Allow $5,000 withdrawal from CPF to tide us over crisis

[aaur4man]

Forum: Allow $5,000 withdrawal from CPF to tide us over crisis

 

The Government should allow citizens to withdraw $5,000 from their Central Provident Fund (CPF) Retirement Account, as this will help those who are in dire financial straits.

The amount in my Retirement Account has reached the full retirement sum for my age. I need funds to tide me over this difficult Covid-19 period.

Many people have had their salaries cut and are struggling to get by.

 

https://www.straitstimes.com/forum/forum-allow-5000-withdrawal-from-cpf-to-tide-us-over-crisis

 

 

 

Edited May 1, 2020 by aaur4man

[stemcell]

wait lonng long...

[Homelander]

Wait loong loong

[The_King]

Wait loong long.

If can take, I chop my off and be a Eunuchsl

Edited May 1, 2020 by The_King

[The_King]

yes my one no need to chop. Cause

 

 

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

 

sauce: https://www.straitstimes.com/forum/cpf-is-for-long-term-retirement-needs

[The_King]

anything i got no control is not mine and i am still right.  i guess me being a Eunuchs just have to wait another day

 

the first half of the text nothing to do with cpf, only the last part matter. quote : any change to CPF withdrawal policy will impact Singaporeans' ability to save for retirement. 

 

as if a one off taking 5k because of this covid19 is going to make massive impact on the ability to save

Edited May 7, 2020 by The_King

[aaur4man]

Is it correct $4,600 paid towards sinkie wages for 9mths?

[Homelander]

1 hour ago, aaur4man said:

Is it correct $4,600 paid towards sinkie wages for 9mths?

 

Only cover for cb period, Apr and May

[Chestnut]

Dont think it will be that helpful

[aaur4man]

6 hours ago, Homelander said:

 

Only cover for cb period, Apr and May

 

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.

[Homelander]

1 hour ago, aaur4man said:

 

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.

i read mine from here. 
 

Speaking at a press conference held by the COVID-19 multi-ministry task force, Mr Heng said: “I'll extend the 75 per cent wage subsidy under the Jobs Support Scheme to all sectors, for the month of May. I urge our business leaders do your best to retain your workers and make full use of the various grants for training.”

 

https://www.channelnewsasia.com/news/singapore/covid-wage-subsidy-for-firms-in-all-sectors-to-be-extended-may-12662766

[stemcell]

1 hour ago, aaur4man said:

 

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.

no 9 months la, actually 4 months..but extend another month.... % of allocation differ from different sectors...