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Singapore money $2 $10 $50 for retirement planning

Early CPF withdrawals for those unable to work past 62

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Older workers in Singapore who are unable to take up re-employment after age 62 because of medical reasons are able to apply to withdraw CPF monies early, Tan Chuan-Jin has said.

In Parliament yesterday, the Manpower Minister  answered a question around the issue of CPF withdrawals for older employees who might not be in a position to continue working, reminding Singaporeans that these mechanisms are already in place.

“There are also various government assistance schemes to help unemployed and needy Singaporeans tide over difficult periods as well as to regain their financial independence,” Tan said.

“These include the ComCare Short-to-Medium Term Assistance, which provides a combination of employment assistance, cash allowance, rental, utilities, as well as referrals to other agencies for further assistance, depending on the families’ needs.”

The current draw-down age for CPF is 63, and this will rise to 65 by 2018. This change is being made to ensure Singaporeans – who are living longer – can set aside enough in retirement savings.

Tan added since the re-employment legislation was introduced in 2012 they have seen “good results” with almost all private sector employees who turned 62 in the year ending June 2013 being offered re-employment, and 98% of those accepting this.

ALSO READ: 99% of Singapore’s older workers have been offered re-employment

“For older Singaporeans who need assistance with finding a job, we have in place various schemes, subsidies and job assistance programmes, such as WorkPro, that are focused on helping them find good and meaningful jobs.”

Image: Shutterstock

 



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