In his response to retirement questions in a public forum on the National Day Rally’s speech, Manpower Minister Lim Swee Say said that he is introducing new options for Singaporeans to delay their CPF withdrawal age up to 70 years old, so they can enjoy higher monthly payout. Calling it “the best of both worlds”, Minister Lim Swee Say encourage Singaporeans to work until 67 years old and beyond:
“Starting from next year we are going to offer CPF members the option,” said Mr Lim. “They can exercise, at any age between 65 and 70, when they want to start drawing down their CPF. The longer the delay, the higher the monthly payout.
Under this framework, Singaporeans today can have the best of both worlds. On one hand they can continue to work for as long as (they like) until 67 and beyond. At the same time, they can defer their CPF drawdown age on a voluntary basis.”
Retirement-related issues from CPF policies is Singaporeans’ major concern this election. Many Singaporeans have questioned the rationale of working beyond 55 years old and not being able to draw down their retirement because the ruling party PAP government keeps raising Minimum Sum and Withdrawal Age.
Recently, Prime Minister Lee Hsien Loong raised the re-employment age to 67 years old prompting fears that CPF Withdrawal Age will be raised to 67 too. The Prime Minister said that he has been hearing calls from Singaporeans saying they want to work longer and beyond their retirement.