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CPF Members insured under the DPS before its privatisation on 17 Sep 05 will have their sum assured increased by between $1,500 and $3,850. The CPF Board will grant this enhanced benefit by way of an additional bonus sum assured (ABSA) according to the length of time each member has been covered under the Scheme (see Table A below).
| Table A: Bonus Sum Assured |
|
Years of Participation |
Additional Bonus Sum Assured |
|
0 - 5 years |
$1,500 |
|
> 5 – 10 years |
$2,500 |
|
> 10 years |
$3,850 |
Eligible DPS members or beneficiaries who have made DPS claims on or after 17 Sep 05 will receive back-dated payments of the ABSA. New members who joined DPS after 17 Sep 05 will not be eligible for the ABSA.
This is the third time that the Board will be returning surpluses from the Scheme to DPS members by increasing the sum assured. In June 2003, the Board had increased the sum assured from $36,000 to $44,000. In addition, a bonus sum assured ranging from $1,500 to $4,000 was also granted to members who were in the scheme at that time.
It will also be the last time the Board is returning surpluses as DPS has since been transferred to private insurers Great Eastern Life and NTUC Income.
The Board will be informing eligible DPS members of their ABSA quantum in March. |