CHANGES to the Central Provident Fund Act were tabled in Parliament on Monday to provide for the proposed establishment of the CPF Life scheme and the Housing and Development Board's new Lease Buyback Scheme.
The CPF (Amendment) Bill is to allow for the setting up of a LifeLong Income Fund, which will be used to collect premiums and also make payments under the Lifelong Income Scheme, or CPF Life. --PHOTO: STThe CPF (Amendment) Bill is to allow for the setting up of a LifeLong Income Fund, which will be used to collect premiums and also make payments under the Lifelong Income Scheme, or CPF Life.
This scheme, which will begin in 2013, seeks to provide CPF members from age 65 with a regular stream of income for the rest of their lives.
The Bill also includes changes relating to the Lease Buyback Scheme, which allows elderly owners of smaller flats to sell to the HDB the tail-end of their lease at market price.
The proceeds will be used to buy an annuity from the CPF Board.
Other amendments will further refine the Mental Health (Care and Treatment) Act and the Mental Capacity Act. Both were passed last September and are expected to take effect later this year.
Read the full report in Tuesday's edition of The Straits Times.
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