We thank Mr Dendroff Terance William for his letter (Allow $5,000 withdrawal from CPF to tide us over crisis, May 1).

The Government has responded to the economic impact of the Covid-19 pandemic strongly and decisively through the Unity, Resilience and Solidarity budgets totalling $63.7 billion. These are to support businesses, households and individuals that are affected.

We are helping businesses retain their local employees through the Jobs Support Scheme by co-funding the first $4,600 of gross monthly wages of each employee for nine months. This is in addition to other relief measures for businesses.

All households get help from the Care and Support Package. This includes the Solidarity Payment for all adult Singaporeans, as well as additional cash payouts to the elderly or parents with children below 21.

Lower-income households get extra help through the Workfare Special Payment and grocery vouchers.

Singaporeans affected by job loss or significant income reduction may also get help through the Temporary Relief Fund, Covid-19 Support Grant and Self-Employed Person Income Relief Scheme.

Currently, all Central Provident Fund (CPF) members above 55 can already withdraw up to $5,000 from their CPF Ordinary Account and Special Account, or more if they set aside their Full Retirement Sum in cash or Basic Retirement Sum in cash with property.

The Government is mindful that any change to CPF withdrawal policy will impact Singaporeans' ability to save for retirement.

It is therefore better to support members through other means. They can approach the CPF Board with their specific needs. Where necessary, the board will also work with relevant agencies to assist them.

Sim Feng Ji

Divisional Director, Income Security Policy

Ministry of Manpower