85,000 people born before 1948 to receive automatic monthly payouts: CPF

SINGAPORE: About 85,000 people born before 1948 will start receiving automatic monthly payouts from June, said the Central Provident Fund (CPF) Board on Wednesday (Feb 15).

They will start receiving the payouts in their coming birth month in their personal bank accounts and be notified beforehand.

Previously, many members had neglected to instruct CPF Board to start payouts from age 65, prompting the Board to implement a change in 2018, which saw members who were born on or after 1948 receive automatic monthly payouts.

“This was positively received as the seamless process had allowed CPF members to enjoy their CPF savings which they had accumulated during their working years,” said CPF Board.

“It is timely to extend this automatic commencement of monthly payouts to cohorts born before 1948.” 

Under the Retirement Sum Scheme, seniors receive monthly payouts until their retirement savings run out. It is one of two retirement schemes under the CPF Board.

The scheme applies to those who are not on CPF Life, which automatically enrols those turning age 65 from 2023 with at least S$60,000 in their CPF Retirement Account and provides lifelong monthly payouts in retirement.

Seniors on the Retirement Sum Scheme can opt to join CPF Life anytime before turning age 80 to receive lifelong payouts.