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SINGAPORE – The Central Provident Fund (CPF) Board on Monday (Sept 9) clarified claims by a 69-year-old man that he receives just $15 a month from his CPF monies, explaining that he had already depleted his Retirement Account.
The monthly payout is extra interest on his Ordinary Account savings, paid by the Government, the CPF Board said.
The agency also refuted allegations that most of his CPF savings had been transferred to Medisave without his authorisation.
“This is not true. If there were such transfers, it would appear on his CPF statements,” the board said.
The CPF Board said that it had informed the man, Mr Michael Toh Thiam Hock, earlier this year that he can withdraw $10,000 from his Ordinary and Special Account savings, even though he does not have enough savings to meet his CPF basic retirement sum.
It added that he has not applied for the lump sum withdrawal.
Mr Toh wrote in a Facebook post last Friday(Sept 6) that CPF credited $15 into his bank account for his retirement expenses this month.
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