SINGAPORE : The Government will top up the CPF accounts of all
adult Singaporeans by between $50 and $450 in July.
Older Singaporeans will get more - those aged 50-59 will get $350
and those aged 60 and above will get $450.
The Finance Ministry says this will cost the Government about $400
million.
Prime Minister Lee Hsien Loong announced the CPF top-ups in his
Budget Statement in February this year.
The top-ups to the Medisave Accounts are to help Singaporeans
adjust to the increase in MediShield premiums, while those to the
Retirement or Special Accounts will help older Singaporeans save
more for their retirement needs.
This is the first time the Government is topping up the CPF Special
or Retirement Accounts of Singaporeans.
The Ministry says the 2.2 million Singaporeans who qualified for
the third lot of Economic Restructuring Shares will automatically
receive the top-ups on July 1.
The CPF Board will be writing to those who did not qualify to ask
if they would like to receive the top-ups.
They will need to indicate so in a form provided and submit it to
the CPF Board by May 31.
The form can also be downloaded from the CPF website at
www.cpf.gov.sg.
The public can also call 1800-687 0787 for enquiries. - CNA