The Sunday Times published a front page article on Singapore's CPF Life payout today on 3 January 2010.
Singapore Savings Account Rates read that article and extracted some nuggets on CPF Life scheme and CPF Life payout data.
For those not in the loop, CPF Life is an annuity scheme. CPF Life is the acronym for Central Provident Fund Lifelong Income Scheme For The Elderly. You can read more about it in our earlier CPF Life post here.
In the newspaper article, the actual CPF Life account payout rates were not released. Only CPF Life payout sums were mentioned. The monthly CPF Life payout amount depends on factors like CPF Life account balance, gender, age, plan chosen.
37,000 members have opted for the CPF Life scheme, putting in SGD $1.5 billion. Highest CPF Life payout amount is $1040 a month.
72 per cent of those who signed up for CPF Life qualified for the L-Bonus and 74% qualified for the V-Bonus.
The CPF Life L-Bonus of up to $4000 is given to the first five cohorts who sign up for CPF Life. The L-Bonus amount depends on member's income level and annual home value.
The CPF Life V-Bonus of up to $1800 is given to members who voluntarily defer drawing down their minimum sum.
Government will be giving out $80 million in L-Bonus and V-Bonus in this CPF Life scheme.
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