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Retirement Sum Scheme payouts capped at age 90

Change follows feedback from members that payout duration up till age 95 was too long

Janice Heng

Janice Heng

Published Mon, Nov 4, 2019 · 09:50 PM
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Singapore

CENTRAL Provident Fund (CPF) payouts under the Retirement Sum Scheme (RSS) will now last up till the age of 90 at most, down from 95 previously, Manpower Minister Josephine Teo said in Parliament on Monday.

The move will allow for higher payouts for some, while no one will see their payouts reduced, she stressed.

The RSS is the main CPF retirement income scheme today, before the first cohort of mandatory CPF Life members reaches payout eligibility age in 2023.

Even for that cohort, those without at least S$60,000 in their Retirement Account at age 65 will not be put on …

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