SINGAPORE - The National Trades Union Congress (NTUC) announced on Wednesday 15 recommendations for the ongoing review of the Central Provident Fund (CPF) system.
Among other things, it has called for greater transparency and predictability of the Minimum Sum, proposing that the Government set a 10-year Minimum Sum schedule with corresponding CPF Life monthly payout. It also called for a mid-term review of the schedule to ensure relevancy.
"In addition, any adjustment or changes should be explained to members adequately in advance, including how the Minimum Sum is calculated and CPF Life monthly payout is determined," said NTUC assistant secretary-general Cham Hui Fong.
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10 years minimum sum schedule
Central Provident Fund Board CPF
Central Provident Fund CPF System
CPF Life monthly payout
CPF Medisave Account
CPF minimum sum
CPF Ordinary Account OA
CPF Retirement Account RA
CPF Special Account SA
Increase in minimum sum due to inflation
National Trades Union Congress NTUC
Pledge property to CPF
Withdrawal cash from CPF after 55