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March 17, 2008

Make CPF transfers elderly-friendly

ACCORDING to the CPF Board, an elderly individual who wants to transfer funds from his Ordinary Account to his Retirement or Medisave account must first withdraw the amount from his Ordinary Account, deposit it with his bank and then issue a cheque to CPF to be deposited in the Retirement or Medisave account.

Why such rigidity when the fund transfer is to one's own account?

Whether it is a CPF rule or a technical issue, it does not make sense to make elderly folk go through such a hassle just to transfer funds between their own CPF accounts. Elderly citizens have mobility problems and difficulty comprehending all these rules. Surely, it is administratively unproductive for the CPF Board too.

Does this mean the CPF Board allows members' MediShield plans to lapse due to insufficient funds in the Medisave Account, even though there are funds in the Ordinary Account?

It is ironic considering the Government encourages senior citizens to leave their funds in CPF and take up MediShield plans.

Tong Jee Cheng (Ms)