Originally posted by av98m:
An example of this annuity is
that the CPF member pays a basic premium of X dollars which goes
into a pool.
That money will be paid out from age 85 - for life.
[b]But if the member
doesn't live till 85 years old, the money will then be used to
support others in the pool, who are still
alive.
It's not determined if the CPF Board or private companies will
administer the compulsory annuities scheme.
The Manpower Minister stressed that the basic idea of the
compulsory annuities is to insure members for the latter part of
their lives, that is after 85 years old.
The aim is to provide a subsistence payout amount first, of
possibly between $250 and $300 monthly.
Dr Ng said more details on this scheme will be announced next
month.
[/b]
That's it. I'm not returning. *yanks hubster's application*
