There has been a message spreading around on Whatsapp, alleging that the CPF Payout Eligibility Age has been increased to 70, even accusing the government of “doing it quietly without making any formal announcement."
THIS IS NOT TRUE GUYS!
The Payout Eligibility Age (PEA) is remains at 65 for members born from 1954 onward. It has NOT been amended. Citizens have the flexibility to commence receiving the payouts ANYTIME between 65 to 70 as long as they inform the CPF board. If not, by default, payouts will automatically kickoff at 70.
Truth is, the process has NOT changed at all. Even in the past, citizens have to apply to start receiving their payouts! Yes, the CPF board previously did not state that the payouts will automatically begin by 70, thus resulting in some citizens not getting paid their dues. However, in 2016, this issue was rectified, and the “70-year-old rule” was implemented to ensure all citizens will be compensated latest by 70.
So, my fellow friends, don’t need to get so jumpy on a beautiful Wednesday. Please do reassure your parents or elderly relatives that nothing has changed, the PEA remains at 65 if you so desire.