New minimum sum will apply to CPF members who turn 55 from July 1 2011 to Jun 30 2012 and for those who can set aside the minimum sum in full in cash, can apply to commence monthly payouts of $1,170 when they reach their draw down age. The CPF Minimum Sum Scheme provides members with monthly payouts to support a modest standard of living in their old age.Currently, older CPF members may participate in the CPF Life annuity scheme or buy approved life annuities with their MS to give them a guaranteed life income.
Central Provident Fund (CPF) minimum sum in Singapore will be revised upwards from S$123,000 to S$131,000. It was announced in August 2003, that the minimum sum would be raised gradually to reach S$120,000 (in 2003 dollars) in 2013 CPF Board said the increase in minimum sum, which includes an adjustment for inflation, is to ensure that Singaporeans set aside sufficient savings for their retirement.
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