Parliament: Difference in net balances between male and female CPF members narrows

The CPF Building at 79 Robinson Road.
The CPF Building at 79 Robinson Road.PHOTO: ST FILE

SINGAPORE - The difference in net balances of male and female Central Provident Fund (CPF) members has narrowed by seven percentage points over the last 10 years, Manpower Minister Lim Swee Say revealed on Thursday (March 24).

In 2005, the difference was 21 per cent, but last year, it was 14 per cent.

Mr Lim added that last year, the average net CPF balances of males and females across all ages was $86,000 and $76,000 respectively.

Net CPF balances refer to the amount in Ordinary, Special, Medisave and Retirement Accounts. This excludes savings which have been withdrawn for approved purposes, such as housing, the CPF investment scheme or the CPF education scheme.

He was responding in a written reply to a parliamentary question by Ms Foo Mee Har (West Coast GRC), who had asked for a breakdown of average CPF balances by gender and age groups.

Mr Lim noted the male-to-female ratio is lower for those who are younger, and increases for older age groups.

The ratio is 0.82 for those between 25 and 30 years old; 1.02 for those between 31 and 35 years old; 1.05 for those between 36 and 40 years old; and 1.10 for those between 41 and 45 years old.

The figure peaks at 1.17 for those between 46 and 50 years old, butdips to 1.14 for those between 51 and 54 years old.