About 760,000 Central Provident Fund (CPF) members will get premium rebates worth $640 million from the Home Protection Scheme (HPS), the CPF Board said yesterday.
This is due to HPS' investment returns doing better than expected. The insurance scheme also experienced lower than projected claims.
The CPF Board said about half of those eligible for rebates can expect to receive $500 or more, credited into their CPF Ordinary Account from mid-month. Eligible members will be notified of their rebate amount via SMS, e-mail or letter from the middle of this month. Members can also log in at the CPF website using their SingPass to view it in their transaction history.
The last HPS rebate exercise was in November 2015.
HPS is compulsory for those using their CPF savings to pay for the monthly housing loan instalments of their Housing Board flats.
It pays the monthly housing loan instalments on an HDB flat in the event of death or permanent incapacity of the insured member before the flat loan is paid up. This protects CPF members and their families from losing their homes.