CPF proposals: Govt accepts recommendations, more details on CPF changes at Budget debate

The Government has accepted the recommendations by the Central Provident Fund (CPF) advisory panel and it "will provide details on the CPF changes" at the Budget debate later this month, said Manpower Minister Tan Chuan-Jin. -- PHOTO: ST FILE
The Government has accepted the recommendations by the Central Provident Fund (CPF) advisory panel and it "will provide details on the CPF changes" at the Budget debate later this month, said Manpower Minister Tan Chuan-Jin. -- PHOTO: ST FILE

SINGAPORE - The Government has accepted the recommendations by the Central Provident Fund (CPF) advisory panel and it "will provide details on the CPF changes" at the Budget debate, said Manpower Minister Tan Chuan-Jin.

The Budget will be delivered on Feb 23.

"The recommendations of the CPF Advisory Panel offer balanced and constructive proposals on how we can make further improvements to the CPF system," said the minister in a letter to Prof Tan Chorh Chuan who heads the panel.

"We agree with the Panel's view that there is a need to provide greater assurance to CPF members on the sums they must set aside in retirement," he wrote. "We also agree with the Panel's consideration that introducing greater flexibility and choice for CPF members in retirement must be balanced with the need to ensure the CPF system is able to provide adequately for their retirement over the longer term."

The panel is working on a second set of proposals on CPF payouts and returns which will be submitted to the Government in the middle of the year.