SINGAPORE — To further raise awareness and understanding of the Central Provident Fund (CPF) system and recent changes to it, the Manpower Ministry will pilot a retirement planning service in the second half of the year, following a three-month trial. The service will be ramped up gradually from next year.
Rising to speak in the Committee of Supply debate in Parliament, Manpower Minister Tan Chuan-Jin said that the guided one-on-one service will help CPF members better understand the savings options available, and decide on the option best suited for their needs and circumstances.
“Our priority will be members who are approaching 55 and may need the service most, such as those with outstanding housing loans and may be affected by the transfer of their Ordinary Account savings to the Retirement Account at 55,” said Mr Tan. “We hope such services will help members navigate the CPF system better and make better use of their CPF savings.”
Last month, the CPF Advisory Panel released the first part of their recommendations, which introduce greater flexibility into the national savings scheme.
news source & image credits: todayonline.com
