rctHQ6SHA4QQ04qCJieD1bfTZUfZ23a3vTBQBJCmqTutPxSVkjczBpWBU6onQ8_UrGagJj4vfc_X43AR35v1ZJL7h9VipOoTTOe-TVWjKkXdpzWa6_0IDuasUvUw/s1600/20170221_ELDERLYWORK.jpg
http://www.asiaone.com/sites/default/files/styles/700x500/public/original_images/Feb2017/20170221_ELDERLYWORK.jpg?itok=jrn3m0jN
http://www.asiaone.com/singapore/parliament-minimum-age-cpf-payouts-will-remain-65-priority-reviewing-retirement-re
 

The CPF Board said that before this, some members did not start their monthly payouts even after age 70, as they did not apply to start their Retirement Sum Scheme payments.
PHOTO: The CPF Board said that before this, some members did not start their monthly payouts even after age 70, as they did not apply to start their Retirement Sum Scheme payments.
The automatic starting of payouts at age 70 "helps to simplify the activation process for members so they can start to enjoy a retirement income from their CPF savings," said the spokesman.
Picture posted by SOA LEE (3D Artist) - Astraea, Cover of XFUN magazine, 2009
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEipItQcMJSgpv4AYfpVXqh7L6WrT7IH8CDFtJWc20grgCLDSlCXn1ZjUwREfTZljwA51geoC3_XU0lLNOhQq1jj5tQRmF4lQLS8oCSH_UMlPtPsQopK3Pl7BLih-A5VjnrFxN0q98DGDbk/s1600/4d9494_9d147d99c1db4d978f9ca152ea122b52%257Emv2.jpg
https://static.wixstatic.com/media/4d9494_9d147d99c1db4d978f9ca152ea122b52~mv2.jpg?dn=
https://www.soalee.xyz/portfolio

By Adrian Lim, The Straits Time, 20 January 2019 at 06:00 am
This article was first published in The Straits Times. Permission required for reproduction.



Reference
[1] Adrian Lim, The Straits Time, CPF Board clarifies online message suggesting 'retirement payout age' was shifted from 65 to 70 is wrong, posted on 20 January 2019, http://www.asiaone.com/singapore/cpf-board-clarifies-online-message-suggesting-retirement-payout-age-was-shifted-65-70
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Monday, February 8, 2016

CPF - See you all like that, my heart also pain

Source Website: https://www.youtube.com/user/CPFvideos
By CPF, Published on 21 January 2016


Something’s wrong
PHOTO: “Something’s wrong”
Picture posted by Creative Nonfiction (The Atlantic Monthly Group)
https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgxE_-9glWO_FqArMgNxoPQwKDwqtj1_13KAs9Wa7bFv7pN0BszdHTZOJVr2csIK7tiIN3RRM6xTFUCpnjCkcuLDOYjhZ2_29U8WyJVZ7A1wR9bkxW8I1MvioYvAPGctpJsbQ51z-BFJjY/s1600/lead_960-1.jpg
http://cdn.theatlantic.com/assets/media/img/mt/2015/10/shutterstock_149926544_1/lead_960.jpg?1444851191 - (lead_960.jpg)
http://www.theatlantic.com/health/archive/2015/10/emergency-room-wait-times-sexism/410515/


Some of us take our regular salaries, MCs, leave entitlements, and other work rights for granted. Watch how the lives of a mother and son can be improved if she knew her employment rights.

Employers who want to find out more about how they can ensure that their employees get the rights they deserve can get a WorkRight Toolkit at  www.mom.gov.sg/workright.

If you know of employers who are not complying with the CPF Act and the Employment Act, or giving their workers paid sick leave, call the WorkRight Hotline: 1800-221-9922.


WorkRight Campaign - Mother and Son

From https://youtu.be/S9EUNxM9-kM
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