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Singaporeans only have a basic understanding of CPF

Singaporeans have “basic” understanding of CPF

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Despite 80% of Singaporeans stating they have “heard” of the Central Provident Fund (CPF) Minimum Sum, and 60% knowing about CPF LIFE, only a small percentage are actually clear on the details of these policies.

According to a poll conduction by REACH to find out how much Singaporeans understand about CPF, almost two-thirds didn’t know they could pledge their properties to help meet the Minimum Sum, and almost half did not know they need not top up the shortfall in cash if they did not meet the Minimum Sum.

1,021 Singapore citizens aged 20 and above were surveyed from 16 to 20 June and the key findings of the poll are as follows:

  • 80% of respondents have heard of the CPF Minimum Sum
  • 62% of respondents have heard of the CPF LIFE scheme
  • 56% of respondents under 55 years knew that they did not have to top up the shortfall in cash if they didnot meet the Minimum Sum
  • 43% of respondents under 55 years knew that they would receive monthly payouts even if they did not meet the Minimum Sum
  • 38% of respondents under 55 years were aware that they could pledge their property to help meet the Minimum Sum
  • 13% of respondents under 55 years were able to provide the estimated monthly payout amount under CPF LIFE if one met the Minimum Sum requirement
Speaking on the survey results, REACH Chairman Dr Amy Khor, said: “It is heartening to note that there is general awareness of the CPF schemes relating to retirement planning, in particular, the Minimum Sum scheme and CPF LIFE. Nevertheless, the poll results show that many Singaporeans may only have a basic level of understanding of the CPF system.”
Dr Khor, who is also the Senior Minister of State for Health and Manpower, added that the Government recognises that there is room for more concerted efforts to communicate the Minimum Sum and CPF LIFE schemes to members of the public, and that outreach efforts will be intensified to help Singaporeans better understand the CPF system, and in the process also help them to better plan for retirement.
Image: Shutterstock

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