Workers' Party calls for CPF payout age to be lowered to 60

Singapore

THE opposition Workers' Party (WP) on Tuesday reiterated its call to allow Central Provident Fund (CPF) members the option of receiving monthly payouts from a younger age.

Lowering the payout-eligibility age to 60, it said, would provide greater flexibility for those who want their payouts earlier, rather than wait until they turn 64 or older.

Speaking on the first day of the budget debate in parliament, non-constituency Member of Parliament Gerald Giam noted that the monthly payouts now start at age 64, up from 63 last year, and that the payout age would be raised again to 65 in 2018.

He said some people may have "genuine reasons" to want their payouts to start earlier; they may have been ret…