CPF’s unconditional withdrawal limit should not be raised

AGAINST the rising cost of living, a proposal was recently made to raise the unconditional withdrawal limit of S$5,000 that eligible Central Provident Fund (CPF) members can withdraw upon turning 55.

Currently, CPF members who have set aside the Full Retirement Sum can withdraw any savings in their Ordinary Account and Special Account beyond the Full Retirement Sum from age 55. Those who own a property with a lease lasting at least until they turn 95 can withdraw savings above their Basic Retirement Sum upon turning 55.

Those born in 1958 or after who cannot meet either of the retirement sums can, however, withdraw up to S$5,000 without conditions from age 55.