Profile of CPF Members Aged 65 and Above Receiving Monthly Payouts under Retirement Sum Scheme and CPF LIFE Schemes

Debated in Parliament on 18 Feb 2019.

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Assoc Prof Walter Theseira asked for statistics on CPF members aged 65 and above receiving monthly payouts under the Retirement Sum Scheme and CPF LIFE, broken down by gender, property type, average payout amounts, and the percentage receiving under $500, as well as whether microdata access would be provided for research.
Minister Josephine Teo reported that about 268,000 CPF members aged 65 and above received payouts in December 2018, with half being female; 76% owned property, including 17% private property, 54% large HDB flats, and 29% smaller HDB flats.
74% of recipients received under $500 monthly, with payouts varying significantly by age; younger cohorts are expected to have higher payouts due to improved CPF rules and increased labour force participation.
The government provides additional support through Silver Support, giving about $600 per quarter supplement, alongside other schemes like Workfare, GST vouchers, and ComCare.
CPF Board is open to collaborating with external researchers on retirement adequacy studies while balancing privacy concerns, but did not commit to full microdata access.

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Assoc Prof Walter Theseira

Assoc Prof Walter Theseira asked the Minister for Manpower (a) what is the number and percentage of CPF members aged 65 and above receiving monthly payouts under the Retirement Sum Scheme and CPF LIFE Schemes, broken down by gender and size of HDB flat/private property type; (b) what are the average monthly payouts; (c) what percentage receive monthly payouts of less than $500; and (d) whether the Ministry will provide CPF microdata access to external researchers to facilitate research into retirement adequacy.

Summary written by AI (learn more)

Assoc Prof Walter Theseira asked for statistics on CPF members aged 65 and above receiving monthly payouts under the Retirement Sum Scheme and CPF LIFE, broken down by gender, property type, average payout amounts, and the percentage receiving under $500, as well as whether microdata access would be provided for research.
Minister Josephine Teo reported that about 268,000 CPF members aged 65 and above received payouts in December 2018, with half being female; 76% owned property, including 17% private property, 54% large HDB flats, and 29% smaller HDB flats.
74% of recipients received under $500 monthly, with payouts varying significantly by age; younger cohorts are expected to have higher payouts due to improved CPF rules and increased labour force participation.
The government provides additional support through Silver Support, giving about $600 per quarter supplement, alongside other schemes like Workfare, GST vouchers, and ComCare.
CPF Board is open to collaborating with external researchers on retirement adequacy studies while balancing privacy concerns, but did not commit to full microdata access.

Questions identified by AI (learn more)

Profile of CPF Members Aged 65 and Above Receiving Monthly Payouts under Retirement Sum Scheme and CPF LIFE Schemes

Debated in Parliament on 18 Feb 2019.

Summary written by AI (learn more)

Assoc Prof Walter Theseira asked for statistics on CPF members aged 65 and above receiving monthly payouts under the Retirement Sum Scheme and CPF LIFE, broken down by gender, property type, average payout amounts, and the percentage receiving under $500, as well as whether microdata access would be provided for research.
Minister Josephine Teo reported that about 268,000 CPF members aged 65 and above received payouts in December 2018, with half being female; 76% owned property, including 17% private property, 54% large HDB flats, and 29% smaller HDB flats.
74% of recipients received under $500 monthly, with payouts varying significantly by age; younger cohorts are expected to have higher payouts due to improved CPF rules and increased labour force participation.
The government provides additional support through Silver Support, giving about $600 per quarter supplement, alongside other schemes like Workfare, GST vouchers, and ComCare.
CPF Board is open to collaborating with external researchers on retirement adequacy studies while balancing privacy concerns, but did not commit to full microdata access.

Questions identified by AI (learn more)

Full Transcript

Assoc Prof Walter Theseira

Summary written by AI (learn more)

Assoc Prof Walter Theseira asked for statistics on CPF members aged 65 and above receiving monthly payouts under the Retirement Sum Scheme and CPF LIFE, broken down by gender, property type, average payout amounts, and the percentage receiving under $500, as well as whether microdata access would be provided for research.
Minister Josephine Teo reported that about 268,000 CPF members aged 65 and above received payouts in December 2018, with half being female; 76% owned property, including 17% private property, 54% large HDB flats, and 29% smaller HDB flats.
74% of recipients received under $500 monthly, with payouts varying significantly by age; younger cohorts are expected to have higher payouts due to improved CPF rules and increased labour force participation.
The government provides additional support through Silver Support, giving about $600 per quarter supplement, alongside other schemes like Workfare, GST vouchers, and ComCare.
CPF Board is open to collaborating with external researchers on retirement adequacy studies while balancing privacy concerns, but did not commit to full microdata access.

Questions identified by AI (learn more)

Mrs Josephine Teo

In December 2018, there were about 268,000 Central Provident Fund (CPF) members aged 65 and above who received retirement payouts from either the CPF LIFE or Retirement Sum Scheme. About half of these recipients are females. Among the 76% of members who are property owners, 17% own private property, 54% own 4-room-and-larger Housing and Development Board (HDB) flats while 29% own 3-room-and-under HDB flats.

Of those who received payouts, 74% had monthly payouts under $500. The average monthly payouts differs greatly across the generations; the average monthly payout for CPF members aged 65 to 69 is more than double that of members aged 80 to 87.

In addition to CPF payouts, members may receive additional retirement support from the Government through the Silver Support scheme. This provides them with an average income supplement of about $600 per quarter, which is in addition to the other forms of Government support such as the Workfare Income Supplement, GST vouchers and ComCare.

With increased labour force participation and improvements to the CPF system made in the past decade, we expect younger cohorts to have higher CPF payouts. For example, about six in 10 active members turning age 55 in 2017 have at least the CPF Basic Retirement Sum (BRS) in their Retirement Accounts. The BRS of $83,000 at age 55 in 2017 will give members a monthly payout of about $700 to $750 for life.

The Member also asked about sharing of CPF microdata. CPF Board aims to strike a balance between the interests of external researchers with the need to safeguard members’ privacy. It is open to collaborating on research projects that can better inform the development of retirement adequacy policy.

Profile of CPF Members Aged 65 and Above Receiving Monthly Payouts under Retirement Sum Scheme and CPF LIFE Schemes

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Assoc Prof Walter Theseira

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Questions Identified

Profile of CPF Members Aged 65 and Above Receiving Monthly Payouts under Retirement Sum Scheme and CPF LIFE Schemes

Summary

Questions Identified

Full Transcript

Assoc Prof Walter Theseira

Summary

Questions Identified

Mrs Josephine Teo