There is a message spreading around on Whatsapp, indicating that the CPF’s Payout Eligibility Age has changed to 70, accusing government of “doing it quietly with no formal announcement made.”
THIS IS NOT TRUE GUYS!
The Payout Eligibility Age (PEA) is still at 65 for members born from 1954. It has NOT been changed.
Citizens have the flexibility to start the payouts ANYTIME between 65 to 70 as long as they inform the CPF board. If not, by default, payouts will automatically start at 70.
Truth is, the process has NOT changed at all. Even in the past, citizens have to apply to start their payouts! Yes, the CPF board previously did not state that the payouts will automatically begin by 70, resulting in some citizens not starting their payouts. However, in 2016, this issue was rectified, and the “70-year-old rule” was implemented to make sure all citizens will get payouts latest by 70.
So, my fellow friends, don’t need to get so jumpy on a beautiful Wednesday, Please do assure your parents or elderly relatives that nothing has changed, the PEA is still at 65 if you want it.
Latest posts by Chuan-Jin Chen (see all)
- Transitional Subsidy for MediShield Life will cease in November 2019. - June 19, 2019
- 5 Steps To Make Microsoft MSN Publish Your Fake News. - April 4, 2019
- What to do if you have been wrongfully dismissed in Singapore? - April 3, 2019