SINGAPORE - A Member of Parliament wants Central Provident Fund (CPF) members to be given an option to pay more into their retirement accounts, so they can receive bigger payouts from their CPF Life annuity scheme. Ms Foo Mee Har was speaking up for CPF members who are concerned that the CPF Life payouts of around $1,200 a month will not be enough as retirement income.
The current cap on how much people can put into CPF Life is equivalent to their Minimum Sum. Ms Foo suggested that the cap be removed.
Manpower Minister Tan Chuan-Jin, in his reply, said that while the CPF Life scheme is designed to help Singaporeans meet their basic needs in retirement, its priority is to provide for those at lower income levels.
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