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Acting Minister for Manpower Gan Kim Yong has announced a series of CPF changes to help Singaporeans better prepare for the challenges faced by an ageing population in the MOM Committee of Supply Speech on 13 February. The key areas of change are as follows:
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| CPF LIFE is a scheme designed to provide CPF members with a monthly income for as long as they live. |
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From September 2009, CPF Board will start inviting members from age 55 and above to opt in with the first group of members receiving their LIFE payouts from January 2010. |
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Four LIFE plans will be offered to CPF members, giving a range of trade-offs between providing for oneself and leaving a bequest for one's beneficiaries. The default plan will be the LIFE Balanced Plan which provides a member with a moderate level of income during retirement, and balances the bequest amount available for his beneficiaries upon his demise. |
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| Factsheet on CPF LIFE |
| Frequently Asked Questions |
| CPF LIFE Payout Estimator | | | | |
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To facilitate family support through CPF and encourage members to participate in CPF LIFE, the CPF Minimum Sum (MS) Topping-Up Scheme will be liberalised.
i. From 1 April 2009, CPF top-up requirements will be lowered to the prevailing Minimum Sum, down from 1.5 times.
ii. From 20 August 2009, the CPF top-up recipients list will be expanded to include parents/grandparents below age 55.
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| Factsheet on Minimum Sum Top-Up |
| Frequently Asked Questions | | | | |
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| To lower cost and improve quality of the funds included under CPFIS, the following changes will take place: |
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From 1 May 2009, CPF members must first set aside $30,000 in their Special Account (SA) before they can invest their SA monies under CPFIS. |
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From 1 January 2011, all funds in the CPFIS must meet all admission criteria applicable since 1 February 2006. |
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| Factsheet on CPF Investment Scheme Changes |
| Frequently Asked Questions | | | | |
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