A man aged 62 and unemployed approached me. He has savings in the Central Provident Fund with interest of $5,000 accrued each year. He wanted to withdraw the interest earning to meet his daily expenses but CPF does not allow it. He asked me to raise this matter in my speech.
I want to raise a broader issue. It is not just the interest that needs to be withdrawn. In some cases, the member may need to draw out the savings as well.
There will be different groups of people with different needs. It is better for CPF to have a way to deal with these needs.
Here is my proposed solution.
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By Tan Kin Lian