$1,800 Cash Payout Only for First-Time CPF Withdrawers in Singapore. The CPF is an employment-based savings scheme with the help of employers and employees contributing a fixed amount to the savings to get future benefits. The government has given individuals the allowance to withdraw from their CPF whenever they require immediate cash. The minimum age requirement to withdraw your CPF savings is 55 years. Please read the complete article “$1,800 Cash Payout Only for First-Time CPF Withdrawers in Singapore” to get full details.
$1,800 Cash Payout Only for First-Time CPF Withdrawers in Singapore
The Central Provident Fund Board (CPFB), commonly known as the CPF Board, is a necessary savings and pension plan for working Singaporeans and Permanent Residents (PRs) specifically to prepare for their retirement, healthcare, and housing needs in Singapore. The government has allowed Singaporeans to withdraw their CPF savings in case of emergency. This is a quick, simple, and flexible way to get the required amount in cash.
The information has been leaked from somewhere that there will be a cash payout worth $1,800 for individuals who withdraw for the first time in Singapore. Additionally, people who have a medical condition that has been certified by an accredited physician to reduce their life expectancy may apply to withdraw a portion of their CPF savings. Serious medical conditions causing them to be permanently unable to work or to lack mental capacity permanently can also be considered.
Fact Check
The eligible individuals are able to withdraw their CPF savings in specific cases after turning 55. There is no official information provided by the government about the $1,800 cash payout only for first-time CPF withdrawers in Singapore. The government has set a limit on how much cash you can withdraw from your CPF savings. You can also make lump-sum withdrawals, while the rest of your savings will be paid out in monthly retirement payments. The members turning age 65 can also withdraw up to 20% of their Retirement Account Savings in a lump sum anytime from age 65 onwards. Don’t count on any website telling you that this is true news. Always believe the government’s official website.
Eligibility Criteria
In specific conditions, an individual is allowed to withdraw his CPF savings. They are:
- The applicant must be a citizen of Singapore or a permanent resident according to the laws set by the government.
- The life expectancy of the individual has decreased due to a serious medical condition.
- The individual is permanently incapable of working.
- The individual permanently lacks the mental capacity to make decisions, as defined in the Mental Capacity Act.
- You may also receive the CPF savings upon the death of the Singapore citizen by the CPF board. The relevant public agency will inform them about the death and they will distribute the CPF monies accordingly.
- You may also be eligible to withdraw if your CPF is full and you are about to leave Singapore and West Malaysia permanently with no intention to return.
How to Apply?
You can apply for the withdrawal either for yourself or as a deputy for your next of kin.
Applying for Yourself
- Visit the official website and log in using your Singpass.
- After logging in, submit an online application.
- You have to download the form “Medical Assessment Report” that you will receive after the submission of the online application and have it completed by a licenced doctor.
- After that, request the medical institution to submit the completed medical assessment report to the CPF Board directly. The instructions are provided on the form.
- All documents must be witnessed or certified accurate by a Singapore Overseas Mission official with his official seal or stamp properly affixed if you are mailing them from abroad.
Applying as a Deputy For Your Next of Kin
- Submit the form with a copy of your NRIC attached and also attach the following documents to the CPF Board:
- Medical report from a licenced doctor confirming that the individual lacks mental capacity permanently.
- Lasting Power of Attorney or Court Order
- Statements for the bank account held in trust on behalf of the member.
Default Limit for Withdrawal
All CPF members 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 desire to increase the daily withdrawal limit, there will be a Singpass Face Verification (SFV) and a 12-hour cooling period to avoid unapproved changes.
