​CPF payout remains at 65 years old: Josephine Teo
PUBLISHED ON 19 Feb 2019
No change has been made and CPF payouts remain at 65 years old said Minister for Manpower, Mrs Josephine Teo.
She said that CPF members who are reaching their eligibility payout age can attend a personal, face-to-face CPF Retirement Planning Service.
When asked if retirement payouts can begin automatically at 65 years of age, Mrs Teo replied that the board cannot deprive members of the benefits of keeping their money in CPF if they choose to defer their payout. CPF savings earn risk-free interest of at least 6% a year.
She said members will have to inform CPF Board of their decision whether to withdraw the amount at 65 years old or later, once they receive a letter from CPF Board. Members who do not inform CPF Board of their decision will have their payout automatically deferred and receive their payouts at 70 years old.
Mrs Teo reiterated that MOM will work with CPF Board and agencies including Social Service Offices and the Silver Generation Office to improve communications such as reviewing letters, to avoid misunderstandings.