SINGAPORE : Fifty-five percent of the 7,100 active CPF members who turned 62 last year managed to meet the Minimum Sum amount of S$60,000. This was the amount set when they turned 55 in 1999.
And about 42 percent of them decided to delay drawing down the money by a year.
As for those who could not meet the Minimum Sum, the median shortfall faced was about S$34,500.
Manpower Minister Dr Ng Eng Hen, who was responding to questions raised in Parliament on Monday by MP for Bishan-Toa Payoh GRC, Ms Josephine Teo, explained why many could not meet the Minimum Sum requirement.
Dr Ng said, "Currently, members are allowed to withdraw 50 percent of their CPF savings at age 55. And this is in fact one important factor why many members fall short in their Minimum Sum. As announced in 2003, the withdrawals (draw down) of Minimum Sum...will be progressively raised up from 2009 to 2013. These measures together with the broad range of changes to the system as announced by the Prime Minister in the National Day Rally will further increase retirement savings." - CNA/ms
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