CPF members above 55 may be allowed more than one withdrawal a year

SINGAPOREANS above 55 who need to withdraw money from their Central Provident Fund (CPF) accounts more than the one time allowed annually can now appeal to do so.

The CPF Board was given more discretion in assessing such appeals and approving withdrawals from members' ordinary and special accounts, after amendments to the CPF Act were passed in Parliament on Tuesday.

The changes would allow "some added flexibility", said Acting Manpower Minister Tan Chuan-Jin.

"This refers to a very specific set of cases where the member has already set aside monies for his retirement and medical needs after turning 55," he added.

But the amount that can be taken out will still be based on applicable rules.

Currently, CPF members above 55 can withdraw balances above their cohort Minimum Sum and the Medisave Required Amount once within each birthday year, except in cases on the grounds of prolonged unemployment.