Why is it that the payout period under the CPF Retirement Sum scheme has been changed from 20 years to age 95, without apparently, telling anyone?
I saw a posting in a Whatsapp chat group for old Rafflesians that the payout period under the CPF Retirement Sum scheme (for those born before 1958, for whom the CPF Life scheme is not mandatory) has been extended from the original 20 years to age 95 (30 years if you start you monthly withdrawal from age 65).
This means that the original monthly payout would be reduced because of the longer payout period.
Why was this change made, without as I understand it, any announcement in the media or in Parliament.
Why has the CPF Board not written to me (and I assume others like myself too) of this change?
Leong Sze Hian