CPF Board: Need for enough funds for basic retirement

The Central Provident Fund (CPF) Board responded on Friday to a father's complaint that he was not allowed to use his CPF savings for his daughter's education.

In a Facebook post on June 26, Mr Lim Koh Leong said that despite having more than enough in his account to cover his daughter's fees, he was not allowed to use a portion of the funds because his salary did not reach the lowest deposit threshold.

"Right now, in my CPF, there is 70,000+, I only need 15,000 to pay for my daughter's school fees," he wrote, as he recounted his experience speaking to staff at the CPF Board.

Mr Lim said he was 60 years old and did not have a stable job. "Do I really have to resort to borrowing money and loans when I got my money in my CPF? Should I be forced to stop my daughter's education?" he asked.

Mr Lim's original Facebook post garnered about 3,000 shares and 1,400 comments, with netizens offering him financial advice and support for his situation.

On Friday, the CPF Board said on Facebook that "as Mr Lim did not have sufficient CPF savings for a basic retirement, allowing him to use his CPF for his daughter's education is not appropriate".

It added that it would be better for Mr Lim to find other ways to finance his daughter's education.

"We have spoken to him and are discussing alternative options," it said.

"Having reviewed our video recording, we are satisfied that our staff had served Mr Lim calmly and professionally. Mr Lim explained he was upset and offered his apology which our staff has accepted."

Yesterday, Mr Lim said the issue over his daughter's tuition had been resolved with help from his loved ones. He also thanked those who had offered support.

A version of this article appeared in the print edition of The Sunday Times on June 30, 2019, with the headline 'CPF Board: Need for enough funds for basic retirement'. Print Edition | Subscribe