Debated in Parliament on 17 Feb 2014.
Ms Lee Li Lian asked the Acting Minister for Manpower (a) what is the number and percentage of Singapore citizens born in 1950 and before who are not currently on the CPF LIFE scheme; and (b) how many of these citizens are not in the scheme because they cannot afford to join the scheme.
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CPF LIFE was introduced in 2009. It was made mandatory for cohorts turning 55 in 2013. For cohorts who turned 55 before 2013, that is, born before 1958, participation in CPF LIFE is voluntary. Amongst this group, about 10%, or close to 86,000 members, have opted to join CPF LIFE. 35,000 of these members were born in 1950 or earlier.
Members who do not join CPF LIFE will still be on the Minimum Sum Scheme which means their CPF balances will be drawn down gradually over time but, unlike CPF LIFE, there is no guarantee of an income for life. Affordability is not a barrier to participation in CPF LIFE. CPF members are free to join CPF LIFE prior to age 80 regardless of the size of their CPF balances.
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PAPERCUTS