The Ministry of Manpower would like to point out that a TikTok video published by “dr.ishhaq.jay” (“the TikTok Post”) on 12 August 2023 contains a false statement of fact on CPF members.
False Statement of Fact
The TikTok Post stated that no one among low- and middle-income CPF members who has used their CPF monies to repay their HDB loan has been able to meet either the Basic Retirement Sum (BRS) or Full Retirement Sum (FRS) in their CPF accounts.
This statement is false.
Based on CPF Board’s data, almost 7 in 10 active CPF members have set aside their cohort's BRS at age 55 in 2022. This proportion includes members earning below the median income for those aged 55 years old in 2022 who have used their CPF savings to repay housing loans. We expect the proportion of active CPF members who are able to set aside their cohort’s BRS at age 55 to increase to about 8 in 10 in 2027.
The Minister for Manpower, Dr. Tan See Leng, has instructed the Protection from Online Falsehoods and Manipulation Act (POFMA) Office to issue a Correction Direction to TikTok user “dr.ishhaq.jay” and a Targeted Correction Direction to TikTok Pte. Ltd. under the Protection from Online Falsehoods and Manipulation Act 2019, in respect of the TikTok Post.
Additional Clarifications
Government Support for Retirement Adequacy
The Government has been enhancing the CPF system over the years, especially to benefit those who require more support. For example, we provide 1% extra interest on the first $60,000 of members’ combined CPF balances, and an additional 1% on the first $30,000 of combined CPF balances for members aged 55 and above, to help boost their retirement savings.
To help seniors who wish to continue working, we have been raising senior workers’ CPF contribution rates in tandem with the raising of retirement and re-employment age. For seniors who have less for retirement, we provide targeted support through schemes such as Silver Support and ComCare. We have also introduced the Matched Retirement Savings Scheme to help seniors who have not met the prevailing BRS to save more for retirement.
To support lower-wage workers to earn more through upgrading skills and improving productivity, the Government has worked with tripartite partners to expand the Progressive Wage Model. The Government further tops up their wages and provides additional CPF contributions through the Workfare Income Supplement scheme.
Clarifications on TikTok Post
1. The TikTok Post claimed that members will have to start paying cash for their monthly HDB loan repayment from age 55 onwards, as CPF monies in their Ordinary Account would all be transferred to their Retirement Account at that point.
Facts:
2. The TikTok Post claimed that members are charged interest on the CPF monies and grants used for housing.
Facts:
3. The TikTok Post claimed that members cannot use their CPF savings to pay for their children’s education, whereas foreigners enjoy education for free.
Facts:
Please visit the CPF Board website at https://www.cpf.gov.sg/member for the latest information on the CPF system.
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