Mr.Brown show,Longevity

Longevity or Loon-gevity

At present, CPF members begin drawing down their minimum sum - at $790 a month - when they reach the age of 62. The arrangement would typically last for 20 years.

Starting 2012, the draw-down age will rise progressively to hit 65 by 2018.

And come 2022, Singaporeans 65 and above would be part of a compulsory annuity scheme, where they would receive a guaranteed lifetime payout - albeit a lower sum - until their death

COMMENTS

Low-income, older Singaporeans who are unable to find jobs could face a resultant "cash crunch",

"First, they are hit by the longer wait to draw out the minimum sum. Second, they are hit by the lower amount of the payout," This could put older workers "at the mercy" of their employers when it comes time for re-employment.

"The problem arises when you can't get a job for reasons such as health issues.

"If I know now that I can't get a job later on, I would rather get my CPF money earlier."

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Photo by TheeErin

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