CPF Members Aged 55 and Above with Outstanding Mortgage Payments

Debated in Parliament on 8 May 2023.

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Minister Tan See Leng provided median figures instead of averages for CPF members aged 55 and above with outstanding mortgages, showing 6.5% of those below the Basic Retirement Sum (BRS) using a median of $380 monthly, 10.5% of those meeting BRS but not the Full Retirement Sum (FRS) using $700, and 7.4% of those meeting FRS using $1,000.
For CPF members aged 63 and above, 2.5% of those below BRS used a median of $330 monthly, 4.2% of those meeting BRS but not FRS used $590, and 1.8% of those meeting FRS used $900 for mortgage payments.
The Minister emphasized that median amounts are more representative than averages due to skew from a small group with higher mortgage instalments.

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Hazel Poa

Ms Hazel Poa asked the Minister for Manpower (a) what is the current percentage of CPF members aged 55 and above with outstanding mortgage payments; and (b) what is the average mortgage amount per month, broken down by (i) those who do not meet the Basic Retirement Sum (BRS), (ii) those who do meet the BRS but not the Full Retirement Sum (FRS) and (iii) those who do meet the FRS respectively.

Hazel Poa

Ms Hazel Poa asked the Minister for Manpower for CPF members who (i) do not meet the Basic Retirement Sum (BRS), (ii) meet the BRS but not the Full Retirement Sum (FRS) and (iii) meet the FRS (a) what is the percentage of CPF members aged 63 and above with outstanding mortgage payments; and (b) what is the average monthly mortgage amount.

Tan See Leng

As the average mortgage instalments may be skewed by a relatively small group of members with higher mortgage instalments, it may be more representative to look at the median instead.

Of members aged 55 and above who had not attained the cohort Basic Retirement Sum (BRS), 6.5% were using their Central Provident Fund (CPF) to service monthly mortgage instalments with median amount of $380 in CPF savings used for mortgage instalment. Of members aged 55 and above who had attained cohort BRS but set aside less than the cohort Full Retirement Sum (FRS), 10.5% were using their CPF to service monthly mortgage instalments with median amount of $700 in CPF savings used for mortgage instalment. Of members aged 55 and above who had set aside the cohort FRS or more, 7.4% were using their CPF to service monthly mortgage instalments with median amount of $1,000 in CPF savings used for mortgage instalment.

Of members aged 63 and above who had not attained the cohort BRS, 2.5% were using their CPF to service monthly mortgage instalments with median amount of $330 in CPF savings used for mortgage instalment. Of members aged 63 and above who had attained the cohort BRS but set aside less than the cohort FRS, 4.2% were using their CPF to service monthly mortgage instalments with median amount of $590 in CPF savings used for mortgage instalment. Of members aged 63 and above who had set aside the cohort FRS or more, 1.8% were using their CPF to service monthly mortgage instalments with median amount of $900 in CPF savings used for mortgage instalment.

Summary written by AI (learn more)

Minister Tan See Leng provided median figures instead of averages for CPF members aged 55 and above with outstanding mortgages, showing 6.5% of those below the Basic Retirement Sum (BRS) using a median of $380 monthly, 10.5% of those meeting BRS but not the Full Retirement Sum (FRS) using $700, and 7.4% of those meeting FRS using $1,000.
For CPF members aged 63 and above, 2.5% of those below BRS used a median of $330 monthly, 4.2% of those meeting BRS but not FRS used $590, and 1.8% of those meeting FRS used $900 for mortgage payments.
The Minister emphasized that median amounts are more representative than averages due to skew from a small group with higher mortgage instalments.

Questions identified by AI (learn more)

CPF Members Aged 55 and Above with Outstanding Mortgage Payments | PAPERCUTS

CPF Members Aged 55 and Above with Outstanding Mortgage Payments

Debated in Parliament on 8 May 2023.

Summary written by AI (learn more)

Minister Tan See Leng provided median figures instead of averages for CPF members aged 55 and above with outstanding mortgages, showing 6.5% of those below the Basic Retirement Sum (BRS) using a median of $380 monthly, 10.5% of those meeting BRS but not the Full Retirement Sum (FRS) using $700, and 7.4% of those meeting FRS using $1,000.
For CPF members aged 63 and above, 2.5% of those below BRS used a median of $330 monthly, 4.2% of those meeting BRS but not FRS used $590, and 1.8% of those meeting FRS used $900 for mortgage payments.
The Minister emphasized that median amounts are more representative than averages due to skew from a small group with higher mortgage instalments.

Questions identified by AI (learn more)

Full Transcript

Hazel Poa

Tan See Leng

As the average mortgage instalments may be skewed by a relatively small group of members with higher mortgage instalments, it may be more representative to look at the median instead.

Summary written by AI (learn more)

Minister Tan See Leng provided median figures instead of averages for CPF members aged 55 and above with outstanding mortgages, showing 6.5% of those below the Basic Retirement Sum (BRS) using a median of $380 monthly, 10.5% of those meeting BRS but not the Full Retirement Sum (FRS) using $700, and 7.4% of those meeting FRS using $1,000.
For CPF members aged 63 and above, 2.5% of those below BRS used a median of $330 monthly, 4.2% of those meeting BRS but not FRS used $590, and 1.8% of those meeting FRS used $900 for mortgage payments.
The Minister emphasized that median amounts are more representative than averages due to skew from a small group with higher mortgage instalments.

Questions identified by AI (learn more)

CPF Members Aged 55 and Above with Outstanding Mortgage Payments

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Hazel Poa

Hazel Poa

Tan See Leng

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CPF Members Aged 55 and Above with Outstanding Mortgage Payments

Summary

Questions Identified

Full Transcript

Hazel Poa

Hazel Poa

Tan See Leng

Summary

Questions Identified