cpf In the placard above, the writer asked when Singaporeans can collect their CPF funds and complained that life is getting hard these days with too many foreigners coming here to snatch away the jobs of locals. CPF Board recently increased the Minimum Sum to $131,000 to ‘account’ for inflation which sparked a massive outcry among Singaporeans who are unhappy that they are now unable to withdraw their CPF monies in one lump sum at 55 years of age like in the past.
Instead, they will be given a monthly handouts from the age of 65. If they pass away before depleting their CPF monies completely, the remaining sum will be distributed to their relatives according to the Intestate Succession Act or to a nominee. Some netizens have suggested holding a rally at Hong Lim Park to protest against the CPF policies which will surely attract a huge turnout. With the bulk of their CPF savings tied up in mortgage loans for over-priced HDB flats, few Singaporeans will have sufficient money in their retirement accounts when they reach 55 years of age and may have to heed the call of PAP leaders to work for as long as they can.
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