CPF Retirement Age Changed: The new bill in Singapore is increasing the age of retirement for seniors to start the monthly pension benefits from the Central provident fund- CPF. This change will affect senior secondary who are earning low income but will also help them to work with more efficiency with later retirement ages.
CPF is responsible for providing monthly financial assistance to eligible seniors in the country. Now the authority is encouraging seniors to exceed their retirement age and encourage them to work with more efficiency until they reach full retirement age. The bill is getting mixed reviews in the country where the administration is encouraging seniors to delay retirement while critics are also challenging the bill as it is reducing potentials for low income individuals.
If you are planning to start your retirement benefits in CPF then should check the latest revision in the bill and changes in the retirement age, it will help you to maximize your benefits of the program accordingly.
CPF Retirement Age Changed
Central provident fund is providing an automatic payment to eligible seniors in the country after the age of 65, but now, the new bill is enabling the authority to start the automatic payment which is also known as by default payment from the age of 70.
It will help the government to save Federal Tax which is spending in the CPF and also help seniors who wish to continue their job after retirement. So the new bill enables the authority to become more flexible to opt for the retirement benefit for seniors.
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What are Changes in New Bill?
The major change in Singapore payout program is the age criteria. The government has extended defaults to start the CPF benefits from 65 years to 70 years. It’s mean that if the senior did not start retirement after reaching the retirement age which is still 65 years, then the government will not start the automatic payment until the senior reaches the age of 70. However, if the senior wants the benefit and wants to start it, then they will still have a choice to start the pension program manually after the age of 65.
Extra Benefits for Elderly Seniors
According to reports, seniors who are starting the CPF benefit with delay Till the age of 70 then the government will provide them additional pay out in the regular benefits of the program. However it will not reduce the regular benefits of earlier applicants who are starting the benefit after 65.
The second benefit of this program is to allow seniors to work after the age of 65, so it will help them to remain productive and Will help them to earn additional payout for their financial expenses.
Who Will be Affected?
The new law will affect seniors in Singapore who were born in 1960 or after it. Seniors who were born in 1960 are likely to retire in 2025 after reaching the age of 65. But according to the new revision in the program, they will still have the option to start the pension after 65 but will get a new option to delay the pension Till the age of 70.
So it will not directly affect the applicant but will provide them an alternative way to start the pension. Earlier seniors did not have the choice to delay the pension and after reaching 65 all the seniors were automatically getting the pension benefit.
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Age Wise Retirement Changes In CPF Program
| CPF Member Birth Year | Current Default Payout Age | New Default Payout Age (from 2025) | Payout Flexibility |
| Before 1960 | 65 | 65 | 65–70 |
| 1960–1963 | 65 | 66–68 | 65–70 |
| 1964 onwards | 65 | Up to 70 | 65–70 |
Conclusion
The new initiative of revising the retirement age is helpful for both the government and citizens in Singapore. Life expectancy is improving in Singapore and reaching an average age of 80 years, indicates good medical facilitation in the country.
Now the government is encouraging seniors to delay pensions as it will help the government to save federal money which is additionally spending to all seniors after 65. So most needed will remain get the benefits but applicants who have potential of earning more income after retirement then will get the option to delay the pension and earn the money with predictive work.
FAQs
What is the new age of retirement benefits in CPF ?
The new retirement age of CPF in Singapore remains 65, but the automatic payment is exceeded by 70 years.
Who will be affected in this program ?
Seniors who were born after 1960 will be affected in this new retirement age.
How much do I delay my pension in CPF ?
Seniors in Singapore Ken delay the pension in the age of 70 under the new revision in mention age for Central provident fund beneficiaries.