Only 6,000 CPF members signed up for Minimum Sum Top-Up Scheme
Giving this update in Parliament during Question Time on Tuesday, Minister of State for Manpower Gan Kim Yong agreed with MP for Jurong GRC Halimah Yaacob that the numbers are low.
He added that CPF Board’s publicity efforts will be improved by having more grassroots dialogues and public roadshows.
Mr Gan also explained to the House that the Dependents’ Protection Scheme is an insurance scheme that kicks in when a family member dies or is permanently incapacitated.
He was replying to another question from MP for Ang Mo Kio GRC Lee Bee Wah.
The current qualifying age limit is 60 and Mr Gan said the Ministry of Manpower will not be raising that limit as most members’ children would be working by then.
Furthermore, he added that raising the qualifying age would also raise premiums “substantially”.
Filed Under: Retirement Planning
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