$1,800 Cash Payout Coming for CPF Withdrawer Who Meet These Conditions. There has been news spreading throughout the entire Singapore that the government will provide a cash payout for all CPF withdrawers who will fulfill the eligibility criteria set by the government. The individuals can withdraw from their CPF whenever they need immediate cash. The amount has been set, and the applicants cannot withdraw more than that amount, which we’ll talk about below. If you want to know more about the topic “$1,800 Cash Payout Coming for CPF Withdrawer Who Meet These Conditions,” read the complete article.
$1,800 Cash Payout Coming for CPF Withdrawer
The $1,800 cash payout is for those individuals who withdraw their CPF payments earlier due to immediate requirements of cash. The CPF has made a withdrawal for your immediate cash needs easy, quick, and flexible. You can make some lump-sum withdrawals, while the rest of your savings will be paid out in monthly retirement payouts. Generally, upon turning 55, members can withdraw at least $5,000 or any amount in excess after setting aside their Full Requirement Sum (FRS).
The rumored information states that there will be a cash payout worth $1,800 for individuals who withdraw for the first time in Singapore. Moreover, individuals having a medical condition that has been proved by a licensed doctor to decrease their life expectancy may apply to withdraw a portion of their CPF savings. Members born in 1958 and after can withdraw an additional amount of up to 20% of their retirement savings when they turn 65.
Eligibility Criteria
An individual is only allowed to withdraw his CPF savings in particular situations. Some of them are:
- The age of the individual must be at least 55 and above.
- The individual must be either a citizen or a permanent resident of Singapore following the residency rules set by the government.
- The life expectancy of the applicant has decreased due to a serious medical condition.
- The recipient is permanently unable to work.
- The individual permanently lacks the mental capacity to make decisions, as stated in the Mental Capacity Act.
- You might also get the CPF savings upon the death of the Singapore citizen by the CPF board. The appropriate public agency will notify them about the death and they will disburse the CPF funds accordingly.
- You may also be qualified to withdraw if your CPF is full and you’re about to leave Singapore and West Malaysia permanently with no intention to return.
Amount Determination of CPF Savings from age 55
If you have put aside your Full Retirement Sum (FRS) fully in cash or with a mixture of property and cash, you can withdraw any amount from your Ordinary Account (OA).
But, if you haven’t put aside your FRS, you can withdraw some of your OA savings based on your year of birth:
| Year of Birth | Withdrawable Any Time After Turning Age 55 | Additional Withdrawable Any Time After Turning Age 65 |
| 1953 and before | 50% of your OA savings | N.A. |
| 1954 | 40% of your OA savings | N.A. |
| 1955 | 30% of your OA savings | N.A. |
| 1956 | 20% of your OA savings | N.A. |
| 1957 | 10% of your OA savings | Up to 10% of your Retirement Account (RA) savings at 65, excluding any cash top-ups, CPF transfers and government grants, less the $5,000 withdrawable from 55 |
| 1958 and after | $5,000 of your OA savings | Up to 20% of your RA savings at 65, excluding any cash top-ups, CPF transfers and government grants, less the $5,000 withdrawable from 55 |
Default Limit for Withdrawal
All CPF applicants who are 55 years of age or older will be subject to a default online withdrawal cap of $2,000 per day. This default daily limit can be adjusted to any amount, including $0 and up to $200,000, at any time online. If you want to enhance the daily withdrawal limit, there will be a Singpass Face Verification (SFV) and a 12-hour cooling off period to avoid unauthorized modifications.
Fact Check
CPF members can make withdrawals from their CPF savings starting from age 55. But the news about the cash payouts to those who meet the eligibility criteria while withdrawing the CPF is not true. The government has not announced any such payout. You can withdraw anytime from 55. For individuals turning 55 from 2013 onwards, they can withdraw up to $5,000 of their CPF savings. You can make as many withdrawals as you like from your savings, so there’s no need to take everything out in one go. Do not rely on any website spreading fake information about these cash payouts.